SouthState signs $475M sale-leaseback deal after acquisition
The Florida bank is jumping on the strategy for general corporate purposes and a potential sale of its underwater bond portfolio.
Most BNPL loans made to subprime borrowers: CFPB
The Consumer Financial Protection Bureau’s research found that the majority of buy now/pay later users are subprime borrowers, holding high credit card balances and multiple loans, suggesting the offering is riskier to lenders than previously assumed.
Biden’s new AI export rule sparks backlash from Nvidia, Oracle
A new AI regulation framework limits U.S. chip and software exports. Bank vendors are among the tech giants that say it’s poorly timed and threatens innovation.
Truist’s COO, who oversaw strategy revamp, to retire
Beau Cummins, a longtime Truist executive, stepped into the chief operating officer role in 2023 to help reposition it after years of lagging performance. The bank says he won’t be replaced.
Los Angeles braces for more firestorms as death toll hits 24
High winds continue to impede firefighters’ progress in the Pacific Palisades and Eaton fires.
Industry urges Trump to extend deadlines on pending rules on day one
A cohort of bank industry interest groups called for the incoming Trump administration to pause all pending bank regulation and litigation and extend the timelines for implementing final rules issued by the Biden administration.
Payments firm founded by Trump’s NASA pick settles with SEC
Shift4, whose CEO Jared Isaacman has been nominated by President-elect Trump to head NASA will pay $750,000 to resolve claims that the fintech didn’t report payments to the relatives of its executives.
FDIC grants BlackRock extension to strike deal on bank control
The Federal Deposit Insurance Corp. granted nonbank investment firm BlackRock an extra month to come to an agreement with the agency over its substantial stakes in certain FDIC-regulated firms, a matter that Republicans and Democrats have both expressed concern about.
Chicago mutual banks call off merger
Mutual Federal Bancorp nixed its planned acquisition of Pulaski Savings Bank. It did not disclose a reason for the deal termination.
For investment banks, a ‘wait and see’ attitude on AI is untenable
Standing on the sidelines when it comes to the implementation of artificial technology in the investment banking sector is no longer a viable strategy. Companies must move ahead, or risk being left in the dust.