A brain drain at bank boards raises questions about risk management
Congress publicly excoriated the supervisors and CEOs of last year’s trifecta of megabank failures. But, what about the directors who were supposedly overseeing those CEOs? The entire chain of bank oversight needs to be rethought from congressional hearing rooms to banking board rooms.
Ohio’s Fortuna Bank, a women-owned de novo, prepares to open
The proposed startup in Columbus, Ohio, would be the third U.S. bank specifically formed to be women-owned, according to its organizers. Supporters say it’s another win toward obtaining gender-equitable capital access.
Beneficial State Bank joins consumer groups in opposing CRA lawsuit
Beneficial State Bank — which was joined by various civil rights groups — said in an amicus brief that the regulatory reforms are much-needed and that banking groups’ legal challenge to the Community Reinvestment Act rules should be dismissed.
Warren, Blumenthal tell JPMorgan Chase not to raise checking fees
In a letter to JPMorgan Chase CEO Jamie Dimon, the Democratic senators said he should “put on hold any plans” to raise fees on checking accounts due to higher regulations.
Activist investor to New York’s Flushing: Consider a sale
On the heels of a recent downgrade by one analyst, the Uniondale, New York-based Flushing is being challenged by veteran investor Larry Seidman to consider a sale of the company.
City National Bank of Florida’s new biz, Orrstown Financial downsizes
City National Bank of Florida is starting a national capital markets division, Orrstown Financial will close branches in Pennsylvania and Maryland, JPMorgan Chase announces in-store biometric payments and more in this week’s banking news roundup.
Oportun works to reduce loan charge-offs, plans to sell card portfolio
The consumer lender has signed a non-binding letter of intent to sell its credit card portfolio, which will simplify its business to personal loans and automated savings.
Bank buyers ramp up in July, raise expectations for more M&A
The pace of deal activity in 2024 is ahead of a year earlier, thanks in large part to summer momentum and a spate of all-stock deals. But an early August market rout created a new hurdle for dealmaking in the second half of the year.
New York Lawmakers urge NY Home Loan Bank to adopt fairer credit models
New York Democrats Ritchie Torres and Gregory Meeks called on the New York home loan bank to follow the lead of its peers and use alternative credit scoring models for collateral to improve consumers’ access to homeownership.
How Mastercard is easing the pain of payment for medical tourism
International health care is a fast-growing multi-billion dollar industry combining two of the most complex transactions to process: travel and medicine. The card network says its technology builds a foundation to tackle the problem.