Resilient small businesses bolster community banks’ credit quality
But high costs and any downturn in the economy could weigh on lenders and their commercial borrowers in coming months, economists caution.
RBC’s City National Bank taps Fifth Third’s Hammond as new CEO
City National Bank has tapped Howard Hammond, a 17-year veteran of Fifth Third Bancorp, as CEO of the Los Angeles-based bank, replacing Kelly Coffey, who will move to a newly-created role as CEO of the bank’s entertainment unit.
Associated Banc-Corp lays off 3% of workers as part of overhaul
In addition to expense-reduction measures, the Wisconsin-based regional bank is selling almost $2 billion of mortgages and securities and will invest in its lending and deposit-gathering capabilities.
Fed: Supervisory problems on the rise for banks of all sizes
In its biannual report on supervision and regulation, the Federal Reserve Board noted an uptick in governance issues with large banks. Regional and community banks, meanwhile, were plagued by IT problems and risk management struggles.
Custodia Bank launches bitcoin custody platform
The Wyoming bank has launched its signature service, amid a legal tug-of-war with the Federal Reserve.
Banks’ fight against capital rules reaches Sunday Night Football
The banking industry’s campaign against proposed capital requirements has reached a new dimension, with a group called Center Forward buying a Sunday Night Football ad arguing that the proposals would raise consumer costs.
UBS allows wealthy clients to trade crypto ETFs in Hong Kong
UBS joined rivals such as HSBC in allowing clients in Hong Kong to trade some crypto-linked exchange-traded funds amid a push by the city to foster a digital-asset hub.
Ransomware attack on Chinese bank interrupts U.S. Treasury trading
The market stayed open four extra hours to allow participants to reroute trades Thursday after an attack by cybercrime group Lockbit.
Flagstar promotes new executive; Firstar Financial acquires Stigler
Flagstar Bank promotes newly hired Jason Birnbaum; Finstar Financial tops $1billion-asset threshold with acquisition of Sitgler; digital platform Bluevine launches checking account for high balances; and more in the weekly banking news roundup.
FHFA sets March deadline for community programs at Home Loan banks
Federal Housing Finance Agency Director Sandra Thompson is pushing for a quick launch of pilot programs at the 11 Federal Home Loan banks to help underserved communities after its report this week prescribed major reforms to the system.