101 Republicans urge administration to save CDFI Fund
A cohort of more than 100 Republican members of Congress sent a letter to Treasury Secretary Scott Bessent urging the administration to protect and fund a community lending program that has been gutted despite its legal mandate and Bessent’s backing.
AI startup Brico aims to make licensing ‘joyful,’ gets $13.5M
The company’s software automates much of the process of getting money transmitter, lending and other types of licenses.
Redlining is a bigger problem than banks’ representatives admit
The American Bankers Association’s assessment of the Biden administration’s fair lending enforcement efforts makes questionable claims about a practice that remains a major problem in some U.S. communities.
Fannie Mae names Akwaboah acting CEO, replacing Almodovar
In addition, John Roscoe and Brandon Hamara have been appointed co-presidents at the government-sponsored enterprise, effective immediately.
Record interest income fuels a strong Q3 for LendingClub
The company is leveraging its bank charter and strong customer acquisition, with app logins up nearly 50% from borrowers.
Texas Capital hits profitability goal, tops earnings forecast
The Dallas-based regional bank’s return on average assets exceeded its goal of 1.1% for the first time, coming in at 1.3% for the third quarter. The bank has been in transformation mode since 2021.
Citi names CEO Fraser chair, gives her one-time pay award
Fraser will succeed John Dugan, who’s been Citi’s chair for six years. The megabank also granted Fraser a one-time award of $25 million in restricted stock units, and more than 1 million stock options.
OCC settles its last remaining Wells Fargo case for $0
U.S. regulators have reached a rock-bottom settlement deal with a former Wells executive accused of wrongdoing in the phony-accounts scandal. The OCC had sought to recover $10 million from Claudia Russ Anderson, a onetime risk executive at the bank.
Ohio community bank strikes deal to expand in Columbus
Farmers National Banc Corp. in Ohio plans to acquire in-state rival Middlefield Banc Corp. in a deal that will deepen the buyer’s footprint in Columbus.
Four takeaways from the first week of bank earnings season
An apparent increase in large-scale borrower fraud and the hot environment for bank mergers were the key themes as banks discussed their third-quarter results.