Citizens pledges to work with commercial clients on climate plans
The $223 billion-asset bank said it will train its commercial bankers to work with clients to develop decarbonization transition plans. It also committed to reaching carbon neutrality within 12 years.
A small Colorado bank’s plan to fend off big SBA lenders
Denver-based InBank will expand into Georgia and Arizona, part of a wider plan to seize market share and build what one executive called a top-tier SBA lender.
Eastern in Boston strikes $528M deal to buy Cambridge Bancorp
The combination would create a company with $27 billion of total assets, $18 billion of loans and $22.6 billion of deposits.
Citi expands digital asset services with blockchain-based deposit token
The service was created to meet institutional clients’ needs for real-time payments.
Press Release: FDIC Announces Division of Complex Institution Supervision and Resolution Appointment
PRESS RELEASE | SEPTEMBER 19, 2023 FDIC Announces Division of Complex Institution Supervision and Resolution Appointment WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors appointed Arthur J. Murton to serve as Director of the Division of Complex Institution Supervision and Resolution (CISR), following the retirement of Acting Director James McGraw, on October […]
Time to go back to the drawing board on cannabis banking
As cannabis becomes more and more commonplace, reasonable people might wonder why Congress hasn’t made it easier for banks to serve legal cannabis businesses. But maybe giving big banks and capital markets a green light to dive into cannabis with both feet is an outcome worth avoiding.
CFPB issues guidance on credit denials that use artificial intelligence
The Consumer Financial Protection Bureau issued guidance on the use of artificial intelligence in credit underwriting, saying that creditors are relying too heavily on a CFPB checklist and sample forms when they should provide specificity to explain why a consumer is denied credit.
Yellen, Treasury roll out net-zero principles, warn of stranded assets
The nine-part guidance establishes best practices for financial institutions that want to pursue carbon-neutral strategies. In a speech, the Treasury secretary cautions firms against being “left behind.”
IKEA takes a cautious first step into buy now/pay later loans
The Swedish furniture giant debuts a modest U.S. buy now/pay later loan program via Afterpay, with interest-free terms that are unlikely to anger regulators.
FTX sues Sam Bankman-Fried’s parents to claw back funds
The managers of the bankrupt crypto exchange FTX sued the parents of co-founder and former CEO Sam Bankman-Fried to “recover millions of dollars in fraudulently transferred and misappropriated funds,” according to a court filing.