WASHINGTON — The National Credit Union Administration on Wednesday shut down the $1.5 million-asset NYC OTB Federal Credit Union.
It was the third credit union to fail this year.
The NCUA said it liquidated the institution after determining it was "insolvent and has no prospects for restoring viable operations."
NCUA said NYC OTB was chartered in 1972 and served the 868 members of the New York Off-Track Betting Corp., which closed in December.
Emerging forms of artificial intelligence are moving so fast, traditional IT training isn't an easy fit. New research from American Banker shows how banks are handling training.
Federal Reserve Vice Chair Philip Jefferson said in a speech Tuesday that despite positive employment readings in recent months, he remains concerned that an economic shock could still threaten the labor market.
Santander U.S. and Webster Financial are doing integration work in advance of their pending merger, including naming business-line leaders, the banks said in separate notes.
The FDIC board voted unanimously to issue a proposal putting a rebuttable ban on bank-issuers paying yield on stablecoins, another narrowing AML requirements and a third prohibiting examiners using reputational risk in exams, outside of operational or financial risks.
The neobank is rolling out Chime Prime, a new membership service that rewards customers for making Chime their primary bank account.
The Minneapolis-based company plans to leverage the arrangement to draw more attention to its growing list of national business lines, transcending its regional reputation.
