Finance

The Fed may have stopped raising borrowing costs for now, but the biggest U.S. bank is still reaping benefits from higher interest rates.

Organizers of the Bank of St. George have filed an application with the FDIC and state regulators and plan a public stock offering.

Gail Jansen, who oversees member business lending at Kinecta Federal Credit Union, warned that increasing fees for Small Business Administration loans would hurt borrowers.

Small banks rise up against “onerous contracts and sometimes mediocre digital offerings”; Quarles warns banks to speed up preparations for Libor sunset.

Following its own economic downturn that required bailouts by Saudi Arabia, Kuwait and the United Arab Emirates, Bahrain’s governors hit on an economic recovery plan that includes turning the tiny nation into a global payments hub.

The startup now has five bank partners and equity financing from four investment entities.

The company warned that the move will likely reduce its first-quarter profit by $8 million.

With an implementation deadline less than a year away, bankers will be pressed to detail how a new accounting rule for loan losses will affect reserves, earnings and capital.

The bank agreed to modify loans to struggling U.S. borrowers as part of a 2017 settlement. Instead, it’s receiving credit for financing new mortgages that likely would have been made anyway.

A plan to join Deer Valley and Canyon State credit unions still needs approval from regulators and members of both institutions.