Wells Fargo escapes muni underwriter ban in Texas
The Attorney General’s office found the firm complies with a 2021 state law banning contracts with companies that “discriminate” against the firearm industry.
Change Lending loses federal certification for non-QM originations
The lender was accused in a recent lawsuit of failing to meet its obligations to underserved borrowers in lieu of wealthy clients.
Wells Fargo-SEC settlement on advisory fees underscores M&A challenges
The company is paying $75 million in penalties and restitution in connection with SEC allegations that its investment advisory arm overcharged customers it inherited in its Wachovia acquisition in 2008. The settlement is said to show the importance of conducting extensive compliance checks in a rapidly consolidating industry.
After nearly 200 years, a Virginia community bank does its first deal
Burke & Herbert Financial Corp. and Summit Financial Group announced a transaction that they described as a merger of equals valued at roughly $371.5 million in stock.
New Peoples’ next CEO, D.A. Davidson’s new head of CD underwriting
New Peoples Bank announced J.W. Kiser will be its next president and CEO; D.A. Davidson hired Dan Fiandaca to lead its brokered CD underwriting group; Citizens Bank launches Roger, a digital bank for military members; and more in the weekly banking news roundup.
How banks can adopt generative AI
Financial institutions must adopt generative AI and large language models, or risk falling behind, experts said.
Comerica Bank’s CEO and CFO sued for statements on Treasury program
Comerica’s CEO Curt Farmer and CFO James J. Herzog, along with the bank, face a purported class-action lawsuit by shareholders for allegedly making false and misleading statements about its oversight of the Treasury Department’s Direct Express program.
U.S. nears completion of three quantum-proof encryption algorithms
Following six years of development, the National Institute of Standards and Technology has released draft standards for three algorithms that can resist future attacks by quantum computers.
In Farmington State Bank, some see poster child for charter stripping
The small community bank was bought up by crypto-focused investors and quickly repositioned to service tech innovators. Is this problematic or perfectly legitimate?
Powell says Fed has “long way to go” in reaching inflation goal
In his highly anticipated speech in Jackson Hole, the Federal Reserve chair acknowledged the progress made in cooling down inflation, but said the central bank would not hesitate to raise rates further if needed.