Senate panel approves Biden pick for financial research chief
The Senate Banking Committee for the second time has advanced Ron Borzekowski’s nomination to lead the Office of Financial Research in the Treasury Department. The nomination languished amid partisan opposition last year.
Biden calls for home buyer tax credits, pilot cutting title on some refis
The title proposal is part of a broader housing cost reduction proposal being discussed in the State of the Union speech.
U.S. Bancorp sheds consent order inherited from Union Bank
The enforcement action involved problems with the Japanese-owned Union Bank’s information security and operational risk controls.
Powell: Basel III is not the Fed’s answer to Silicon Valley Bank
During a contentious exchange on his second day of congressional testimony this week, the Federal Reserve chair drew a line between the central bank’s response to last year’s bank failures and its current capital proposal.
MoneyLion roars ahead with positive earnings
MoneyLion saw continued financial growth in 2023, achieving four straight quarters of positive earnings. In 2024, it plans to develop a partnership with EY to bolster its enterprise services.
Huntington unveils new expansion push into Texas
The Columbus, Ohio, regional bank will focus first on Dallas before venturing statewide. Its move into the Lone Star State comes three months after announcing a similar initiative in the Carolinas.
Grasshopper Bank finds compliance time saver: Generative AI
The New York bank has deployed generative artificial intelligence from Greenlite to help analysts do enhanced due diligence on clients with higher risk ratings.
FDIC reports bumpy 4Q for banks, warns of credit risks ahead
Net income at the nation’s more than 4,000 banks dipped markedly in the final quarter of 2023, though for the full year it exceeded pre-pandemic averages. Deterioration in commercial real estate and credit card lending is a concern, FDIC Chairman Martin Gruenberg says.
Mortgage rates fall for first time in five weeks
But those rates are still relatively high, and that is a barrier to entry for potential homebuyers, Freddie Mac said.
How payments tech is helping farmers’ markets go digital
To serve an increasingly online audience, POS Nation has acquired agriculture e-commerce platform GrazeCart, an example of vendors joining forces to adapt to shifts in the agriculture industry.