ESCONDIDO, Calif. - A group led by Bank of New York Co. has increased
In addition to lowering the cost to the London Interbank offered rate
The modifications to the facility took effect Monday, making the entire
Bank of New York acted as lead agent. Participants in the group are Bank
The financial advisory firm initially sought an industrial loan charter back in 2020. It's the third company to receive the necessary approvals this year, joining General Motors and Ford.
Though changes to bank capital rules previewed by Federal Reserve Vice Chair for Supervision Michelle Bowman in February are being viewed as welcome, experts say other more significant hurdles — not all of them regulatory — are keeping banks on the sidelines of mortgage servicing and lending.
The proposed national trust charter company would be a wholly owned subsidiary of Morgan Stanley. The application was filed on Feb. 18.
Fulton Financial received the necessary approvals to acquire Blue Foundry Bancorp; JPMorgan hired two Bank of America health care veterans while shuffling leadership; Mizuho Financial Group has plans to replace about 5,000 administrative jobs with artificial intelligence over the next 10 years; and more in this week's banking news roundup.
Preferred Bank moved a $115 million block of loans to nonaccrual status after the borrower, which is battling fraud charges leveled by other banks, began missing payments.
A final rule published by the Office of the Comptroller of the Currency Friday will formalize a 2021 interpretive guidance allowing national trust banks to perform non-fiduciary custody. The banking industry complained that the rule runs counter to the traditional scope of the charter.
