Florida bank to quit SBA, sell portfolio to in-state rival
BayFirst Financial in St. Petersburg shuttered a national small-dollar 7(a) loan program in August. Now the $2.4 billion institution, which has been one of the nation’s most active SBA lenders over the past decade, is making a clean break from the business.
Exclusive: Senate bill would loosen SEC definition of small business
A bipartisan bill offered Monday by Senate Banking Committee member Katie Britt, R-Ala., and Andy Kim, D-N.J., would force the Securities and Exchange Commission to update a 25-year-old threshold that holds small financial firms to higher regulatory standards.
Fincen seeks comment on costs of nonbank AML compliance
The Treasury Department’s Financial Crimes Enforcement Network is seeking public comment on a survey of anti-money-laundering compliance costs from a variety of nonbanks, including casinos, insurers, lenders and other nonbanks, a possible precursor to deregulatory proposals down the road.
Citi’s Wall Street rebound turns Raghavan into CEO contender
Vis Raghavan’s arrival last year has energized Citigroup’s investment banking division, pushing his team to relentlessly pursue deals while cutting underperformers to make way for marquee hires.
The comeback of fintech and payment IPOs
After a slump of several years, there’s been a renewal of payment and financial tech firms going public.
Are stablecoin-funded IPOs the future of corporate finance?
The recent initial public offering of cryptocurrency exchange Bullish was remarkable in that the company received the proceeds in stablecoins. The move could signal a revolution in finance.
Democrats say leverage proposal won’t help Treasury market
Senate Banking Committee ranking member Elizabeth Warren, D-Mass., led a group of congressional Democrats in a letter to bank regulators telling them that loosening capital rules wouldn’t improve the Treasury market’s functioning.
Why biometric cards haven’t taken off in the U.S.
The cards, which are expensive, have not grown quickly. But payment companies are angling for a pickup.
Critics question stablecoins’ role in the financial system
The dollar-backed digital assets have to clear many hurdles before they find a place in the future of finance, speakers at a Columbia University event said.
S&T Bancorp shuffles board structure as Toretti departs
S&T Bancorp is shuffling its board structure as Chairwoman Christine Toretti plans her departure; Philip Bohi is named general counsel of the American Financial Services Association; Coastal Community Bank appoints Brandon Soto as its new chief financial officer; and more in this week’s banking news roundup.