Orion FCU's bank purchase halted; banks asked to report on environmental crimes

TOP NEWS IN BANKING & FINANCIAL SERVICES

* Tennessee Judge Patricia Moskal granted the Tennessee Department of Financial Institutions' plea to halt the planned purchase by Memphis, Tenn.-based Orion FCU of Financial Federal Bank, also from Memphis, until a hearing is held, Credit Union Times reported, citing court documents. The state regulatory agency argued that the proposed bank acquisition by a credit union is prohibited under the Tennessee Banking Act.

* The Financial Crimes Enforcement Network added environmental crime under its watch and asked banks and other financial institutions to share information on suspected environmental offenses in the course of their operations "for the purposes of identifying and reporting money laundering activity."

➤ US banks with highest price-to-estimated-earnings multiples

U.S. bank stocks are outperforming the broader market. As of Nov. 15, the S&P U.S. BMI Banks index had generated a total return of 43.6% year-to-date, surpassing the 26.2% total return of the S&P 500.

➤ Chile's banks stockpile additional provisions as political uncertainty mounts

The political uncertainty in Chile, brought about by protests over transportation fare hikes that escalated into a constitutional crisis, has permeated Chilean assets. A lack of visibility has prompted banks to bulk up provisions as they brace for a transition period that may extend until 2022, when Chileans will vote on a new constitution.

BANKING

* JPMorgan Chase & Co. lost a senior manager role in a $700 million Louisiana municipal bond deal to rival Wells Fargo & Co. as the state bond commission led by Republican State Treasurer John Schroder decided to disqualify JPMorgan from the deal after scrutinizing the banking giant's stance on guns, Bloomberg News reported, citing Schroder.

* In Iowa, Security State Bank agreed to acquire in-state peer Farmers Savings Bank in a deal expected to close in the first quarter of 2022, according to an announcement posted on Farmers Savings Bank's website. Financial terms of the transaction were not disclosed.

* Great Falls, Mont.-based Embark FCU is planning to merge with Spokane Valley, Wash.-based Horizon CU, pending regulatory and member approval. The deal is expected to be completed in 2022.

FINANCIAL SERVICES

* Berlin-based digital bank N26 GmbH will withdraw its U.S. operations by Jan. 11, 2022, and close about 500,000 accounts, to prioritize expansion in Europe, the company announced on its website. The announcement came days after German regulators put a cap on the digital banking platform's new customers globally.

* Cryptocurrency exchange Binance Holdings Ltd.'s American affiliate Binance.US hopes to raise a "couple hundred" million dollars in a funding round expected to close in the next one month to two months, Bloomberg News reported, citing an interview with Binance CEO Changpeng Zhao.

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