VIRGINIA BEACH - Virginia Beach Federal Financial Corp. said its board has approved an employee stock ownership plan with an initial contribution of $300,000.
The plan calls for the thrift company, which has about $650 million in assets, to buy its common shares on the open market for the ESOP trust. The company also said it is about half finished with a program to repurchase up to 100,000 shares for a maximum of $500,000.
Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
Tests of models from OpenAI, Google and others found their advice tends to disadvantage names commonly associated with racial minorities and women.
Federal Reserve Governor Michelle Bowman said she believes there is a feasible path forward for the revised capital reform proposal, emphasizing the importance of making broad changes informed by industry feedback to achieve broad consensus among Federal Reserve board members.
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
The Office of the Attorney General in New York says the bank violated the state's Exempt Income Protection Act, illegally transferring customers' money to debt collectors.
