First US Bancshares, Inc. (Nasdaq: FUSB) announced its financial results for the first quarter of 2024 with a net income of $2.1 million, or $0.34 per diluted share. This figure compares to $2.3 million in the previous quarter and $2.1 million for the same period last year.CEO James F. House expressed satisfaction with the company's performance, stating, "We are off to a solid start for 2024." He added, "During the early months of 2024, we are taking advantage of market opportunities to improve asset yields, while simultaneously working to control expenses, and strengthen...
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), has revealed plans for an upcoming hearing focused on the merger policies of the Federal Banking Agencies. The event, titled “Financial Institutions and Monetary Policy Subcommittee Hearing Entitled: Merger Policies of the Federal Banking Agencies,” is scheduled to take place at 10:00 AM ET on Wednesday, May 1, 2024, at the 2128 Rayburn House Office Building.In a statement, McHenry highlighted the importance of addressing the merger policies within the banking sector, indicating the...
The American Consumer Institute (ACI) announced their support for U.S. Rep. Andy Barr’s (R-Ky.) proposed Congressional Review Act (CRA) resolution to overturn the Consumer Financial Protection Bureau’s (CFPB) limit on late fees on credit cards.
Data analytics has found its way into many aspects of society—and human resources (HR) is no exception. HR leaders are using analytics to track turnover, performance, development, engagement, salaries, and more.“It’s important to start expanding HR data analytics,” stated Kathy Menditto, vice president of human resources at Buckeye State Credit Union in Akron, Ohio. Menditto was speaking at America’s Credit Unions’ 2024 HR & Organizational Development Council Conference in St. Pete Beach, Fla. She emphasized the significance of data analytics, noting that "Your C-Suite...
Senior Vice President of People Development Andria McCollough from Truity Credit Union in Bartlesville, Okla., highlighted the positive impact of involving employees in project management teams. McCollough noted a 63% better retention rate for staff involved in project teams compared to those who were not, emphasizing the success story of engaging people in the process. The credit union has run 106 teams since 2008, with 254 employees participating and gaining valuable skills that have increased their engagement and desire to stay with the organization.At America’s Credit...
In a luncheon ceremony held on August 22, 2023, during the 2023 AMBA Fall Workshop in Philadelphia, Pennsylvania, three banks were recognized by the Military Departments with the 2022 Distinguished Bank Service Awards.
With the resumption of student loan repayments scheduled for October, attention is focused on a new initiative aimed at addressing student loan default issues. The Biden Administration recently announced plans to cancel $39 billion in loans for 804,000 borrowers, and the Fresh Start Program by the U.S. Department of Education (ED) offers additional pathways out of default.
The Community Reinvestment Act (CRA) is a federal law aimed at encouraging banks to address the credit needs of their communities, particularly in low- and moderate-income neighborhoods. On October 24, 2023, three federal agencies—the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board (FRB), and the Office of the Comptroller of the Currency (OCC)—released their CRA Final Rule. This rule results from a coordinated interagency effort and modifies how banks are evaluated for CRA compliance. The new regulations will come into effect on April 1, 2024.
The American Fintech Council (AFC) has voiced concerns over the Federal Deposit Insurance Corporation's (FDIC) approach to innovation in financial services. The AFC, representing responsible fintech companies and major Banking-as-a-Service banks, has sent a letter to the FDIC addressing what it perceives as a lack of communication and an adverse stance towards innovation.
A potential government shutdown this weekend has raised concerns for many Americans, particularly service members, veterans, and their families. Questions about paychecks, furloughs, and managing expenses are prevalent among those affected.
As the possibility of a government shutdown looms this week, concerns rise across the nation. For service members, veterans, and their families, the uncertainty hits particularly hard, sparking questions about paychecks, furloughs, and managing expenses. With many Americans lacking substantial emergency savings, these worries intensify. In light of the potential shutdown, financial institutions are urging everyone to contact them for assistance options.
World Mental Health Day, observed on October 10th, highlights the importance of mental health awareness and action. This day serves as a reminder to focus on the mental health challenges faced by military members and veterans.
Armed with gloves, grabbers, and garbage bags, credit union leaders hit St. Pete Beach Sunday morning in Florida to participate in a giveback event. The initiative aimed at cleaning up the beach and contributing to environmental conservation efforts.The event, which marked the commencement of the four-day conference hosted by America’s Credit Unions, saw participants collecting 300 pounds of garbage from the area outside the TradeWinds Islands Resorts. Items removed included a variety of debris such as sandals, towels, cans, cups, napkins, straws, squirt guns, broken...
The student loan payment pause, which ended on August 30, 2023, is leading borrowers to prepare for repayments set to begin next month. This follows the Biden Administration's announcement of a plan to cancel $39 billion in loans for 804,000 borrowers. In light of this, borrowers have been advised on several fronts.
In September 2023, Xbox Insiders were given early access to the Xbox Mastercard, marking Xbox's introduction of its first co-branded credit card in the United States. This card, issued by Barclays US Consumer Bank, is now available across all 50 states for qualified U.S. residents aged 18 and older.
New data from the Bank Policy Institute (BPI) indicates that the Financial Crimes Enforcement Network (FinCEN) may have underestimated the time banks require to file suspicious activity reports (SARs). According to BPI's survey, banks spend an average of 21.41 hours on each SAR, a figure that starkly contrasts with FinCEN's estimate of 1.98 hours. This discrepancy emerged in a submission to FinCEN as part of their Paperwork Reduction Act obligations.
Legislation introduced by New York State Senator James Sanders Jr., who chairs the Senate Banks Committee, aims to provide funding for organizations to establish financial capability and literacy programs. The American Fintech Council (AFC) has announced its support for this initiative, which seeks to create the NY Financial Literacy Fund. This fund is intended to serve unbanked or underbanked consumers through educational and product opportunities.
Continental Finance, a leading financial technology company, has joined the American Fintech Council (AFC), according to an announcement made on April 11, 2024. The AFC is known for representing responsible fintech companies and other financial institutions focused on innovative banking solutions.
Andrew Charnley, Managing Director of Assetz Capital, recently reflected on the insights gained from attending MIPIM 2024. The annual event served as a barometer for the global real estate market, sparking discussions on various key themes among industry leaders, investors, and policymakers.One critical topic discussed was the impact of interest rates on real estate investments. Charnley noted the need for agile investment strategies, particularly in high-demand areas like PBSA, data centres, logistics, and the care sector, to navigate the effects of fluctuating interest...