Credit unions buying banks; failed-bank CEO pleads guilty
American Banker
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Another credit union buys a bank as industry groups sharpen criticism: Gesa Credit Union in Washington agreed to acquire a 103-year-old community bank in Centralia, as it eyes opportunities for additional growth in the Pacific Northwest. In the District of Columbia, a bank group is calling for exit fees on banks selling to tax-exempt credit unions.
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Ex-CEO of failed bank pleads guilty after losing $47M in crypto scheme: Shan Hanes, who led Heartland Tri-State Bank in Kansas until it failed last year, pleaded guilty to one count of embezzlement by a bank officer. He now faces up to 30 years in prison. He is scheduled to be sentenced on Aug. 8.
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What's on bankers' wish lists for generative AI? OpenAI is training a new flagship AI model to replace the one behind the wildly popular ChatGPT. It seems like a good time to ask, if financial users could design their own generative AI model from scratch, what they would want?
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Supreme Court punts dual banking case back to Second Circuit: The Supreme Court decided to rule narrowly in Cantero v. Bank of America, N.A., sending the case back to the Court of Appeals for the Second Circuit with instructions to perform a more nuanced analysis on whether a New York escrow law unfairly discriminates against national banks.
PayPal's stablecoin gains allies to help position it for payments: Payment firm BVNK is betting that PYUSD's potential to connect to PayPal's network of millions of consumers and businesses will make it more than another investment currency.
BankWork$ Graduate Relentlessly learning Indominable ^ my Haiku headline. Courage to share what I know, Open to refining my worldview, Strength to demonstrate and renew my values, Enduring the cost of wisdom.
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