WASHINGTON - Continental Savings of America, San Francisco, failed
California Federal Bank, Los Angeles, beat out 12 other bidders for
The Resolution Trust Corp. was stuck with $354 million of troubled
The thrift's failure was caused by a combination of lax underwriting,
Federal Reserve Vice Chair for Supervision Michelle Bowman said Thursday morning that the central bank recently finalized a new organizational structure for its supervision and regulation division.
The largest U.S. bank by assets named two co-presidents as part of its latest executive management changes. Marianne Lake, who was widely viewed as a contender to succeed CEO Jamie Dimon, will retire from the company.
The Bureau of Economic Analysis' personal consumption expenditures inflation report for May showed that inflation had risen 4.1%, meeting elevated expectations and casting further doubt on the prospects of near-term interest rate cuts from the Federal Reserve.
The company, formerly known as LendingClub, moved from NYSE to Nasdaq as it officially launched its new name as a full-fledged digital bank.
Critics of the OCC's broad preemption stance say the OCC is resurrecting an approach Congress curtailed after the financial crisis, setting up another Supreme Court test over the balance between federal banking powers and state consumer protections.
There's broad support for the effort to reduce costs and processes, but the Appraisal Institute warns about reducing property valuation quality control checks.
