The turnaround artist
Thomas O’Brien has gained a reputation for being able to salvage institutions on the brink of disaster. With his latest rescue job nearly complete, the fix-it specialist ponders his next move.
Mortgage capital proposal could weigh heavier on housing than banks
Banking and housing experts say that if additional capital burdens spur large banks to pull back on mortgage origination, servicing and funding, the ripple effects could be felt more intensely in the housing market than on banks’ bottom lines.
U.S. Bancorp’s CEO, other top officials sued over unauthorized accounts
Chief Executive Andy Cecere is among the defendants in a shareholder lawsuit that alleges that top officials at the Minneapolis bank profited from the concealment of employee misconduct. A U.S. Bancorp spokesperson denied the allegations.
Directors of failed Chicago bank plead guilty to conspiracy
The three former Washington Federal Bank for Savings board members were accused of giving the OCC false information in an attempt to hide embezzlement. They could face up to five years in prison for attempting to deceive the OCC.
Republicans ask FDIC to consider uninsured deposits post-failures
The special assessment to refill the Deposit Insurance Fund should be based on uninsured deposits after the failures of Silicon Valley Bank and First Republic Bank, House Republicans said.
Fintechs experiment with generative AI, but development is slow going
The firms are increasingly seeking to integrate generative artificial intelligence into their products, and banks are potentially interested customers. But such efforts are costly, the risks are high, and “they want to make sure that they get it right,” experts say.
How credit unions and banks are responding to wildfires in Hawaii
In the wake of destruction across Maui, financial institution from in and outside of Hawaii are deploying support programs and donations for food and clothing.
FHFA stress tests reveal new vulnerabilities in U.S. housing market
Fannie Mae and Freddie Mac can likely withstand potential credit losses twice as high as last year’s in the latest scenario, but they are at more risk of slipping into the red.
Comerica Bank’s chief risk officer to retire by year-end 2024
Jay K. Oberg, a 32-year veteran of the Comerica Bank and a top deputy to CEO Curtis C. Farmer, plans to retire in December 2024.
The wild east of Mandarin banking: How banks aimed at Chinese speakers tackle language barriers
Right now it’s every bank for themselves when it comes to translating financial disclosures into languages other than Spanish. The process comes with a number of challenges, such as ensuring all customers can understand the information despite nuances in the different Chinese dialects.