Disciplined pursuit of acquisitions and efficient management of a complex business model have earned Mick Blodnick, the retiring CEO of Montana's largest bank, a spot as one of American Banker's three community bankers of the year.
Because of a regulatory quirk, Lending Club and its competitors depend on banks to issue their loans. The set-up raises questions about the regulatory outlook for the fast-growing marketplace lending sector.
Collecting and verifying information about corporate customers is a long, often painful process for banks and clients. Now a number of organizations are aiming to solve the problem with registries that do the low-level grunt work on banks' behalf. But skeptics wonder whether regulators will bless the idea—and if banks are willing to put aside their rivalry for a common purpose.
Benjamin Lawsky, New York's top regulator, sharply criticized banks on Thursday for their failure to speed up the payment system, threatening that the government may step in if they continue to lag behind.
The former Astoria chief, who died Sunday, took Astoria from a sleepy mutual to the fifth-biggest publicly traded thrift in New York. Engelke was also know for freely speaking his mind while maintaining strong relationships with fellow bankers.
The repeal of the swaps push-out provision will reduce banks' operational costs, but it makes little difference in terms of increasing the size of the government safety net. The reason: with or without the rule, the government protects the swaps contracts of the largest institutions.
Big banks have successfully reversed a Dodd-Frank provision that would have required them to move swaps from their FDIC-insured depository institutions into uninsured subsidiaries. But in so doing, they have inadvertently thrust the issue of implicit subsidies back into the spotlight.
The Financial Stability Oversight Council voted Thursday to designate Metlife as a systemically important financial institution, the insurance company revealed, making it the fourth nonbank to receive that designation.
Federal regulators announced Thursday that they are delaying implementation of certain aspects of the Volcker Rule's prohibition on bank ownership of private equity and hedge funds, giving institutions an additional two years to comply.
Engine, an industry group for startup businesses, sent an open letter to the Securities and Exchange Commission earlier this week requesting action on the crowdfunding provision within 2012's JOBS Act passed by Congress.
The $1.3 billion-asset company said in a press release that Thomas Cherry will succeed Larry Dillon, who will remain chairman and chief executive. The company added that Cherry is expected to eventually succeed Dillon as CEO.