Banks rebuff FHFA inquiry into the Federal Home Loan Banks’ mission
The Federal Housing Finance Agency wants to update the dual mission of the Federal Home Loan Banks. Members of the private bank cooperative say their regulator has no authority to redefine the mission.
Uninsured deposits, not brokered deposits, led to 2023 bank failures
The Federal Deposit Insurance Corp.’s focus on implementing stricter control over brokered deposits is misguided, a former chairman on the agency writes, and misses the real lessons of 2023’s bank failures.
Political bluster threatens the Fed’s ‘vibes-based’ independence
As the 2024 election season once again puts the Federal Reserve’s independence under a microscope, some observers see a weakness in one of the landmark policy arrangements that undergird the financial system as we know it.
Bank allies say FDIC brokered deposit plan reflects outdated thinking
Industry experts argue that the Federal Deposit Insurance Corp.’s recent brokered deposit proposal, which would expand the classification of brokered deposits and reverse key elements of a 2020 rule, reflects outdated thinking and may discourage banks from holding such deposits.
Citigroup’s trading division hit with fresh toxic-culture claim
A female employee is now suing ICAP and Citigroup, alleging she was subjected to years of unwanted sexual attention and threats by a Citi trader.
Riding a strong regional economy a Georgia bank plans more branches
First National Community Bank CEO Ryan Earnest said his institution would likely use its entry into Paulding County, an Atlanta suburb, as a template for future expansion.
Blackstone Targets Richer Clients Than Its Rivals for a New Fund
The infrastructure fund dubbed BXINFRA targets individuals with at least $5 million of investments
Two banks explain why they are going the BaaS ‘middleware’ route
Lincoln Savings Bank and Vantage Bank are two new clients of banking-as-a-service provider Unit. They say it improves their ability to ‘go direct’ rather than hinder it.
Regulatory scrutiny of ‘cash sweeps’ extends to Morgan Stanley
Researchers wonder if similar regulatory attention could eventually hit the bottom lines of independent broker-dealers and RIAs.
Stablecoins draw new tech; Monzo entices U.S. consumers
The Bank of England and the Bank for International Settlements have built a gauge to measure stablecoin reserves, and U.K. challenger bank Monzo is offering a bonus interest rate.