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The Tampa, Florida-based credit union stuck to its roots in the railroad industry to select its new name.
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By partnering with the London-based fintech, Andrews Federal Credit Union will enable members to send transfers to 80 countries.
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Regulators’ efforts to open the federal banking system to crypto firms and other nonbanks have been hampered by differing legal interpretations and challenges by state regulators. Congressional action updating the 19th-century law could bring much-needed clarity, observers say.
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Executives at Umpqua Holdings and Columbia Banking System said the deal could progress more slowly than usual because of a perceived approval backlog at the Federal Reserve. The two Pacific Northwest-based banks are seeking to combine into a $50 billion-asset company.
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JAM Fintop's Banktech fund, which is backed by community banks, has invested in Monit, a small-business predictive analytics company. Two of the banks have expressed interest in using its product.
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The bank-supported blockchain organization plans to use the acquired assets to speed testing for digital currencies.
