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Posted Date: Friday, May 3, 2024
As the Federal Reserve announced for the sixth straight month that interest rates will remain unchanged, the agency signaled its plans to shift its approach to tackling inflation. This will entail reducing the amount of Treasury securities held on its balance sheet through a process commonly referred to as quantitative tightening.
Fed Chair Jerome Powell offered a detailed explanation of the decision, and Mortgage Bankers Association Chief Economist Michael Fratantoni commented on the implications. Read on »
Posted Date: Friday, May 3, 2024
The U.S. banking system made it through the first quarter of 2024 without a single bank failure, which is good news after a year in which there was at least one failure per quarter. On April 26, the Federal Deposit Insurance Corp. announced Republic First Bank as the first institution to fail this year.
Fulton Bank, National Association of Lancaster, Pa., absorbed all assets and branches previously belonging to the Philadelphia-based regional bank. Read on »
Posted Date: Friday, May 3, 2024
The federal banking agencies extended the public comment period for Capital One Financial Corp.’s application to acquire Discover Financial Services. The decision aligns with federal regulators’ stated intent to increase scrutiny over mergers that could result in banks with more than $100 billion in total assets. Read on »
Posted Date: Tuesday, April 23, 2024
The Federal Reserve’s proposed changes to regulations on interchange fee caps have received pushback from the financial sector and sparked disagreement among Fed Board governors. The Fed extended the comment period by 90 days, until May 12, in response to industry concerns about needing more time to evaluate the rule’s implications.
Comments have continued to roll in from banks, credit unions, legislators, merchants and non-profit organizations expressing mostly opposition to the proposal. Read on »
Posted Date: Tuesday, April 23, 2024
Federal regulators are constantly addressing issues facing financial institutions of all sizes. In this roundup, learn about recent developments and remarks pertaining to some of the largest banks in the world, as well as smaller, community-based institutions. Read on »
Posted Date: Tuesday, April 16, 2024
Provident Financial Services, Inc., received regulatory approval to acquire all assets of Lakeland Bancorp, Inc., in a merger between the two New Jersey-based bank holding companies and their subsidiaries. Federal regulators conducted extensive analyses assessing the merger’s potential impact on the financial marketplace, the results of which were included in a Federal Reserve order approving the transaction. Read on »
Posted Date: Friday, April 12, 2024
Industry organizations hoping for the long-anticipated interest rate cuts to be approved by the Federal Reserve this spring or early summer may have to wait longer than expected, based on minutes released from the Federal Open MIndustry organizations hoping for the long-anticipated interest rate cuts to be approved by the Federal Reserve this spring or early summer may have to wait longer than expected, based on minutes released from the Federal Open Market Committee’s March meeting. arket Committee’s March meeting. Read on »
Posted Date: Tuesday, April 9, 2024
The legal battle over modernized Community Reinvestment Act requirements has culminated in a preliminary injunction in federal court. Dodd Frank Update spoke with Garris Horn PLLC Co-Managing Partner Richard Horn about the development, which did not come as a shock to many industry insiders aware of the challenges presented by the cumbersome final rule. Read on »
Posted Date: Friday, April 5, 2024
In a move that strengthened the bank’s presence in the state of Virginia, Atlantic Union Bankshares Corp. completed a merger with American National Bankshares Inc. on April 1. The acquisition brings Atlantic Union’s total assets to $24.3 billion, including $19.4 billion in total deposits and $17.9 billion in total loans held for investment. Read on »
Posted Date: Tuesday, April 2, 2024
Federal regulators are taking various steps to help safeguard consumers and businesses against risks posed by emerging technology. Learn about one agency’s newly effective rule targeting a specific type of scammer, as well as other recent developments. Read on »
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