Conservative judges look to weaken federal agency power in ‘Chevron’ cases
At least four conservative judges on the Supreme Court, a formidable group at the oral argument stage, appear ready to overturn ‘Chevron’ deference, which could have massive consequences for bank policy.
Tennessee bank to pay $1.9M in redlining case
As part of a settlement with the Justice Department, Patriot Bank in Memphis must invest more than $1 million of the total in a loan subsidy fund for minority homeowners and take other corrective steps in its everyday business. The bank denied any wrongdoing.
Citizens Bank reduced its workforce by 3.5% in the fourth quarter
After the Rhode Island-based company eliminated 650 positions, severance-related costs contributed to a 71% decline in quarterly net income.
U.S. Bancorp forecasts key turning point in second half of year
The Minneapolis company’s balance sheet is still feeling the weight of higher funding costs, but CEO Andrew Cecere gave several reasons why he anticipates revenue growth will begin to outpace noninterest expense growth and efficiency will improve after midyear.
David Stevens, mortgage icon, dead at 66
The former Obama administration official and MBA head died unexpectedly on Jan. 16.
Banks need to fill gaps in third-party cyber risk: Fed’s Barr
The Federal Reserve’s vice chair for supervision also said he expects cyber threats against the financial services industry to become increasingly disruptive.
Nova Credit helps Ukrainians in U.S., U.K., Canada get credit
Ukraine is the latest of more than a dozen countries where the fintech is partnering with credit bureaus to help immigrants make a fresh start in their new homes.
Fed extends living will deadline for Capital One, Truist, other banks
The central bank granted 15 large banks eight additional months to prepare their resolution plans. Federal regulators are currently weighing changes to their resolution planning framework.
What Visa’s Web3 loyalty tool means for cash-back rewards
As merchants push the government for relief from funding consumer card perks, the card network is exploring how to replace cash with digital incentives.
Fresh off one merger deal, Indiana credit union unveils another
Centra Credit Union in Columbus, Indiana — which completed a merger with NorthPark Community Credit Union this month — has agreed to absorb Hoosier Hills Credit Union. The latest deal would create a $3 billion-asset institution.