BREA, Calif - UnionFed Financial Corp. said the Office of Thrift Supervision had approved the amended capital plan submitted by the company's Union Federal Bank.
The amended plan calls for the bank to reach 4% core and 8% risk-based capital ratios by next March 31 and 5% core and 10% risk-based ratios by the middle of next year.
On June 30 the core capital ratio was 2.9% and its risk-based capital ratio 5.2%, levels that exceeded the targets for that date in the original capital plan.
According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
The Alabama regional lender says it expects expenses to taper off this year and anticipates challenged loans will gradually rise to historically average levels.
Truist Financial's top executive leadership team announces departures; First Horizon's chief credit officer is retiring; Ferry teams with Highnote to roll out a new Visa-branded payroll card; and more in the weekly banking news roundup.
The Dallas-based regional bank tapped a client for its co-pilot capabilities, where employees can message a bot instead of a human to get tech assistance.
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
