Illinois lawyer gets 25-year sentence for scheme that toppled Chicago bank
Robert M. Kowalski was convicted for his role in embezzling tens of millions of dollars from Washington Federal Bank for Savings, which led to the bank’s failure in 2017.
Bank groups challenge Illinois swipe fee law
The American Bankers Association and the Illinois Bankers Association, among other groups, are challenging an Illinois law barring swipe fees for taxes and tips should be preempted by federal law.
Sixth Street consortium to buy UBS mortgage unit
Sixth Street is working with co-investor Davidson Kempner Capital Management on the deal to acquire UBS’s Select Portfolio Servicing.
Fed hits worker-owned bank with enforcement action
Heritage Bancshares Group entered into a written agreement with the Federal Reserve, promising to address issues with cash flow and capital management.
Klarna takes on JPMorgan Chase, Bank of America with bank accounts
Klarna Bank AB is adding retail-banking services in the US and across much of Europe, expanding beyond its signature buy-now, pay-later offering as the fintech prepares for an initial public offering.
Schumer hopes to pass crypto bill by the end of the year
Senate Majority Leader Chuck Schumer, D-N.Y., said the upper chamber could pass a bill laying out the regulatory framework for cryptocurrency this year, though few details were offered on how such a bill would cross the finish line.
Judge strikes down Missouri anti-ESG investment rules
Missouri Secretary of State John Ashcroft’s office said the ruling was “not just legally deficient but also morally wrong.”
The Capital One-Discover merger will be good for your wallet
The overall size of the combined entity is trivial compared to industry behemoths. It is evident the benefits to consumers from the Capital One-Discover merger dramatically exceed the speculated harms that caution against it.
Bankers give more to Biden-Harris, but favor down-ballot GOP races
Political contribution data shows that individual bankers have donated more to the Biden/Harris ticket than Trump in 2024, but overall have contributed more to Republicans than Democrats this cycle.
Mortgage rates fall despite Fed’s tough love approach
Borrowing costs have fallen to their lowest level in more than a year as inflation metrics drop to 2021 levels, seemingly vindicating the Federal Reserve’s decision to maintain their restrictive monetary policy.