Alert – Volume 6 of The Bankers’ Bulletin

June 4, 2024

To our clients and friends:

Today we published Volume 6 of The Bankers’ Bulletin. You can find a copy of this edition here.

This volume covers the Supreme Court’s decision on the CFPB’s funding mechanism, Congressional developments regarding custody of crypto assets, bank agency reports on key risks and supervisory priorities, state action limiting credit union-bank transactions, and impacts to sanctions compliance programs from new legislation and OFAC regulations.

If you have any questions related to any of the items covered in the Bulletin, please reach out to Brendan Clegg (, Marc Levy (, Agata Troy (, or your regular Firm contact. To learn more about our firm and services, please visit our website.


Luse Gorman is Legal Counsel to Affinity Bancshares, Inc. in its Proposed Acquisition by Atlanta Postal Credit Union

June 3, 2024

On May 30, 2024, Affinity Bancshares, Inc. and its wholly-owned subsidiary, Affinity Bank, National Association, announced the signing of a definitive purchase and assumption agreement with Atlanta Postal Credit Union, pursuant to which Atlanta Postal Credit Union will acquire the assets and assume the liabilities of Affinity Bank in an all-cash transaction. Following the completion of the acquisition, Affinity Bancshares, Inc. will settle its remaining obligations and distribute its remaining cash to its shareholders.


Luse Gorman is Legal Counsel to NVE Bank in its Proposed Merger with Ion Bank

May 28, 2024

On May 13, 2024, NVE Bancorp, MHC, Englewood, New Jersey, announced the signing of a definitive merger agreement with Ion Financial, MHC, Naugatuck, Connecticut, pursuant to which NVE Bancorp, MHC and NVE Bancorp, Inc. each will merge into Ion Financial, MHC and NVE Bank, the subsidiary of NVE Bancorp, will merge into Ion Bank, the subsidiary of Ion Financial, MHC.