Press Release: FDIC Board Appoints Carrie H. Cohen as Independent Monitor to Support Cultural Transformation
PRESS RELEASE | AUGUST 21, 2024 FDIC Board Appoints Carrie H. Cohen as Independent Monitor to Support Cultural Transformation WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors (the Board) today selected Carrie H. Cohen, partner at Morrison Foerster LLP, to serve as the agency’s independent transformation monitor. In this capacity, Ms. Cohen […]
A poster child for last year’s banking crisis plots a turnaround
Industry Bancshares got into a deep hole after rising interest rates tanked the value of its sizable bond portfolio. Now the Texas community bank is expecting a $195 million capital infusion and taking steps to start relying more on revenue from loans.
Adyen, PayPal boost partnership; Amazon ponders Indian payment switch
The Dutch processor will add checkout tech through the collaboration; the e-commerce retailer may launch a separate payments app in India.
SEC approves key audit reforms for public companies
New standards forwarded by the Public Company Accounting Oversight Board and approved by the Securities and Exchange Commission bolster auditor responsibilities and introduce enhanced technology use, impacting over 350 publicly traded banks.
Powell may provide clues about rate cuts at Jackson Hole, economists say
“Fed watchers will be parsing Powell’s comments for signs that a 50bp rate cut is on the table for September,” noted Lauren Saidel-Baker, an economist with ITR Economics. “However, the notoriously tight-lipped chair is unlikely to confirm this, making a 25bp cut the most likely outcome.”
In a break with corporate orthodoxy, an Iowa bank slashes its dividend
The Ames-based Ames National Corp. has watched its profits shrink over the past two years amid increased funding costs and stiff competition for deposits.
Banking groups urge comment period extension for brokered deposits rule
A coalition of financial industry groups is calling on the Federal Deposit Insurance Corp. to provide more data and extend the comment period on proposed brokered deposit restrictions, warning the changes could disrupt banking practices and harm consumers.
TD’s U.S. retail bank, once prized, now drags profitability
Toronto-Dominion Bank’s expensive foray into the U.S. was supposed to supercharge its growth. Instead, it’s become a drag on profitability and badly dented the lender’s reputation.
Credit unions’ commercial lending is a lifeline for small businesses
A representative of America’s Credit Unions takes issue with a recent article suggesting that credit union commercial lending is excessively risky.
How First Citizens became the top-performing big bank
The North Carolina-based bank doubled in size in 2022 and again last year, when it acquired the failed Silicon Valley Bank. It has used consistency to outperform peers.