NEW ORLEANS - (01/02/06) First, there was the issue of whatwould happen when all those loan payments deferred due to HurricaneKatrina all came due on Dec. 1. Now the question is what happenswhen lenders get more than they bargained for in the form of earlypay-offs. Insurance checks have been streaming into Gulf Coastfinancial institutions, and many of those checks will be used topay off loans well before their terms are up. Financialinstitutions in the Gulf Coast states are reporting that in mostcases, they are opting to waive the prepayment penalties built intomost loans. But some consumers have been complaining to regulatorsand other government officials that some financial institutions areinsisting on collecting such penalties for earlypayoffs.
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Gary Farro's testimony focused on both the banking activity of Michael Cohen, a former Trump attorney who paid $130,000 to an adult film actress in 2016, and First Republic Bank's due diligence work.
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The combination of two Pacific Northwest banks was supposed to create a regional powerhouse, but rising deposit costs have stung. CEO Clint Stein says he's "laser-focused" on making Columbia a top performer again.
May 3 -
A set of panels discussing minority depository institutions and digitization found that cost is a significant challenge to minority depository institutions, especially in the core processing space.
May 3 -
The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.
May 3 -
The efforts, which respond to President Biden's October executive order on AI, aim to improve synthetic content detection and improve the trustworthiness of AI models.
May 3 -
Tighter merchant connections between Square and Cash App helped Block produce stronger-than-expected results during the first quarter, while Jack Dorsey said the firm will launch its first remittance product later this year leveraging decentralized finance.
May 3