Credit unions and other financial institutions are likely to face an added regulatory burden as a result of the regulatory overhaul bill passed by Congress this year.
Another bank that began life as a credit union has announced its plans to make an initial public offering of stock in the next few months.
The Senate last Thursday overcame strong Republican opposition and passed comprehensive regulatory overhaul legislation 60 to 39. All but one of the 58 Senate Democrats supported the measure, and all but three of the chamber's 41 Republicans opposed it.
The $227 million SharePlus Federal Bank, the former SharePlus Federal Credit Union, has filed papers with the Securities and Exchange Commission to make its initial public offering of stock.
The power of social media and its influence on growth in the financial industry is mesmerizing. However, the conspicuous absence of guidance from regulators, which may be holding back many credit unions from taking the plunge.
A week after placing $250 million St. Paul Croatian Federal Credit Union into conservatorship, the NCUA on May 1 announced it was liquidating the credit union.
The Securities and Exchange Commission April 16 filed a civil suit against Goldman, Sachs & Co. and one of its vice presidents for defrauding investors by misstating and omitting key facts about a financial product tied to subprime mortgages.
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One of the more than 30 credit unions that have converted to or merged with mutual banks became the 209th bank to fail since 2000 and the 22nd to fail this year
The failure of a former credit union that converted first to a mutual bank and then to a fully stock issuing bank was looming on the horizon, according to press reports and government filings.