Three Minnesota credit unions have filed a lawsuit against the state’s banking regulator in an attempt to override the agency’s refusal to approve credit union-bank deals. The lawsuit, filed in Ramsey County District Court on Sept. 20 by Magnifi Financial Credit Union, Royal Credit Union and Wings Financial Credit Union, claims that the Minnesota Department of Commerce and Commissioner Grace Arnold, erred when they rejected an application by Lake Area

Two credit unions bid to buy the banking unit of Citizens Bancshares, but tax considerations and potential challenges in securing regulatory approval led the Kansas City, Mo., company to negotiate with Southern Missouri Bancorp in Poplar Bluff. The $3.2 billion-asset Southern Missouri agreed on Sept. 20 to buy the $1 billion-asset Citizens for $140 million. Citizens initially tried to find a buyer in the fall of 2020, according to a

Signature Bank of Georgia in Sandy Springs has a new CEO. The $187 million-asset bank said in a press release that Charlie Brown had taken on the role. Brown previously served as president and CEO of Loyal Trust Bank, according to his LinkedIn profile. “Charlie’s significant experience in banking combined with his leadership skills and high personal energy level will help fuel Signature’s mission of future growth and being the

Financial institutions processed nearly $1.2 billion of suspected ransomware payments last year. The Financial Crimes Enforcement Network (FinCEN) said there were 1,489 ransomware attacks in 2021, based on data from Bank Secrecy Act filings. Financial institutions reported $416 million of damages a year earlier. FinCEN determined that “a substantial number of ransomware attacks appear to be connected to actors in Russia.” Ransomware remains “a serious threat to our national and

Wells Fargo in San Francisco is holding discussions with the Consumer Financial Protection Bureau to address a number of investigations. The $1.9 billion-asset company, which set aside $2 billion in the third quarter to deal with legal matters, made the disclosure in its quarterly filing with the Securities and Exchange Commission. “The company is in resolution discussions with the CFPB regarding a number of … investigations, inquiries and other matters,

New York Community Bancorp in Hicksville will likely need to exit the USDF Consortium to buy Flagstar Bancorp in Troy, Mich. The Office of the Comptroller of the Currency, in its conditional approval for the $2.6 billion deal, instructed the $63 billion-asset New York Community to divest its interest in the group within two years of completing the acquisition. The OCC said it reserves the right to reverse course and

Upstart Holdings in San Mateo, Calif., has cut 140 jobs. The fintech, which focuses on personal and auto loans, disclosed in a regulatory filing that it eliminated positions that help process loan applications. Upstart said the cuts were necessary “given the challenging economy and reduction in the volume of loans on our platform.”

Customers Bancorp in West Reading, Pa., has settled a legal dispute with Kabbage over the Paycheck Protection Program. The $20.4 billion-asset Customers disclosed in a regulatory filing that its bank will pay $58 million to Kabbage, which has been going through the bankruptcy process. Kabbage had claimed it was owed $65.5 million in fees tied to the PPP. Kabbage, through its KServicing brand, will “take commercially reasonable efforts” to maintain