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Capital One fined $80M for 2019 data breach
McLean-based bank to add security oversight mechanisms
Federal bank regulator the Office of the Comptroller of the Currency announced Thursday it has fined McLean-based Capital One Financial Corp $80 million for what it calls unsafe and unsound information technology practices tied to computing operations in its cloud environment. Capital One is the largest bank in Virginia, according to 2019 deposits. In 2019,
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Falwell agrees to immediate indefinite leave of absence from Liberty
Sen. Chase refused to wear mask at Harrisonburg restaurant
Liberty University chair Jerry Prevo appointed acting president
Five Richmond-area Wawa locations sell for $35.2M collectively
Kroger Mid-Atlantic division office to move to Henrico
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California PPE supplier sues Chain Bridge Bank
Published
A California medical supply company is suing McLean-based Chain Bridge Bank, alleging the bank was responsible for destroying the company’s reputation and making it lose a $600 million state contract for personal protective equipment. In the lawsuit, Blue Flame Medical claims that Chain Bridge Bank told California officials that Blue Flame could be “fraudulent,” leading
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Banks accuse credit unions of unfairly encroaching on their territory
Published
The battle between banks and credit unions is flaring up again and it could wind up before the Supreme Court of Virginia. Bankers say nonprofit credit unions are morphing into roles that look like traditional banks, becoming larger than many community banks while facing lighter tax and regulatory burdens, giving the credit unions an unfair
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MainStreet Bancshares names business banking division head
Thomas Cary promoted at Fairfax-based bank
Published
Fairfax-based MainStreet Bancshares Inc. (parent company of MainStreet Bank) announced Wednesday that Thomas Cary has been promoted to lead MainStreet Bank’s business banking division. Cary has been with MainStreet Bank as a business banker for 10 years. While earning his bachelor’s degree in finance from George Mason University, he started his banking career as a
Navy Federal Financial Group names chief operating officer
Diane Young joins subsidiary of Vienna-based credit union
Published
Navy Federal Financial Group, a wholly-owned subsidiary of Vienna-based Navy Federal Credit Union, announced Tuesday it has hired Diane Young as chief operating officer. She joins the group following the retirement of Patricia Wood, who had served in the role since 2015. Young most recently was a vice president for Goldman Sachs Private Bank, where
E-Trade stockholders approve $13B acquisition by Morgan Stanley
Transaction first announced in February, expected to close Q4
Published
Arlington-based online brokerage E-Trade Financial Corp. announced that on Monday more than 99% of its stockholders approved its $13 billion acquisition by Morgan Stanley, which was first announced in February. E-Trade stockholders will receive 1.0432 Morgan Stanley shares for each of their E-Trade shares as a result of the acquisition. The deal is expected to
Freddie Mac names VP multifamily investments, portfolio management
Ling Xu promoted from senior director position
Published
Tysons-based Freddie Mac announced Monday that Ling Xu has been promoted as the Fortune 500 company’s vice president of multifamily investments and portfolio management. In her new role, she will oversee market risk and capital strategy, as well as manage multifamily portfolio strategy, hedging and balance sheet management. She is also responsible for expanding the
Navy Federal ranked No. 4 U.S. brand for customer experience
KPMG annually names top 10 based on consumer surveys
Published
Big Four accounting firm KPMG announced Monday it has named the Vienna-based Navy Federal Credit Union No. 4 on its annual list of top 10 U.S. brands for customer experience excellence. The KPMG U.S. Customer Experience Excellence report identifies top-performing brands and industries in terms of customer experience based on a survey of approximately 11,000
Montreal investment firm buys Herndon software company
Valsoft Corp. to acquire AllTrust Networks
Published
Montreal-based software company investor Valsoft Corp. announced Thursday it will acquire Herndon-based AllTrust Networks, which provides check cashing software. A transaction amount was not disclosed. “We are proud of what we’ve accomplished and want to continue in that direction within Valsoft,” AllTrust CEO Karl Lewis said in a statement. “We have invested significantly in the
Martinsville credit union announces leadership changes
ValleyStar names Lisa M. Lambrecht as executive VP, Wm. Andrew Reynolds as CFO
Published
Martinsville-based ValleyStar Credit Union announced Friday it has promoted Lisa M. Lambrecht to executive vice president. She was previously the chief financial officer at the credit union. In her new role, she will report to the president and CEO, and oversee the CFO, chief operating officer, chief marketing officer, the risk management department and the