Fed to wind down emergency lending facility in March
The Bank Term Funding Program, established during last year’s liquidity crunch, will stop issuing new loans on March 11. Until then, banks can still borrow from the facility, though at less favorable terms.
Wall Street stock-lending platform crashes in ransomware attack
The criminal hacking gang LockBit said it was behind a ransomware attack that shut down some of the operations of EquiLend, a financial technology firm that processes trillions of dollars of securities-lending transactions every month.
As banks retreat from student lending, a private equity giant steps in
The private equity firm Caryle is buying a $415 million student loan portfolio from Truist Financial. It’s also investing in a nonbank student lender called Monogram that works with banks and credit unions.
NBT chief says strong bench gave him confidence to retire now
John Watt, 65, will step down in May after more than seven years as president and CEO of NBT Bancorp in Norwich, New York. The plethora of internal candidates to succeed him made the decision a no-brainer, Watt says.
BOK Financial touts a bright 2024 lending outlook
The Oklahoma-based regional bank expects 6%-7% loan growth in the year ahead. Executives are also projecting that net interest income will start to improve after the metric hits a trough early this year.
East West Bancorp reports post-crisis gain in account holders
After California was hit hard by the banking crisis of 2023, tens of thousands of commercial and consumer customers turned to East West, helping the company achieve record full year revenue, its CEO says.
Departing NCUA leader Rodney Hood reflects on 30-year career
Hood, who was first appointed to the National Credit Union Administration in 2005, explained what drove his focus on financial inclusion and the technology that promises to make it possible.
CFPB proposes ‘proactive’ rule to halt NSF fees on real-time payments
Charging a nonsufficient funds fee on a debit, ATM or peer-to-peer payment that gets declined immediately would be considered “abusive” under a proposed rule from the Consumer Financial Protection Bureau.
Banks say current capital proposals would burden securitization market
Banks and Congressmen alike see U.S. regulators’ version of Basel III as overly stringent for the securitization market.
Barclays boosts green tech investment; Vodafone combats cost of living
Barclays has redesigned the Cambridge Eagle Lab to focus on companies that develop sustainable and other environmentally focused technology, Vodafone expanded its partnership with global fintech MoneyHub to offer its financial wellness app, and more in this week’s global news roundup.