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Posted Date: Tuesday, May 14, 2024
Nonbank mortgage activity and the use of automated tools in lending decisions are among the main focal points in the Financial Stability Oversight Council’s (FSOC) annual report summarizing key vulnerabilities in the financial system and recommendations for mitigating risks, as well as the council’s activities in 2023. Regulators commented on the need for FSOC to have more tools to help stem emerging financial stability risks. Read on »
Posted Date: Tuesday, May 14, 2024
Executive compensation at some of the country’s largest banks is the subject of a new proposal by federal banking regulators. The proposed rule would implement one of the last remaining provisions of the Dodd-Frank Act and requires approval from six regulatory agencies.
The Federal Deposit Insurance Corp. voted 3-2 in favor of putting the notice of proposed rulemaking out for comment despite having secured support from only four of the six required federal agencies. Read on »
Posted Date: Tuesday, May 14, 2024
U.S. Bancorp, the parent company of U.S. Bank, recently named its new president. She will bring her 27 years of financial services experience to her new role overseeing the company’s three business lines and will be tasked with ensuring the company maintains a shared focus on growth and holistic client experiences across its entire network.
With more than $657 billion in total assets, U.S. Bank ranks fifth among the country’s largest banks, according to Federal Reserve data as of September 2023. Read on »
Posted Date: Friday, May 10, 2024
To support third-party risk management efforts among community banks, the three federal banking agencies unveiled a comprehensive guide to help those institutions navigate the complexities associated with third-party relationships. The guide highlights a host of considerations institutions are encouraged to keep in mind during the third-party relationship lifecycle. Read on »
Posted Date: Friday, May 10, 2024
State and federal regulators entered into a written agreement with First Citizens Bank of Butte requiring the Montana-based financial institution to address deficiencies in its risk management policies and practices to comply with Bank Secrecy Act/anti-money laundering regulations under the Dodd-Frank Act. Read on »
Posted Date: Friday, May 10, 2024
Financial trade advocates joined together to detail their opposition to the treatment of digital assets under a policy enacted by the Securities and Exchange Commission more than two years ago. The four trade organizations called on Congress to do away with the policy in a recent comment letter.
Additionally, a recent hearing about the Consumer Financial Protection Bureau’s rulemaking activities on various fees served as an opportunity for one trade group to reiterate its strong opposition to what it contends to be the bureau’s politically motivated policy agenda.
Read about these industry developments and more in this roundup. Read on »
Posted Date: Tuesday, May 7, 2024
Houston’s largest credit union, Texas Dow Employees Credit Union, recently entered into an agreement to acquire Sabine State Bank and Trust Co., a commercial bank with more than $1.2 billion in total assets. Mergers involving tax-exempt credit unions acquiring banks have been a source of contention and legal debate in the past, and this one is no exception. Read on »
Posted Date: Tuesday, May 7, 2024
Hope Bancorp, Inc. and Territorial Bancorp Inc. jointly announced a definitive merger agreement, expected to create the largest regional bank catering to multi-ethnic customers across the continental U.S. and the Hawaiian Islands.
Hope Bancorp said it intends to preserve Territorial’s 100-plus year legacy in Hawaii, including its brand name, culture and commitment to local communities, in a joint press release announcing the deal. Read on »
Posted Date: Tuesday, May 7, 2024
Federal regulators are constantly researching products, fees and policies to assess whether they align with current laws and regulations. Two agencies recently published reports that could be of interest to secondary market participants and consumers with health savings accounts.
Find out more about these studies, as well as other recent developments from regulatory agencies that may have evaded the major news headlines. Read on »
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 »
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