GAO: post-SVB emergency actions ‘likely’ prevented crisis
A Government Accountability Office report Thursday said emergency actions taken by federal regulators in the wake of Silicon Valley Bank’s failure were justified and appear to have stemmed further disruption, but noted those actions could contribute to moral hazard.
Senate Banking Committee approves Trump HUD nominee
Scott Turner, President Trump’s pick to head the U.S. Department of Housing and Urban Development, faced opposition from Democrats on the Senate Banking Committee, but his nomination was nonetheless approved by a vote of 13-11.
Atlantic Union says $1.6 billion deal on track to close ahead of schedule
The Virginia-based bank said the Federal Reserve signed off on its acquisition of Sandy Spring Bancorp in Maryland. The transaction was the third-largest bank deal announced in 2024. It could be finalized as soon as April.
Auto repos by third parties spiked after pandemic: CFPB
The Consumer Financial Protection Bureau found that auto lenders’ use of reposession agents spiked to nearly 70% in 2022, up from 31% in 2018, resulting in higher costs for consumers.
SALT talks gain steam with Trump’s blessing on tax break
House Republicans are in talks over raising the cap for state and local tax deductions after winning pledges to include it in a must-pass tax bill this year.
In 2025, AI dreams will collide with the reality of implementation
The era of unchecked AI enthusiasm is giving way to a more measured and deliberate approach. Organizations are beginning to see AI not as a panacea but as a powerful, albeit complex, tool that requires thoughtful implementation.
Trump’s bank policy remains undefined amid flurry of orders
The president has signed dozens of executive orders touching a wide range of government functions, but banking policy has largely gone untouched — so far.
Judge allows New York case against Citi over wire fraud to proceed
The ruling lets state attorney general Letitia James continue arguing Citi should have reimbursed customers for wire fraud, though some claims were dismissed.
Amazon accelerates Indian payments, Stripe plans layoffs
The e-commerce giant has added payment and credit products, though it faces heavy competition from banks and other tech firms. Also, Stripe’s layoffs and other news from the world of payments.
Deposit surge keeps Michigan bank on solidly profitable footing
Mercantile Bank Corp. in Grand Rapids achieved a 20% increase in deposits in 2024, an amount that was ample enough to fund robust loan growth and scale back reliance on costlier wholesale funding.