Scotiabank to take $980 million charge on Colombia unit transfer
As part of the transaction, Scotiabank will take a 20% ownership stake in Davivienda, Colombia’s third-largest bank, which has operations in Costa Rica, El Salvador, Honduras, Panama and Miami.
Amerant unloads mortgage portfolio at loss
Florida-based Amerant Bancorp recently restructured its securities portfolio after selling its Houston branches.
CashCall ordered to pay $134 million in a win for the CFPB
An appeals court ruled that online lender CashCall had waived its right to a jury trial and that its other challenges “lack merit,” in a lawsuit filed by the Consumer Financial Protection Bureau in 2013.
Michael Barr, the Fed’s top regulator, to step down
In his letter of resignation, Federal Reserve Vice Chair for Supervision Michael Barr said an attempt by the Trump White House to remove him could create a “distraction” for the Fed. He plans to retain his seat on the Board of Governors, which expires in 2032.
A resolution for 2025: More empirically based banking regulation
In the year ahead, financial services regulatory agencies should take the opportunity to pull back from ideology-driven supervisory decisions and embrace a fact-based approach that will boost the U.S. economy.
Recent CFPB rules face repeal with no return under Trump
The Consumer Financial Protection Bureau’s last-minute actions are expected to annoy the incoming Trump administration, which will seek to undo them, putting protections in jeopardy.
KeyCorp CEO Gorman to receive $7.5M bonus after Scotiabank investment
Chris Gorman and four other high-ranking KeyCorp executives have been granted a combined $16.7 million in performance-based equity awards that will vest in two years, as long as the Cleveland-based company meets certain capital requirements and earnings goals.
Year-end heavy lifting gives New York bank a new look
Arrow Financial in Glens Falls kept busy in December, consolidating its two subsidiary banks, expanding its board and restructuring its securities portfolio.
Banks more confident about 2025 asset growth
A recent industry survey finds most participating banks predict asset growth for 2025; Frax Finance launches a new stablecoin backed by BlackRock; Camden National closes its acquisition of Northway Financial; and more in this week’s banking news roundup.
Barkin says he prefers Fed keep rates restrictive for longer
The Federal Reserve Bank of Richmond president said while he believes the central bank’s current level of rates is restraining the economy enough to continue lowering inflation in 2025, there are still upside risks to inflation and growth.