FDIC Announces Retirement of John Conneely, Director of Division of Complex Institution Supervision and Resolution
PRESS RELEASE | JUNE 30, 2023 FDIC Announces Retirement of John Conneely, Director of Division of Complex Institution Supervision and Resolution WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced the retirement of John Conneely following a nearly 35-year career at the agency including his leadership of the FDIC’s Division of Complex Institution Supervision and […]
FDIC Makes Public May Enforcement Actions; No Administrative Hearing Scheduled for July 2023
PRESS RELEASE | JUNE 30, 2023 FDIC MAKES PUBLIC MAY ENFORCEMENT ACTIONS; NO ADMINISTRATIVE HEARING SCHEDULED FOR JULY 2023 WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in May 2023. There are no administrative hearings scheduled for July 2023. The FDIC […]
No deposit insurance hikes without more social accountability for banks
Banks are simultaneously looking to shed their obligations under laws like the Community Reinvestment Act and begging the government for more support in the form of higher deposit insurance limits.
Warren to CFPB: Credit card late fees are profit center, not deterrent
Sen. Elizabeth Warren, D-Mass., in a letter to the Consumer Financial Protection Bureau, challenged the idea that credit card late fees serve as a deterrent to delinquency, instead saying issuers told her office that some of them earn tens of millions of dollars collecting late fees.
The next test: How much capital will banks return to shareholders?
The Federal Reserve’s stress tests suggested that larger banks are prepared to handle a severe economic downturn, though regional banks fared somewhat worse than their big-bank counterparts. Banks are expected to start revealing their latest capital return plans on Friday.
JPMorgan expands mortgage assistance in Black, Hispanic communities
Under a 2-year-old program, homebuyers receive grants of up to $5,000 for down payments and closing costs. JPMorgan Chase said the latest expansion — to some new 3,000 census tracts in 16 U.S. markets — may help an additional 1,000 customers obtain mortgages.
Regulators OK short-term accommodations for troubled CRE loans
The Federal Reserve, Federal Deposit Insurance Corp., Office of the Comptroller of the Currency and National Credit Union Administration have finalized guidance on handling troubled debt.
SardineX consortium forms to spot fishy real-time payments
The risk management firm Sardine is one of several tech providers trying to build partnerships with payment companies to thwart crooks that take advantage of the short window for instant settlement.
Citizens Financial plans more auto bond sales after exiting car lending
The regional bank is expected to issue around three to five more bonds backed by its $11.5 billion loan book. Citizens earlier this month said it will halt new auto lending in partnership with dealers starting July 1.
FedNow’s first participants include large banks, influential tech vendors
The list of 57 early adopters includes large banks like BNY Mellon, JPMorgan Chase and Wells Fargo, as well as large bank technology companies including Jack Henry, FIS and Fiserv.