US Bancorp splits payments biz; Flagstar ups tech and risk oversight
U.S. Bancorp is splitting its payment services business in half; Flagstar Financial continues to fill out its leadership with an eye toward tech and risk management; First Horizon authorized an additional $350 million in stock buybacks for its $1 billion share repurchase plan; and more in this week’s banking news roundup.
CFPB penalizes credit union over ‘botched’ digital banking upgrade
The agency said VyStar customers took on fees and credit report demerits because they could not access banking functions for months following an attempted upgrade.
HomeStreet readies backup plan after regulators block deal
Both banks are working to devise a new formula after the Texas Department of Banking and the Federal Reserve declined to approve their merger application.
Don’t fix what isn’t broken at the Federal Home Loan banks
The Home Loan banks have been a stable source of community bank funding for generations. An unnecessary regulatory crackdown now puts that reliability in question.
Mid Penn Bancorp strikes deal to acquire rival, expand in Philadelphia
The buyer said it would pay $127 million in stock to acquire William Penn Bancorp in suburban Bristol, Pennsylvania.
We need both supply and demand strategies to address fair housing
Systemic racial inequality has long been a drag on the U.S. economy, and nowhere is that more apparent than in the housing market. There are smart strategies that would even the playing field.
Weak October jobs report gives Fed ammo for rate cut
Initial employment data shows virtually no job growth in October. With the Federal Reserve’s focus on the labor market, the reading could seal the deal for a November rate cut.
Ex-Trump Treasury Secretary eyes more voting power at Flagstar
Former Treasury Secretary Steven Mnuchin and his investment firm Liberty Strategic Capital are seeking to more than double his indirect ownership stake of Flagstar Financial — formerly New York Community Bank — to 22.9%, according to filings obtained by American Banker.
CFPB considers enforcement action against Capital One
The regulatory scrutiny involves online savings accounts that allegedly deceived consumers into believing they were receiving high rates.
Media Advisory: FDIC to Host Meeting of its Advisory Committee on Community Banking
MEDIA ADVISORY | OCTOBER 31, 2024 FDIC to Host Meeting of its Advisory Committee on Community Banking Federal Deposit Insurance Corporation (FDIC) Chairman Martin J. Gruenberg will host a meeting of the FDIC’s Advisory Committee on Community Banking on Thursday, November 7, at 9:00 a.m., ET. Committee members will discuss a range of issues regarding […]