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- Credit Union Youngsters Save Over $15M
Credit Union Youngsters Save Over $15M
During National Credit Union Youth Month, young members embraced the theme of saving, resulting in total deposits of $15M.
Anna Lad
May 19, 2023
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Banking News
Substantial Penalties Imposed on HSBC and Scotiabank
HSBC and Scotiabank are set to pay fines exceeding $100 million to the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) for regulatory violations involving unapproved messaging platforms like WhatsApp. The banks failed to maintain and produce required records, undermining regulatory oversight. The penalties highlight the importance of compliance and recordkeeping obligations.
Ian McGinley, director of enforcement at the CFTC, said:
Recordkeeping requirements are critical to the Commission’s oversight of registrants, and when a registrant disregards its obligations, it undermines the Commission’s ability to effectively and efficiently conduct examinations and investigations.
Delay for Western Alliance Executive
Randall Theisen, Western Alliance's chief legal officer, is delaying his transition to head of corporate affairs by three months due to market dynamics in the banking space. Theisen will oversee corporate communications, marketing, government relations, and community relations.
The bank refuted claims of engaging outside counsel for a potential sale and stated that deposit strength remains stable following recent industry news. Theisen has been with the bank since 2006, while Jessica Jarvi, the current deputy general counsel, will assume the role of chief legal officer.
Credit Union News
Credit Union Youngsters Save Over $15M
During National Credit Union Youth Month, young members embraced the theme of saving, resulting in total deposits of $15M. The event saw a 383% increase in new youth accounts compared to last year, with 3,445 accounts opened. The Credit Union National Association (CUNA) offered incentives, including a grand prize of $1,000, which was won by DuTrac Community Credit Union.
CUNA manager of consumer engagement Megan Crowson, said:
This year’s Youth Month theme tied right into the challenge and showed kids that saving money early on can really add up.
CUNA Proposes Revisions to Stablecoin Legislation
CUNA has suggested revisions to two stablecoin bills under consideration by the House Financial Services Subcommittee. CUNA highlights the need for a comprehensive federal framework to protect consumers and financial institutions. They recommend equal oversight for large merchants and credit unions, ensuring inclusion of privately insured credit unions, and mandatory examinations for nonbank entities.
Financial Services & Blockchain
Social Security Payments Accessible by App
Charlie, a neobank targeting retirees, allows account holders to withdraw their Social Security benefits up to four weeks early. By linking their Social Security direct deposit to their Charlie deposit account, retirees gain access to this streamlined version of earned wage access. The fintech aims to address the unique financial needs of retirees, offering services tailored to their circumstances. Charlie has raised $7.5M in funding from investors, including Better Tomorrow Ventures and Expa.
Gamified Banking: Truist is Off to the Races
Truist Financial Corp. has launched a gamified finance app called Truist Long Game, rewarding users for building financial wellness. Through the app, users can set savings goals, answer trivia questions, and earn coins for chances to win up to $1M. Truist Foundry, the bank's startup unit, aims to enhance clients' financial experiences through innovative technology.
The founder of Truist Long Game, Lisa Holden, said:
Truist Long Game changes the way clients save, learn, and engage with their finances. By combining the responsibility of saving with an engaging mobile gaming app, we incentivize users to take control of their financial future in a fun way,
Market Movements (5.15 to 5.19)
