The Latest

Fourteen senators including Bernie Sanders, I-Vt., and Elizabeth Warren, D-Mass., sent a letter Wednesday to Attorney General Loretta Lynch calling for the Justice Department to investigate possible criminal wrongdoing by senior executives at Wells Fargo.

Community bankers say that reclassifying "reciprocal deposits" as a less risky type of deposit will help them to compete with large banks. Some deposit brokers are crying foul, arguing that the proposed legislation would put them at a competitive disadvantage. Observers, meanwhile, say the bill is so narrowly written that it would hardly affect competition.

The $20 billion-asset Iberiabank said in a press release Wednesday that it invested $1.5 million for a less than 5% stake in Liberty Financial Services in New Orleans.

The agency said Wednesday it has received more than 500,000 comments on the proposal — and many more may be filed in the coming days.

The Consumer Financial Protection Bureau’s final rule on prepaid cards will improve fraud protection and provide greater transparency of costs for such products, but is already drawing fire from credit unions and consumer advocates.

Umpqua Holdings in Portland, Ore., has formed a corporate lending office and hired Richard Cabrera to oversee it.

WASHINGTON — The Office of the Comptroller of the Currency issued long-awaited guidance Wednesday directing banks to follow a series of best practices before deciding to cut off correspondent banking relationships.

CUs mark anniversaries, raise funds for noble causes and celebrate new branding initiatives in the latest round-up of credit union community news.

The $33 billion-asset company said in a press release Wednesday that Gregory Guyett had also become its chief operating officer.

Several southeastern CUs have already closed or are planning closures as the storm approaches.