Officials weigh pathway to let more firms tap Home Loan Banks
(Bloomberg) — US officials are looking at ways to give a broader swath of financial firms, including nonbank mortgage lenders, the ability to borrow from Federal Home Loan Banks.
Fintechs beckon credit card spenders with alternative rewards
Rent gateway Pinata and marketing app Shopmium are trying to lure consumers with incentives that don’t accumulate balances as consumer debt increases.
Banks, Buffalo and a mass shooting: How the industry can help heal a targeted community
In the aftermath of last year’s racially motivated mass shooting in a predominantly Black community in Buffalo, New York, American Banker reporter Allissa Kline explores what responsibility banks have to help segregated, impoverished communities that were shaped in part by past discriminatory lending practices.
CIBC misses estimates as provisions for souring loans surge
The bank attributed the surge to impairments in the U.S. office loan portfolio and appeared to signal that higher provisions from commercial real estate may persist.
UBS flags cost cuts after $29 billion Credit Suisse windfall
UBS Group outlined major targets for its integration of former rival Credit Suisse, including 3,000 domestic job cuts and more than $10 billion in cost savings, as it posted the biggest ever quarterly profit for a bank on the back of the bargain acquisition in June.
Press Release: FDIC Issues CRA Examination Schedules for Fourth Quarter 2023 and First Quarter 2024
PRESS RELEASE | AUGUST 31, 2023 FDIC Issues CRA Examination Schedules for Fourth Quarter 2023 and First Quarter 2024 WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the fourth quarter 2023 and first quarter 2024. CRA regulations require each federal […]
Don’t choke off fintech innovation with excessive capital requirements
If capital requirements are increased, they must be constructed in a way that doesn’t unduly burden smaller banks and their fintech partners.
USAA wins patent agreement with Discover, vows to keep going after banks
The card network has agreed to pay USAA licensing fees for the use of mobile deposit capture technology. USAA says it plans to keep trying to get other banks to do the same.
A mini deposit run in early May preceded the sale of PacWest
Following reports that the Los Angeles bank was considering strategic options, its deposits fell by $1.7 billion in two days, according to a securities filing. The disclosures shed new light on PacWest’s predicament before its merger agreement with Banc of California.
Fed ramps up demands for corrective actions by regional banks
The Federal Reserve has issued a slew of private warnings to lenders with assets of $100 billion to $250 billion, including Citizens Financial Group, Fifth Third Bancorp and M&T Bank, according to people with knowledge of the matter.