Bank accused of redlining says DOJ unfairly linked it to a race atrocity
DOJ cites American Bank of Oklahoma’s lending record, as well as racially inflammatory emails it claims bank employees forwarded, in support of its redlining claims.
Banks face stricter long-term debt, living-will mandates under FDIC plan
The Federal Deposit Insurance Corp. has issued proposals that would make banks with $100 billion of assets or more hold more long-term debt as a cost buffer in the event of a collapse and meet new planning requirements in case they ever have to be resolved in an emergency.
BMO says Bank of the West deal could deliver more savings than expected
The Canadian bank initially told investors the acquisition would result in more than $350 million in cost savings. But a recent analysis suggests that number could be even higher.
Bowman, Waller voice concerns about Fed’s long-term debt proposal
The Federal Reserve Board governors worry about the added cost of the new requirement for non-systemically important banks as well as the implications for regulatory tailoring.
Fintech rings in phone plan product to bundle with bank account
Zolve, a fintech that serves folks moving to the U.S., partnered with Gigs, a German startup, to roll out its mobile plan product.
Regulators may be ushering in a two-tiered banking system
The regulatory overhaul for large and mid-sized banks could lead to stronger pressure for those banks to merge in the coming years while leaving smaller banks less competitive — and arguably less stable.
FDIC Board of Directors Meeting
BOARD MATERIALS | AUGUST 29, 2023 FDIC BOARD OF DIRECTORS MEETING Today the Federal Deposit Insurance Corporation’s Board of Directors met in open session to discuss: Notice of Proposed Rulemaking on Long-term Debt Requirements for Large Bank Holding Companies, Certain Intermediate Holding Companies of Foreign Banking Organizations, and Large Insured Depository Institutions; Resolution Plans Required […]
Chicago-area bank selling itself to growing credit union
Michigan State University Federal Credit Union, seeking to add $300 million of assets in Illinois, has agreed to purchase McHenry Savings Bank.
U.S. court paves way for spot bitcoin ETF in Grayscale ruling
Grayscale Investments moved closer to launching a spot-based bitcoin exchange-traded fund in the U.S., a potential watershed moment in the cryptocurrency industry’s quest to tap billions of dollars from everyday investors.
Goldman’s GreenSky sale enters homestretch with PE in mix
Apollo Global Management, Pagaya Technologies and Sixth Street are said to be working on final offers for Goldman Sachs Group’s consumer-lending unit.