Fed hits two community banks with enforcement actions
The Federal Reserve fined a Montana bank for violating the National Flood Insurance Act and issued a cease-and-desist order against a Dallas bank over money-laundering concerns.
Press Release: FDIC Issues List of Banks Examined for CRA Compliance
PRESS RELEASE | SEPTEMBER 4, 2024 FDIC Issues List of Banks Examined for CRA Compliance WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in June 2024. […]
Regulators’ safety and soundness judgments face questions
Recent Supreme Court decisions reducing the ability of regulatory agencies to interpret the meaning of federal laws make it likely that supervisory decisions based on assessments of banks’ safety and soundness will face court challenges.
Social impact fintech SpringFour acquired by debt recovery firm
SpringFour, which partners with banks and lenders to deliver financial resources to their end users, will join the C&R Software umbrella, where it hopes to expand into other markets beyond financial services.
Five big questions as banks await Fed’s rate cut
After hikes pinched profits across the industry, a move in the opposite direction could be the start of a more promising trend. But bankers caution that the immediate effects of a September rate cut figure to be small.
Chicago mutuals plan to merge
The combined bank would have $150 million in assets, offer better service and more convenience, according to Pulaski Savings Bank and Mutual Federal Bank.
United Community exits manufactured housing with loan sale
The sale of the $318 million-asset portfolio comes five weeks after the Greenville, South Carolina-based company agreed to sell its investment advisory unit.
How shipping slows down faster payments
The trucking and transportation industry is highly fragmented with hundreds of thousands of participants and different processing systems. The $1 trillion in revenue has drawn processors and card companies armed with new tech.
If Fed independence is important, emancipate it from the White House
The Federal Reserve’s independence in setting monetary policy is critical to global confidence in U.S. markets and the dollar’s status as reserve currency of choice. Making those functions constitutionally separate from the executive branch is the best way to ensure that independence.
OCC’s Hsu makes case for targeted, agile bank supervision
Acting Comptroller of the Currency Michael Hsu called for a more risk-based approach to supervision to prioritize pressing issues and improve agility in monitoring large banks.