They are the $174 million Boston Firefighters CU of Dorchester, Mass., the $1.4 billion Genisys CU of Auburn Hills, Mich., the $645 million Liberty Bay CU of Braintree, Mass., the $2.9 billion San Antonio Federal Credit Union in Texas, and the Burlington, Mass., EasCorp said. EasCorp Signs Five CUs for Mobile Banking
Is NCUA next? WASHINGTON—Federal banking regulators under President Trump are undertaking what Reuters described as the most significant overhaul of bank supervision since the 2008 financial crisis, shifting examiner focus away from process and compliance issues and toward what agencies consider “material” financial risks. According to Reuters, the Federal Reserve, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. have directed examiners to concentrate on risks that pose direct threats to a bank’s safety and soundness, rather than on paperwork deficiencies, governance concerns or procedural issues that do not immediately affect financial stability. Reuters reported that regulators have also moved away from evaluating banks based on “reputational risk,” a supervisory concept long criticized by banks as overly subjective. The change follows complaints from President Trump and others that financial institutions have used reputational-risk considerations...
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