Citing too many big, entrenched competitors, Brynwood Financial Services has stopped helping banks set up brokerage programs.
Scott Heidel, president of the Rockville, Ill., firm, said that after
Mr. Heidel provided few details, but said that since the company was
"I was all dressed up with nobody to take me to the dance," he said.
Part of his problem was a lack of capital. He said he needed $250,000 to
He wouldn't reveal his earnings either, but he did say that 1994 was a
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
The Office of the Attorney General in New York says the bank violated the state's Exempt Income Protection Act, illegally transferring customers' money to debt collectors.
The Providence, Rhode Island, company is having discussions with private wealth management teams elsewhere as it seeks to expand its fledgling private bank. In just three months, private banking deposits doubled to $2.4 billion.
After the Minneapolis-based company reported stubbornly high commercial deposit costs, it reduced its full-year forecast for net interest income by $200 million-$500 million.
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
