New Jersey banks extend deadline to close their $1.3 billion merger
Provident Financial in Iselin initially anticipated completing its deal for Oak Ridge-based Lakeland Bancorp in the second quarter. Now as it waits for regulatory approval, Provident says the process will stretch into spring 2024.
FDIC draws bright line between insured and uninsured
The Federal Deposit Insurance Corp. finalized rules governing display of the FDIC logo Wednesday, requiring a new digital FDIC sign on online banking platforms beginning in 2025, conspicuous physical signs in nontraditional bank facilities and explicit labeling of insured and non-deposit products.
Lower mortgage rates motivating consumers
Rates that have been below 7% for two consecutive weeks have given originators a gift at what’s typically a slow time of year, Freddie Mac said.
With deposits steady and lending flat, focus shifts to credit quality
Funding pressures moderated in recent months, but loan charge-offs climbed. With festering concerns about a vulnerable economy, the potential for elevated credits costs could loom large over the upcoming bank earnings season.
What a liberal-leaning NCUA means for credit unions
Tanya Otsuka’s confirmation gives the Democrats control of the National Credit Union Administration’s board for the first time since 2016. Here’s how that will impact its agenda.
Fed’s regional banks adopt policy on public disclosure
The policy, released Thursday by the New York Fed bank, takes effect Jan. 1. It details which records are subject to disclosure, rules for requesting them and certain exemptions, such as items related to “internal personnel rules and practices.”
Citigroup is exiting distressed debt trading
As CEO Jane Fraser’s restructuring of the embattled bank takes shape, the decisions show Citi’s willingness to part with certain franchises, even if they are competitive, in the pursuit of lifting returns in line with major U.S. peers.
The Federal Home Loan banks should embrace their housing mission
The banks’ resistance to changes being recommended by the Federal Housing Finance Agency do not bode well for their future or that of the industry.
Will banks win or lose in the new generation of digital wallets?
Multi-function wallet apps will support shopping, loyalty, paying at the pump or EV charging station and crypto asset management, challenging the roles of U.S. financial institutions.
One Wells Fargo branch has voted to unionize. Here’s what’s next.
The vote by workers in a New Mexico branch is the first union victory at a megabank in decades, though unionization efforts at another Wells branch took a step back.