Late student-loan payments are rising. Is a domino effect coming?
The 90-day-plus delinquency rate on student loans hit 10.3% in the first quarter, and New York Fed researchers warn that a second wave of defaults could be coming. Evidence is mixed regarding the likely impact on other consumer-lending segments.
Eagle Bancorp hires Western Alliance executive as next CEO
Stephen Curley, who was the chief banking officer at Phoenix-based Western Alliance, will join Maryland-based Eagle Bancorp as president and CEO in July. Eagle’s current CEO previously announced plans to retire after the bank racked up big losses in office loans.
Warsh confirmed to Fed board
Kevin Warsh’s nomination to the Federal Reserve chairmanship will require a second vote, which should happen this week.
ICBA urges OCC to halt Kraken parent’s trust charter bid
The community bank trade group says crypto firms are combining stablecoin rules, Fed master account access and trust charters to replicate banking without bank rules.
Why BMO is selling its transportation, vendor finance portfolios
The Canadian bank signed an agreement to sell the businesses to Stonepeak, an alternative investment firm in New York. The move will free up capital and allow the bank to invest in higher growth-potential areas.
Treasury staffer Crews nominated to lead NCUA
President Donald Trump has tapped Treasury official John Crews to be the next chair of the National Credit Union Administration.
Corporate card fintech Parker shuts down without warning
Parker Group unexpectedly ceased operating last week, then filed for Chapter 7 bankruptcy a few days later as sponsor banks and customers were left scrambling.
Energy shock drives consumer prices up 0.6% in April
The Consumer Price Index for April showed consumer prices rising across all categories, including food and shelter costs, and up 3.8% year-over-year. Grocery prices rose 0.7% from the month prior.
Why advisors should see life settlements as a planning option
Allowing clients to surrender or lapse life insurance policies before gauging value on the secondary market amounts to a fiduciary fail, argues Cole Hallman of Citizens Life Group.
‘Credit access is absolutely a problem’: Upstart’s Paul Gu
The company’s new CEO, and long-time chief technology officer, shares his views on why some banks are stuck in old ways of determining creditworthiness, how Upstart has been modifying its underwriting models and the objections people sometimes have to AI-based lending.