Mortgage rates slip but forecasts don’t look promising
The average 30-year fixed mortgage rate for conforming loans fell, according to Freddie Mac, even as the 10-year Treasury yield rose nearly 18 basis points from the start of this week.
Mnuchin now wants to buy TikTok, days after leading NYCB rescue
If former Treasury Secretary Steven Mnuchin follows through with a purchase of the controversial social media app, it will be the second high-profile deal he will have marshaled this year after leading a $1 billion equity investment in the troubled New York Community Bancorp.
Discover: Contactless payments make mass transit more inclusive
The pandemic reduced the number of daily mass-transit commuters, but the accompanying surge of contactless payments is expanding and diversifying transit systems’ demographic reach, according to data from the card network.
Credit unions’ top regulator sounds the alarm. Is Congress listening?
The Navy Federal scandal is just the tip of the iceberg. After looking away for 20 years, Congress needs to focus on providing real oversight of the credit union industry.
Banks knock FDIC over growing tab for last year’s failures
Larger banks are responsible for a special assessment to cover the costs of the failures of Silicon Valley Bank and Signature Bank. The price tag has ballooned by $4.1 billion, and trade groups are criticizing the FDIC’s process, arguing that it lacks transparency.
Pressure mounts on Fed to play its part in modernizing discount window
Federal Reserve officials have hammered home the importance of bank readiness to borrow from the discount window. Getting banks to actually do so may require the Fed to make structural improvements to the system.
Senators urge FDIC to act on pending ILC applications
A bipartisan group of senators called on the Federal Deposit Insurance Corp. to exercise transparency and expedience in evaluating industrial loan company applications, which grant a type of charter industry experts say is unlikely to be issued in this administration.
New Jersey bank swims against the tide in growing its wealth business
Peapack-Gladstone’s wealth unit is pursuing an ambitious de novo expansion in New York and perhaps elsewhere because M&A has become expensive as private equity money has inflated seller expectations.
CBO report pegs government subsidy to Federal Home Loans Banks at $6.9B
The Congressional Budget Office put an estimate on the net government subsidy provided to the Federal Home Loan Bank System, including the so-called “implied guarantee,” on bonds priced and sold to investors.
TD’s Masrani takes pay cut over anti-money-laundering probe
Analysts estimate the probe, which remains unresolved, could lead to a fine of between $500 million and $1 billion, and Toronto-Dominion has already said it is spending hundreds of millions of dollars to improve its risk and control infrastructure.