Activist investors demand changes at Alabama community bank
Two investors are in open revolt over what they see as inaction and underperformance at United Bancorporation of Alabama. Among their demands: more stock buybacks, lower expenses and new faces on the board of directors.
Deal deepens Business First’s bank-consulting prowess
The Louisiana-based lender’s acquisition of American Planning Corp. expands the list of advisory services it offers to other community banks.
Block to pay $45M to states for fraud on Cash App
A settlement with 46 states resolves allegations that Block’s Cash App engaged in deceptive marketing and failed to maintain legally mandated fraud protections. The deal also requires Block to honor an agreement with the Consumer Financial Protection Bureau made in the final days of the Biden administration.
Bank uses a twist on credit-linked notes for capital relief
OceanFirst Financial worked with an asset manager to apply the structure to a $1.5 billion portfolio of residential mortgages.
JPMorganChase’s tokenized money market fund vaults ahead
The nation’s largest bank’s fund for stablecoin issuers seeking GENIUS Act–compliant yield vehicles already has $700 million in assets.
Sony gets conditional approval to establish US trust bank
Sony Bank received conditional approval from the OCC to launch a national trust bank subsidiary called Connectia for making its own dollar-backed stablecoins.
Agency MBS issuance slows in June on fewer refis
However, for the second quarter, increased home purchase mortgage activity contributed to an industry-wide 11% increase in agency securitizations, BTIG said.
AI is starting to replace humans in operations, analyst jobs
Banks are freezing hiring in some areas as they deploy more artificial intelligence.
Fiserv’s executive turnover continues with president’s resignation
President Dhivya Suryadevara is leaving the company shortly after assuming the job, the latest move as the company attempts to recover from an earnings slump.
Why some advisors prefer HSAs over IRAs for retirement savings
At face-value, HSAs are for short-term medical expenses, but advisors suggest paying out of pocket to maximize HSA funds for investing and tax-free growth.