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Credit Unions Struggle with Liquidity
Higher interest rates are hurting credit unions with low-yielding loans and creating pressure to compete with banks...
Robert Baron
November 04, 2022
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Banking News
Third-party Breach Shares 11k U.S. Bank Customers' Data
Minnesota-based U.S. Bank experienced a data breach of 11,000 customers’ personal information in late September. Breaches affected only former credit card holders and data was contained immediately
Cannabis-focused Bank Acquires Abaca Payment Platform
Safe Harbor Financial is set to acquire Abaca for $30M in Q4, allowing the banking services provider to offer expanded functionality to cannabis dispensaries in 30 states. Safe Harbor Financial CEO Sundie Seefried said
Abaca is the ideal platform to help us take a large step forward in scaling our capabilities and service offerings in building the complete cannabis fintech ecosystem.
Credit Union News
Minnesota Credit Union Acquires Bank
Wings Financial Credit Union’s acquisition of Wisconsin-based Settlers Bank will close in early 2023, continuing the rising trend of credit unions buying banks. Rebeca Romero Rainey, President and CEO of the Independent Community Bankers of America (ICBA) spoke out against the consolidation.
ICBA and the nation’s community banks are calling on Washington to stop pressing the snooze button and wake up to the risks of aggressive, growth-obsessed credit unions and the costs of their taxpayer-funded subsidies.
Credit Unions Will Struggle to Maintain Liquidity in 2023
Higher interest rates don’t benefit American credit unions with low-yielding loans and pressure to compete with banks. John Kutchey, eastern regional director of the National Credit Union Administration (NCUA), offered his perspective at the CU Reality Check Conference.
The rapid increase in interest rates has changed the landscape of just about everything, including your balance sheet.
Financial Services & Blockchain
Major Cuts Coming at Galaxy Digital
Galaxy Digital is looking to cut a minimum of 20% of workers. Investor and CEO Michael Novogratz planned to hire at 100 employees in 2022, even after losing $554.7M in Q2. The crypto industry’s continued downward trends may have altered plans.
While our industry continues to face macroeconomic headwinds, Galaxy remains focused on building for the future state of institutional adoption and on enhancing long-term shareholder value.
Ant Group Pivots into Blockchain
The Jack Ma-founded financial services Ant Group has created Letus, a storage system that boosts blockchain efficiency. This diversification comes after regulatory crackdowns forced the fintech to obey traditional Chinese banking laws.
