New York

The credit union said that it has hired a firm to find a replacement for longtime President and CEO Joseph Garay.

Nestled among the waves of tourists and commuters near Grand Central Terminal is a spot were a “no cash” store is working, free from political pressures. But its success still suggests that paperless payments are a niche play.

Selling $1.6 billion in mortgages, and paying off a similar amount of wholesale borrowings, will allow the company to expand its net interest margin in 2019.

The Albany, N.Y., institution has made millions of dollars in mortgages through a program launched in July meant for those who do good in the world.

New York legislators are pledging to change laws that have allowed predatory lenders to use the state court system to seize the assets of thousands of small businesses across the country.

James Reynolds will become the president and CEO of the New York institution after James Doig retires.

Attorney General Barbara Underwood’s office is looking into whether merchant cash-advance companies engaged in fraud or abused the state court system.

The New York-based credit union has returned more than $7.6 million to members since 2003.

In a plea agreement, Kam Wong consented to forfeit and repay more than $9.8 million embezzled from the New York credit union. He is scheduled to be sentenced in April 2019.

Challenges will likely increase as interest rates rise and investors grow more concerned about a downward turn in the economic cycle.

The move allows the New York multifamily lender to make more loans without having to raise capital.

Tepid loan and deposit growth has been a persistent theme in 2018, but that could soon change for community and regional banks in the New York and Washington markets.

The mutual holding company received regulatory approval to form a limited-purpose commercial bank, allowing it to work around a state law barring mutuals from working with municipalities.

Amazon’s transit-friendly posture should provide momentum for digital ticketing and other subway improvements in Queens, N.Y., and northern Virginia — and if recent history is any indication, Amazon may take an active role in improving that infrastructure.

Paul Aguggia, a lawyer before leading Clifton Bancorp, has become a partner at Holland & Knight in New York.

The Poughkeepsie, N.Y.-based credit union agreed to pay $95,000 to settle claims that it incorrectly repossessed vehicles of service members.

Strong growth in the bank's core business of multifamily lending was offset by higher rates it paid on CDs and borrowed funds.

New York's new AML rules clarify how institutions should monitor transactions and screen sanctions lists issued by the US Office of Foreign Assets Control (OFAC). But critically, it goes a lot further, writes Sophie Lagouanelle, Head of Solutions at Accuity.

Kam Wong has been accused of submitting requests for fake expense reimbursements when he ran Municipal Credit Union.

The company will record a quarterly charge after reporting potential fraud tied to commercial deposit accounts.