Borrowing from Fed emergency tool likely jumped before rate hike
Activity from the Bank Term Funding Program has spiked by roughly $50 billion since November, when its rate fell below the level where institutions could earn money by keeping reserves at the central bank.
Senate considers flood insurance reforms as program faces another deadline
Lawmakers criticized the Biden administration’s Risk Rating 2.0 effort — which was meant to reduce insurance premiums by developing more refined models — as ineffective, arguing that the program has increased rate premiums in vulnerable areas.
Mortgage rate patterns good sign for spring season
Even with the 9 basis point rise this week, they have remained at the same level since mid-December, and that should bring people into the market, Freddie Mac said.
PayPal leans on AI to improve its customer relationships
As new CEO Alex Chriss streamlines the payment company’s strategy, 2024’s first major product rollout stresses data-driven, personalized connections between merchants and consumers.
Colleagues remember SunTrust’s Jimmy Williams, a ‘quintessential banker’
Williams, who died this week at age 90, was CEO of SunTrust — one of the banks that would become Truist — for many years. He also served on the boards of several organizations in Atlanta, including Coca-Cola.
Former FDIC Attorney pleads guilty to child sexual exploitation
Former Federal Deposit Insurance Corp. lawyer Mark Black of Virginia pleaded guilty Tuesday to conspiring to sexually exploit children.
HSBC unveils first climate ‘transition’ plan, putting onus on clients
The bank didn’t unveil any new climate commitments, but mapped out the changes it sees as necessary to decarbonize the heavy-emitting industries it still finances.
A new era of bank runs demands a new regulatory approach (Part 1)
A former comptroller of the currency assesses last year’s turmoil in the industry and charts a path forward including advancements in regulation.
Banking, credit union, fintech industry layoffs: 2024
As companies downsize and restructure, American Banker is tracking these decisions to help our readers understand how their industries are adapting.
Lloyds to cut 1,600 branch positions in online services push
Lloyds Banking Group is cutting around 1,600 roles across its branches, part of a push by the lender to provide more services online.