ALBANY, N.Y. – The Federal Home Loan Bank of New York announced Friday that net income rose 25% for its fourth quarter, to $7 million, allowing the bank to boost its dividend for the quarter to a healthy to 7%. The cash dividend will be paid the New York Bank’s 291 members financial institutions, including 40 credit unions. The Bank paid a 6.25% dividend for its third quarter. The FHLBank of New York said it earned $285.2 million for the year, up 24% from 2005.
The bank is part of a trend of financial institutions trying to streamline a complicated industry that paper has dominated for years.
Speaking at the New York Federal Reserve's Innovation Conference on Friday, New York Department of Financial Services acting Superintendent Kaitlin Asrow said the regulator was interested in maintaining long-standing consumer protections as AI adoption increases.
Banks face conceptual, operational and other hurdles that threaten further adoption of real-time payments.
Five Star Bank near Sacramento plans to expand in Lodi, an agricultural hub in the Golden State's Central Valley region. The lender's growth push comes as the number of farm banks has been shrinking.
U.S. banks have passed the Federal Reserve's stress tests with flying colors, again. It makes you wonder if the stress tests are actually stressful enough.
Whether advisors choose individual stocks or not, the SEC's proposal to allow semiannual reporting rather than quarterly could impact clients' portfolios.
