For the Fed, taming inflation also means navigating a housing crisis
Federal Reserve Chair Jerome Powell said inflation relief from the housing sector is “in the pipeline” but some say strong underlying demand and an inadequate housing supply could disrupt future rate pauses or cuts.
Texas judge rebukes CFPB over anti-discrimination policy
A district court judge ruled that Congress did not give the Consumer Financial Protection Bureau broad authority to look for discrimination, putting a major dent into the bureau’s efforts to apply anti-discrimination principles to non-lending products such as advertising.
Wells Fargo $1 billion accord over fake accounts approved
The deal, approved by a federal judge on Friday, resolves claims alleging that former CEO Tim Sloan and other bank executives made misleading statements to investors, the media and Congress.
Credit union launches disaster relief loan, Wells Fargo exec retires
Merrimack Valley Credit Union is launching a disaster relief loan, William Daley will retire from Wells Fargo, New York Community Bancorp promotes Signorille-Browne to COO and more in the weekly banking news roundup.
Huntington’s software bet aimed at transforming medical billing
Executives at the Columbus, Ohio-based regional bank were convinced by a presentation Veuu, the solution’s developer, made earlier this year.
Pressure mounts for Truist to reset its strategy
Some analysts and investors want the North Carolina bank to make big changes to meet financial targets, which they say aren’t being met four-and-a-half years after the BB&T-SunTrust merger. The critics will be closely watching a presentation by top Truist executives on Monday.
Banking crisis is ‘gift that keeps on giving’ for deposit firms like R&T
The private equity firm GTCR’s large investment in R&T Deposit Solutions is a sign of the windfall reciprocal deposit networks are reaping after the bank runs this spring that was driven by customers with large, mostly uninsured deposits.
FDIC admits oversight shortcomings in First Republic Bank’s collapse
The Federal Deposit Insurance Corp. issued a report Friday acknowledging failures to adequately monitor First Republic Bank’s uninsured deposits, interest rate risk sensitivity, and rapid growth, leaving the bank vulnerable to contagion.
Square outage shows even a short disruption can cause chaos
A point of sale glitch puts smaller sellers in a bind: They can refuse sales, fall back to cash and checks, or take a leap of faith and absorb any transactions that fail after their systems come back online.
Bank of America veteran Cathy Bessant to lead North Carolina nonprofit
Bessant has served in a variety of leadership positions at the bank, including leading its technology initiatives and European strategy.