Federal Home Loan banks launch opposition to FHFA reforms
The lobbyist for the Home Loan Bank System has asked the Federal Deposit Insurance Corp. to confirm that the private consortium can continue to be a “lender of last resort,” in direct conflict with the recommendations of its regulator, the Federal Housing Finance Agency.
Why TD Bank is cutting 3% of its workforce
Expenses at Canada’s second-biggest bank are higher than they should be, and the layoffs are one part of a plan to control costs going forward, executives say. Other Canadian banks including CIBC, Scotiabank and BMO have also shed workers this year.
Ex-Wells Fargo CEO Sloan sues over $34 million in withheld pay
Sloan is seeking to force Wells Fargo to honor multiple canceled stock awards and a bonus he says he was promised, according to a complaint filed Friday in California state court. He’s also seeking unspecified damages for, among other things, emotional distress.
Wells Fargo’s Hudson Yards expansion, Mastercard’s new shopping tool
Wells Fargo is expanding into New York City’s Hudson Yards, Mastercard launches a new generative AI-powered shopping tool, Banc of California closes PacWest acquisition and more in the weekly banking news roundup.
Is Early Warning’s Paze wallet’s security pitch enough to woo consumers?
Zelle owner Early Warning Services has completed a test of its digital wallet, which it sees as a tool to combat the rising tide of fraud schemes, including those driven by generative AI.
Innovation and Governance at the FHFA
Anne Marie Pippin, associate director in the Federal Housing Finance Agency’s Office of Financial Technology, weighs the forces shaping the industry’s future.
FHFA must be transparent about its plans for the Home Loan banks
The Federal Home Loan Bank System is a crucial element of our financial infrastructure. All stakeholders should be included in discussions about reforming it.
Fed’s Barr: New liquidity requirements might be needed to stem bank runs
The Federal Reserve’s vice chair for supervision said the central bank is weighing regulatory and supervisory changes to liquidity management standards. Current approaches, he said, might not be able to contend with the speed of modern runs.
After City National reports a big loss, executives predict a turnaround
Los Angeles-based City National Bank recorded a $247 million loss during a tumultuous final quarter of its fiscal year. But executives at the bank’s Canadian parent company say they expect a return to profitability in the first quarter.
Nandita Bakhshi, former Bank of the West CEO: The exit interview
Bakhshi looks back on her nearly four-decade career and reflects on what has changed in the industry over the years.