Supreme Court to hear Bank of America escrow interest challenge
The bank argues federal law preempts a New York state statute requiring at least 2% interest payments on borrowers’ accounts.
Scott to introduce anti-Iran funding bill amid violence in Middle East
Sen. Tim Scott, R-S.C., ranking member of the Senate Banking Committee, is pushing a bill to re-freeze Iranian funds made available after a Biden-negotiated hostage deal last month. Scott says the move is motivated as a response to Hamas’ Oct. 7 attack on Israel.
Blue Ridge Bank’s CEO describes plan to get out of the penalty box
Billy Beale joined the small Virginia bank in May, several months after its fintech partnership strategy landed it in hot water with regulators. “There’s still a lot of just blocking and tackling that we’ve got to do to get the bank to work the way it’s supposed to,” he says.
Why banks remain confident in senior housing loans as staffing, interest costs rise
It’s been a rocky few years for senior housing as the sector recovers from its COVID occupancy drop and its profitability takes a hit. But bankers see long-term opportunities amid an aging U.S. population and say their portfolios are healthy.
Citigroup Treasurer Mike Verdeschi to depart after 33 years at bank
Mark Smith, most recently head of the firm’s treasury and trade solutions division in Europe, the Middle East and Africa, will take on the treasurer role on an interim basis.
Taiwanese bank calls off purchase of small California bank
The deal, first announced in September 2022, would have given Taichung Commercial Bancorp a foothold in several U.S. markets.
Recent leaks and disclosures reignite debate over CSI
A perennial point of contention between banks, regulators and public interest groups, the debate over confidential supervisory information has been foisted back into the spotlight in light of revelations that some information was reported by Bloomberg earlier this year.
Can banks win at AI?
On JPMorgan Chase’s third-quarter earnings call, CEO Jamie Dimon debated with Wells Fargo Securities analyst Mike Mayo over whether recent advances in AI present an advantage to traditional banks or to their challengers.
JPMorgan returns to green bond market for first time since August 2021
The biggest U.S. bank is selling green bonds for the first time in over two years as sales of the debt accelerate at a record pace.
MUFG plans to sell dollar AT1 bonds in first for Japanese banks
Mitsubishi UFJ Financial Group has mandated banks to sell dollar-denominated additional tier 1 bonds, in what looks set to be the first such offering in the U.S. currency by any Japanese lender.