McLEAN, Va. – Mortgage rates inched up this week, as economic indicators were positive. The average for the 30-year, fixed-rate loan rose to 6.23%, from 6.21% last week; while the average for the 15-year, fixed-rate mortgage moved to 5.98%, from 5.96%, according to Freddie Mac. ARM rates also moved slightly higher, with the one-year ARM average climbing to 5.51%, from 5.44% last week; and the five-year ARM average moving 6.03%, from 6.04%. “Interest rates drifted slightly higher following the latest positive economic reports, said Frank Nothaft, chief economist for Freddie Mac. Shoppers bustling through the holiday season boosted December's retail sales above consensus expectations. In the same month, industrial production reversed a three-month decline and rose faster than had been anticipated.”
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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.
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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.
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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.
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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.
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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.
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In talks with OCC officials, "it became obvious that we would not gain near-term approval given their recent experience with multifamily and CRE positions," FirstSun CEO Neal Arnold says. The companies announced other revisions to their deal, too.
May 3