CFPB contract negotiations come at uncertain time for agency funding
A clash over pay playing out in contract negotiations between the Consumer Financial Protection Bureau and its employee union occur as the Supreme Court is considering whether the agency must get its funding from Congress.
Truist keeps downsizing with deal to sell asset-management business
The North Carolina bank agreed to offload Sterling Capital Management to Guardian Capital Group in Toronto. It’s the latest step in the effort to simplify Truist.
LendingClub exits OCC agreement, sees path for faster growth
The San Francisco company entered into a pact with its regulator when it acquired Radius Bank three years ago. “The operating agreement, by design, in some ways slows you down,” said CEO Scott Sanborn.
Valley National is targeted by investors spooked by NYCB’s loss
Valley National, based in Morristown, New Jersey, has a high exposure to commercial-property loans relative to its peers. The bank reported that almost half its $50.2 billion loan book was in commercial real estate as of Dec. 31, with heavy exposure to New York, Florida and New Jersey.
How to apply for the Best Credit Unions to Work For 2024
The registration deadline for this year’s annual ranking is April 19.
Carolina community lenders to merge, Fiserv adds tech to Newark arena
Dogwood State Bank and Community First Bancorp plan an all-stock deal to create a $2.2 billion bank, technology firm Fiserv announces a partnership with the National Hockey League’s New Jersey Devils, former Texas secretary of state will join Cullen/Frost’s board and more in our weekly banking news roundup.
Vast Bank in Oklahoma exits the crypto market
The $1 billion-asset institution shuttered its mobile banking platform for digital asset purchases on Wednesday, following a consent order from the Office of the Comptroller of the Currency received in October of last year.
How PayPal’s small investment in a fintech is a big bet on its stablecoin
PayPal hopes to demonstrate its coin’s utility by using it to take a stake in a company called Mesh.
JPMorgan’s trades threaten to take privacy out of private credit
Some of private credit’s biggest lenders argue such trading would undermine this advantage by forcing them to constantly value the assets on a marked-to-market basis, rather than at their discretion, inviting volatility.
New CSBS chief warns Washington against sidelining state agencies
Brandon Milhorn, the new CEO of the Conference of State Banking Supervisors, used the platform offered by his first major speech to sound an alarm against one-size-fits-all solutions emanating from Washington. “The pendulum has swung too far in the direction of federal regulatory uniformity,” Milhorn argued.