First Foundation gets Wall Street dress-down amid strategy remix
The Dallas bank made some headway on its goal to slim down its multifamily loan portfolio, but $17 million in bad loans led to a bottom-line loss in the fourth quarter.
Flagstar projects profitability by Q4 as turnaround continues
The Long Island-based company, which is in the middle of a makeover, saw its stock price rise sharply after reporting a net loss that was less than what analysts expected.
Senate Budget advances Russell Vought over Democrats’ protest
Russell Vought, should he be confirmed by the full Senate, would join a short list of those able to lead the CFPB, as his predecessor Mick Mulvaney did, per the requirements of the Vacancies Act.
DeepSeek’s lower-cost AI: What bankers need to know
The Chinese startup roiled markets with its AI assistant, which appears to be a less expensive answer to ChatGPT. Banks have reasons to be cautious about this particular model but also to hope it will bring down AI’s costs.
Bread warns political uncertainty could hinder its growth
The credit card issuer’s earnings missed Wall Street estimates, but it reported improvement in sales, delinquencies and chargeoffs. Its management added unclear political direction and cloudy monetary policy threatens an already conservative outlook for 2025.
Bank ransomware threat LockBit appears to be on the decline
The group was still the most active such gang last year, but its activity appears to have been severely hampered by law enforcement.
Don’t worry about China meddling with bitcoin reserves
Non-stablecoin cryptocurrencies have no inherent value, so creating a federal “reserve” of them is absurd on its face. Chinese hacking of bitcoin will have no significant economic impact.
New Jersey bank points to hopeful signs despite another quarterly loss
The Rutherford-based Blue Foundry Bancorp reported an eighth consecutive quarter of red ink, but a widening margin and positive loan growth trends hint at better times ahead.
FDIC’s Synapse rule, a Treasury breach: Top tech news January 2025
Pressing tech items across banking include the Federal Deposit Insurance Corp.’s impending Synapse rule and Regions Bank’s play for an open banking future.
Trump’s DEI order collides with the FDIC workplace scandal
President Trump’s executive order is meant to roll back his predecessor’s emphasis on diversity and inclusion, but it could also complicate the Federal Deposit Insurance Corp.’s efforts to correct its own workplace-harassment problems.