Money launderer pleads guilty in $263 million crypto scheme
Kunal Mehta, also known by the alias “Shrek,” used shell companies and bulk cash drops to clean millions for a cybercrime ring that stole $263 million.
Fed’s Miran: banks should hold more Treasurys, less reserves
Federal Reserve Gov. Stephen Miran argues that banks holding excess reserves are keeping the central bank’s balance sheet bigger than it should be, and suggested that regulatory changes could help bring those reserves down.
Senate Banking Committee approves Hill to lead FDIC
Travis Hill’s nomination to lead the Federal Deposit Insurance Corp. was recommended favorably by the Senate Banking Committee to the full Senate Wednesday morning in a 13-11 party-line vote.
Trump taps OMB official as new nominee for CFPB director
President Trump has nominated Stuart Levenbach, Associate Director of the Office of Management and Budget, to be the director of the Consumer Financial Protection Bureau. His selection allows acting CFPB Director Russell Vought to remain in place for another 210 days.
Proposed FDIC deposit insurance hike rewards risk, not responsibility
The proposal to push up some federal deposit insurance coverage to $10 million per account would encourage banks to take excessive risks while leaving consumers with the bill.
Federal Home Loan Bank advances to member banks dip in Q3
Advances from the Federal Home Loan Banks dipped in the third quarter, but experts do not necessarily see the dip as a sign of ample liquidity in the economy.
Credit unions announce deals for two community banks
Profitable community banks based in Georgia and New Mexico have announced deals to sell themselves to credit unions this week, drawing the ire of banking advocates.
Customers in Pennsylvania announces West Coast expansion
The West Reading-based bank has opened three offices in California and two in Nevada, continuing its strategy of establishing a presence in high-growth markets around the country, CEO Sam Sidhu said.
Cloudflare disruption hit SoFi, Varo, other banks
A “spike in unusual traffic” caused service degradation for the infrastructure giant, disrupting digital banking for customers.
Deposit insurance reform momentum slows in House
Witnesses and lawmakers at a House Financial Services Committee hearing gave a more downcast view of a Senate deposit insurance reform proposal, with many House committee members expressing cost concerns.