Former Nebraska bank president lands in prison for loans to a relative
Jack Poulsen, the former president of Ericson State Bank in Nebraska, was sentenced to 18 months in prison for bank fraud involving loans to a relative that led to the rural bank’s collapse.
More Americans are tapping home equity credit lines, NY Fed says
High borrowing costs led to fewer mortgage originations in the second quarter, according to the Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit released Tuesday.
USAA agrees to $64M settlement in class action overcharging case
The proposed settlement would resolve allegations that USAA violated laws protecting those in the military from excessive interest rates. The bank said it “strongly disagrees” with the allegations.
A new balance between private credit and syndicated loans is coming
The resurgence of the syndicated loan market signals a pendulum swing back to greater reliance by debt issuers on traditional bank financing.
FIS beats on earnings, raises guidance
The bank technology company says client wins are coming in at a fast pace and are driving financial performance.
Fed, FDIC finalize guidance on resolution plans for large non-systemic banks
The guidance largely matches last summer’s proposal, with clarifications around least-cost determinations, foreign bank resolutions and resolution strategies. Regulators also gave banks more time to file their living wills under the new framework.
Judge approves SVB parent bankruptcy plan
Judge Martin Glenn of the Federal Bankruptcy Court of the Southern District of New York greenlighted SVB Financial’s bankruptcy plan Monday, but $1.93 billion in FDIC-held deposits remain contested pending further litigation.
How would a recession impact BNPL lending?
Monday’s market decline has sparked concerns of an economic downturn, calling attention to installment lenders that market to distressed consumers.
What Harris’ potential VP picks have to say about banking
Sen. Mark Kelly of Arizona and Govs. Tim Walz and Josh Shapiro of Arizona and Pennsylvania are reportedly on the short list to be Kamala Harris’ vice president.
Reed urges the Fed to beef up reporting of synthetic risk transfers
Sen. Jack Reed, D-R.I., asked the Federal Reserve to require public reporting of synthetic risk transfers — also known as credit risk transfers, or CRTs — through bank call reports and systemic risk reports.