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CUAid Reports $200k in Disaster Relief Funds to Hurricane Victims
More than $200k has been raised for communities in Puerto Rico and Florida that have been impacted by recent hurricanes
Robert Baron
November 18, 2022
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Banking News
JP Morgan Chase Extends Parental Leave
Among other increases in bereavement and sick leave, JP Morgan will increase parental leave to 16 weeks starting January 1. The decision follows a trend of increasing sick leave, sabbatical pay, and PTO at other banks like Goldman Sachs, Bank of America, and Citi.
Washington Federal Enters California Market
The Washington-based bank will add California to the list of states in which it operates, which include Nevada, Idaho, and Oregon. This comes in the form of an acquisition of Luther Burbank Corp. in stock worth $654M.
Brent Beardall, CEO of Washington Federal, said of the deal,
It checks all the boxes. It creates scale. It creates a contiguous footprint from Seattle to Austin.
Credit Union News
Diversity, Equity, & Inclusion (DEI) Boost Credit Union Growth
A survey issued by the Filene Research Institute indicated measures promoting more diversity, equity, and inclusion benefit credit unions socially and financially. These findings match up with results from the National Credit Union Association’s own research.NCUA’s director of the Office of Minority and Women Inclusion, Miguel Polanco, spoke out:
DEI is a multifaceted, strategic imperative, and it needs to be thought out and it needs to be intentional for it to deliver on its benefits.
Donations to CUAid Disaster Relief Program Exceed $200k
The money donated to the CUAid Disaster Relief program is issued to credit union employees and volunteers to assist recovery after national disasters. The program impacts credit unions across the United States, including Alaska USA FCU, Ohio Credit Union Foundation, and Pennsylvania-based TruMark Financial CU.
André Parraway, CFO & COO of the National Credit Union Foundation, said:
CUAid is the credit union difference in action. The fund carries a balance to ensure we can respond rapidly when disaster strikes.
Financial Services & Blockchain
Treasury Department Report Wants More Fintech Scrutiny
Due to non-bank fintechs, core banking services have migrated outside of traditional regulatory frameworks, stressing existing regulations and providing opportunities for fraud. A report issued by the Treasury Department cautioned blending deals with banking.
US Treasury Secretary Janet Yellen said:
While non-bank firms’ entrance into core consumer finance markets has increased competition and innovation, it has not come without additional risks to consumer protection and market integrity.
New FTX CEO Attacks Sam Bankman-Fried’s Management
John J. Ray III, new CEO of the scandal-ridden crypto exchange, decried previous administrators’ management practices as “unacceptable” and “compromised.” The remarks come after reports indicate between $1-2B of customer funds were lost.
The CEO, who helped Enron navigate bankruptcy, expressed his disappointment.
Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.
Upcoming Events
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