Turnaround artist Parsons ‘left everything better than he found it’
Richard “Dick” Parsons, the former Citigroup chairman who died Thursday, is credited with helping the New York megabank survive the financial crisis. Earlier in his career, he led Dime Savings Bank out of the savings-and-loan crisis.
FDIC, Vanguard reach agreement over large stakes in U.S. banks
A passivity agreement with the FDIC means that when the asset management giant Vanguard owns more than 10% of an FDIC-overseen bank, it can’t seek certain levels of control over the bank’s behavior.
HomeStreet agrees to sell nearly $1 billion in multifamily loans
The Seattle-based company’s deal with Bank of America comes five weeks after the termination of its planned sale to FirstSun Capital Bancorp in Denver.
Statement by Director Jonathan McKernan on Monitoring the Passivity of Index Fund Complexes: Vanguard’s New Passivity Agreement
STATEMENT | DECEMBER 27, 2024 Statement by Director Jonathan McKernan on Monitoring the Passivity of Index Fund Complexes: Vanguard’s New Passivity Agreement The passivity agreement entered into by Vanguard today should enable the FDIC to address, with respect to Vanguard, the concerns I raised in January and several times since about gaps in the FDIC’s monitoring of the purported […]
Regal brings on-chain payments to the movies
In a collaboration with Coinbase and Flexa, Regal theaters now accept on-chain U.S. digital currency payments for movie tickets and concessions; the Bank of Nova Scotia has completed its second investment in KeyCorp; Fiserv entered into a definitive agreement to acquire Canadian-based payments fintech Payfare; and more in this week’s banking news roundup.
CBW Bank to contest $20 million FDIC fine for AML lapses
The tiny community bank handled hundreds of millions of bulk cash shipments from Mexico without red-flagging any of them, the agency said. The bank has filed a motion to dismiss.
Top enforcement actions against banks in 2024
Banking regulators hit companies with penalties for poor interest-rate risk, third-party management, anti-money-laundering controls and consumer protection, among other violations.
Six bank M&A deals top $1 billion
Transactions grew larger and more frequent this year. As a result, aggregate value more than tripled from 2023 and topped $15 billion.
Press Release: FDIC Makes Public November Enforcement Actions; No Administrative Hearings Scheduled for January 2025
PRESS RELEASE | DECEMBER 27, 2024 FDIC Makes Public November Enforcement Actions; No Administrative Hearings Scheduled for January 2025 WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in November 2024. There are no administrative hearings scheduled for January 2025. The […]
Minority groups should brace for the impact of Trump’s bank policies
The president-elect’s history of deregulatory financial services policies could offer some benefits to minority businesses and consumers, but the more likely outcome is reduced access to capital and higher costs.