Deal in California first CU-bank merger of 2025
Frontwave Credit Union said it would acquire Community Valley Bank in a deal that would expand its footprint in San Diego and nearby counties. It comes on the heels of a record year for CU-bank combinations.
Trump’s sharp turn for US policy faces a slower road in Congress
Senate Republicans would like to do a large bill on immigration and energy first and then tackle tax reform in a second bill. House Republicans prefer one large bill.
Error fees are draining lenders $1M per 1,000 loans
Fees falling outside of tolerances cost the industry more than $1 million per 1,000 loans, according to an ICE Mortgage Technology study from earlier this year.
A strategic bitcoin reserve raises real national security concerns
China currently dominates the market for the hardware and software used to mine cryptocurrency. Creating a large federal reserve would expose a major U.S. asset to potential Chinese meddling.
Ally drops credit card business, posts quarterly profit
The bank, which posted a 74% rise in fourth-quarter earnings, is focusing on its auto loans.
Inside Citi’s quest to battle BNPL fintechs
The bank is among traditional financial institutions attempting to counter the gains rivals have made in buy now/pay later.
Capital One, seeing a healthy consumer, leans into credit cards
CEO Richard Fairbank told analysts executives have their “microscopes” out for any signs of trouble, but consumers remain “in a great place.”
TD eyes selling $9 billion of mortgages as it faces asset cap
Toronto-Dominion Bank is looking to adjust its balance sheet to comply with a new cap imposed by U.S. regulators, part of a plea agreement reached last year for its role in failing to prevent money laundering.
Capital One’s five-day outage highlights third-party risk
A power outage and hardware failure at fintech FIS last week delayed deposits and payments at 27 banks, including Capital One.
Senate Finance advances Scott Bessent’s Treasury nomination
The hedge fund manager and Trump advisor also lent support to the idea of reconsidering deposit insurance limits for some kinds of accounts, such as those used for payrolls.