Credit unions rarely engage in BaaS. North Bay is an exception
Membership requirements, expense and the nonprofit ethos largely keep credit unions from participating in the banking-as-a-service space. But a few, such as North Bay Credit Union in California, have carved out a niche.
Earnings recap: Citigroup’s OCC plan, First Guaranty layoffs
From Citigroup's positive earnings butting up against fines from the Office of the Comptroller of the Currency, to First Guaranty's 15% layoff, here are earnings highlights to be mindful of.
Credit union-bank mergers approach all-time high
REV Federal Credit Union in suburban Charleston, South Carolina, plans to acquire First Neighborhood Bank in West Virginia. It marks the 15th deal this year involving a credit union buying a bank, closing in on 2022's record of 16 deals.
Philadelphia Fed president Harker to step down next year
Patrick Harker, the longest serving regional reserve bank president, will leave office in June 2025. Directors at the Fed bank have started the search for his replacement.
Fed hits two community banks with enforcement actions
The Federal Reserve fined a Montana bank for violating the National Flood Insurance Act and issued a cease-and-desist order against a Dallas bank over money-laundering concerns.
Bostic says risks to Fed’s jobs, inflation goals now in balance
The Federal Reserve Bank of Atlanta president said the two mandates are in balance for the first time since 2021, although he is "not quite prepared" to declare victory over inflation.
Regulators’ safety and soundness judgments face questions
Recent Supreme Court decisions reducing the ability of regulatory agencies to interpret the meaning of federal laws make it likely that supervisory decisions based on assessments of banks' safety and soundness will face court challenges.
Five big questions as banks await Fed’s rate cut
After hikes pinched profits across the industry, a move in the opposite direction could be the start of a more promising trend. But bankers caution that the immediate effects of a September rate cut figure to be small.
Social impact fintech SpringFour acquired by debt recovery firm
SpringFour, which partners with banks and lenders to deliver financial resources to their end users, will join the C&R Software umbrella, where it hopes to expand into other markets beyond financial services.
United Community exits manufactured housing with loan sale
The sale of the $318 million-asset portfolio comes five weeks after the Greenville, South Carolina-based company agreed to sell its investment advisory unit.