A key House Financial Services Subcommittee will hold hearings this week into the Comptroller of the Currency's controversial new rules preempting state predatory lending and other consumer protection laws, which are being challenged in court by the New York attorney general. "I am disappointed in the manner in which these rules were finalized," said Rep. Sue Kelly (R-N.Y.), chair of the Financial Services Subcommittee on Oversight and Investigations, in announcing the hearings. The new rules, issued Jan. 7, identified the type of state laws preempted for nationally chartered banks, citing them as impediments to the powers granted to them by federal law. The long-running battle between state and federal regulators is mirrored by one often fought among credit union regulators, with NCUA offering the preemptive shield of the FCU Act in recent years for new state laws in California, North Carolina, Georgia, and the District of Columbia.
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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.
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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.
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The Wisconsin banking company forecasted loan growth of 4% to 6% for the full year, driven by an expansion into new commercial and consumer credit lines as well as enduring economic strength in the Midwest.
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In the inaugural iteration of American Banker's news quiz, test your knowledge on top articles covering the legal battles of the Consumer Financial Protection Bureau, new technology testing at JPMorgan Chase, earnings season and more.
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To build their executive presence in meetings and on video calls, junior employees should embrace flexible schedules — and possibly media training, Michelle Young of Worldpay and Anna Greenwald of MoneyGram International said at American Banker's Payments Forum.
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Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.
April 25