The San Diego company will pay $55 million to Morgan Stanley for a business that has 200 custody relationships, $23 billion of custodial assets and $1.2 billion of deposits.

After just 45 days on the job, the Citigroup CEO is jettisoning uncompetitive overseas operations, vowing to ramp up wealth management and touting the long-term importance of the company’s Banamex unit. More moves are on the way, she says.

Jordan Summers, formerly the Detroit bank's chief fiduciary officer, succeeds Robert Sajdak as CEO. Sajdak recently retired after leading Credit Union Trust since its 2018 launch.

Federal Housing Finance Agency Director Sandra Thompson is pushing for a quick launch of pilot programs at the 11 Federal Home Loan banks to help underserved communities after its report this week prescribed major reforms to the system.

Broader economic factors, including growing household debt, are also likely to keep the housing market stagnant, Freddie Mac said.

Even though it is less than two years since it allowed Fannie Mae and Freddie Mac to accept such valuations, it is difficult to evaluate their effectiveness without such examinations.

Despite dire warnings of catastrophe, the deregulation of surface transportation in the 1970s delivered huge benefits to consumers. The banking industry is ripe for a similar regulatory restructuring.

Rather than trying to police the way banks' artificial intelligence models are designed, regulators should assess the results they produce and make sure they adhere to existing consumer protection rules.

The decision to stop enforcing the Corporate Transparency Act, which requires the disclosure of the beneficial ownership of businesses, could make the U.S. an attractive environment for fraudsters.