NY proposal could boost minority banks’ access to state deposits
A New York state bill would reduce the barrier for minority-bank and community-bank participation in the state’s long-standing Banking Development District program.
Esquire makes deal for bigger cut of Chicago’s legal market
The New York-based bank, which serves plaintiff law firms, agreed to pay $348 million for a Windy City community bank.
Iran names U.S. banks as targets, ratcheting up cyber threat
A threat that was probabilistic is now official. An Iranian military spokesperson warned of a “painful response” against U.S.-linked banks.
Iran war pushes mortgage rates near yearly high
The conflict pushed oil price futures above $100 a barrel for a short time earlier this week, which affected bond investors and the 10-year Treasury yield.
PayPay stock rises by almost 20% after below-range IPO debut
The payments fintech’s Nasdaq debut marks the largest U.S. listing by a Japanese company in a decade and had a strong start despite market turmoil caused by the Iran war.
Housing bill passes Senate, but window of opportunity narrows
The Senate passed a bipartisan housing bill in an 89-10 vote, but how quickly and easily the bill can pass the House remains unclear.
Fed’s Bowman previews streamlined capital framework
Federal Reserve Vice Chair for Supervision Michelle Bowman outlined upcoming changes to the bank regulatory capital framework in a speech Thursday, focusing on streamlining bank capital requirements through Basel III and Global Systemically Important Bank surcharge rules.
Zelle ventures into charitable disbursements with Bank of America
The bank-owned instant payment network has added a new use for its seldom-mentioned disbursement business.
In stablecoins, banks are confronting the innovator’s dilemma
Noelle Acheson argues that banks’ focus on deposit tokens rather than stablecoins is a clear example of the “innovator’s dilemma” at work: few economic incentives to embrace the innovation happening at the periphery.
War in Middle East may press pause on bank deal boom
The conflict with Iran has thrown volatility into bank stock prices, which is often the currency of dealmaking. “Stability is important to be able to do deals,” one analyst said.