Trump pulls back from 401(k) use for down payments
Trump, during his return from Davos, signaled reluctance to allow 401(k) withdrawals for home down payments, but other tax-advantaged options remain on table.
Eastern swears off M&A amid activist investor’s pressure
The Boston bank, which has been targeted by an activist investor over its M&A strategy, isn’t pursuing deals, CEO Denis Sheahan said Friday. Instead, the company is focused on organic growth and share buybacks.
Goldman Sachs announces new roles for Minnis and Wheeler
Goldman Sachs makes leadership changes across its global credit business; JPMorganChase names Simon Dale global head of the credit portfolio group lending; Citi hires Anand Govind as a managing director on its technology investment banking team; and more in this week’s banking news roundup.
Ex-TD employee pleads guilty to helping move $26M to Colombia
TD Bank has said it’s completed “the majority” of the action items for its U.S. compliance remediation.
First Citizens eyes loan sales to repay FDIC after SVB deal
The Raleigh, North Carolina-based bank recently made its first payment on a $35 billion note held by the Federal Deposit Insurance Corp. The note was arranged as part of First Citizens’ purchase of the failed Silicon Valley Bank.
Community bank bill moves forward, but with some caveats
The House Financial Services Committee passed a community bank tailoring bill 33-21.
Affirm applies for a banking charter
The buy now, pay later lender is seeking to create Affirm Bank, a Nevada-chartered industrial loan company.
ILCs rankle banks, but other priorities mute opposition
The Federal Deposit Insurance Corp.’s approval of Industrial Loan Company charter applications for General Motors and Ford Motor Company generated only moderate pushback from banks as crypto, debanking and credit card rate caps dominate the industry’s attention.
Banks see MSR strain despite strong top-line results
Many servicing metrics look weaker amid lower rates although valuations can vary depending on companies’ models, operations and portfolio composition.
Wells Fargo faces amended class action loan-mod complaint
Mortgage borrowers filed a third amended class action complaint against the bank over modification issues from 2010 to 2015.