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Banks have long lamented the lack of transparency surrounding the government's use of suspicious activity reports, which are submitted to Fincen and passed along to the department.
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Four consumer organizations joined the Independent Community Bankers of America in opposition to the automaker's push for an industrial bank. They cited consumer privacy concerns and the risk of mixing commerce with banking.
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The combination of Klamath Public Employees Federal Credit Union and Pacific Crest Federal Credit Union would create an organization with more than $335 million of assets and roughly 24,000 members.
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The agency issued an interpretive rule earlier this month that said digital marketers must comply with federal consumer financial protection law. Banks will need to double down on compliance when engaging with these companies.
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Kathleen Orovitz will be the Rhode Island credit Union's next president and chief executive, succeeding Gary Furtado, who announced his retirement in June.
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Affirm must demonstrate it can maintain healthy loan growth to regain investor confidence when reporting earnings results Thursday, while Klarna unveils results next week.
