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HARRISBURG, Pa.—A federal grand jury has indicted a Pennsylvania man who allegedly used his position as a credit union board member to gain control of more than $1 million in an elderly woman's retirement savings before spending nearly all of the money on property, a pickup truck and other purchases, according to the U.S. Attorney's Office for the Middle District of Pennsylvania.

MILWAUKEE—Two of the largest providers of technology to banks and credit unions are weighing additional asset sales as investor pressure, slowing growth and competition from fintechs push Fiserv and FIS to rethink sprawling portfolios built through years of acquisitions.

WASHINGTON—America’s Credit Unions is urging the Consumer Financial Protection Bureau to modernize federal mortgage disclosure requirements, arguing that overly technical rules impose disproportionate costs on credit unions and can unnecessarily delay mortgage closings.

WASHINGTON—The Federal Reserve is simplifying its Borrower-in-Custody program as part of its broader discount window modernization effort, with changes aimed at making it faster and easier for eligible financial institutions to pledge loans as collateral. The changes take effect Sept. 8.

LOS ANGELES— California's financial services regulator has appealed a state court ruling that blocked it from pursuing more than $100 million in penalties and restitution against fintech lender Opportunity Financial LLC (OppFi), escalating a closely watched legal fight over whether bank-fintech partnerships can sidestep state interest-rate caps through so-called "rent-a-bank" arrangements, according to Law360.

WASHINGTON — The Office of the Comptroller of the Currency said it is continuing efforts to reinvigorate de novo bank chartering, pointing to 40 applications received during the past 18 months and commending the Federal Deposit Insurance Corp. for steps to streamline its review of deposit insurance applications.