McLEAN Va. - (07/15/05) --Home mortgage rates tipped upwardsthis week, continuing their see-saw ride, according to Freddie Mac.The average for the benchmark 30-year mortgage rose to 5.66% thisweek, from 5.62% last week; while the average for the 15-year,fixed-rate loan moved to 5.25%, from 5.20%. ARM rates were mixed,with the average for the one-year ARM inching to 4.39%, from 4.33%last week; and the average for the five-year ARM falling to 5.15%,from 5.19%. Analysts attributed the rate increases of the past twoweeks to financial markets moving to a view that the economy willexpand at a stronger pace this year than previously believed. "Overthe past few weeks, financial markets have been gearing up forgreater growth in the economy, which ultimately leads to higherinflation rates," said Frank Nothaft, chief economist for FreddieMac.
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The Federal Deposit Insurance Corp. is arguing that Colorado has the right to establish an interest rate cap that all state-chartered banks must follow. Three industry groups are suing the state in an effort to stop its attempted crackdown.
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The Philadelphia-based bank's parent company, Republic First Bancshares, had been roiled by a yearslong proxy battle involving activist investors groups and its former CEO.
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The Wyoming-based digital asset bank filed paperwork to challenge last month's district court ruling, which affirmed the Federal Reserve's view about its discretion over master account applications.
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The former head of the Consumer Financial Protection Bureau resigned Friday after the troubled rollout of the Free Application for Federal Student Aid led some House Republicans to call for his resignation.
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The San Antonio-based bank said that loan growth, fueled in part by its expansion in key Texas markets, may compensate for pressure on deposits. It slashed the number of rate cuts it expects this year from five to two.
April 26 -
Mississippi's Renasant names its next CEO; environmental fintech Aspiration Partners spins out its consumer brand; the OCC adds five weeks to comment period for Capital One-Discover merger; and more in the weekly banking news roundup.
April 26