Texas Capital cuts workforce, sells securities in push to meet 2025 goals
The Dallas company, which has been in transformation mode for three years, recently took a series of actions to try to meet the profitability targets it set for itself.
Massachusetts fines Morgan Stanley over trades by ex-First Republic CEO
Morgan Stanley will have to pay $2 million for failing to flag trading in First Republic Bank by its former CEO. The transactions happened in the lead-up to the regional bank’s collapse, and regulators said that Morgan Stanley should have flagged trades made by a client who was in possession of material nonpublic information.
JPMorgan Chase said to be investigating TikTok check fraudsters
A company spokesperson said the company reviews fraud-related issues and refers them to law enforcement “as appropriate.”
How PayPal’s rewards upgrade competes with banks
The payment company is enabling consumers to stack multiple cash-back offers as a way to lure consumers to its alternative digital wallet.
Trump pitches sovereign wealth fund to pay for infrastructure projects
It’s the latest proposal for a type of national infrastructure financing structure in lieu of the municipal bond market.
Another Fed official backs a rate cut this month
Federal Reserve Gov. Christopher Waller said the central bank should lower its target interest rate now and execute a series of cuts in months ahead.
Fed’s Williams ready to ‘dial down’ interest rates
Federal Reserve Bank of New York President John Williams said he’s seen enough data to be comfortable with a rate cut at the Federal Open Market Committee meeting later this month.
Fed rate-cut size debate follows mild softening in jobs data
Other estimates suggest nonbank mortgage employment grew in July as the industry cautiously added staff to handle incremental growth in demand for loans.
U.S. Bank credits teamwork for its SBA lending surge
Minneapolis-based banking giant enjoying its biggest year ever for 7(a) lending, with volume up 40%, as borrowers “are still coming to us,” SBA chief says.
Federal overreach in loan servicing enforcement will hurt consumers
The Consumer Financial Protection Bureau is seeking to protect borrowers from unscrupulous loan servicers. The goal is laudable, but the agency’s methods are misguided.