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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
A new report from Reuters showed a majority of economists expect two cuts to the U.S. Federal Reserve’s key interest rate, with the first coming this fall.
Those results were collected during a May 7-13 poll and represent a significant leap in the number of economists forecasting a rate cut this year. In April, approximately half of respondents held that view. 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: 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: 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 »
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