GMAC Commercial Finance LLC has sold its resort-financing business to Centerbridge Capital Partners LP for an undisclosed price.
The business includes a $1 billion portfolio of loans to timeshare resorts. Michael A. Carpenter, the chief executive of Ally Financial Inc., the parent of GMAC, said in a press release Thursday that the transaction was part of the company's plan to reduce its exposure to nonstrategic assets.
The House Financial Services Committee passed bills to expedite bank merger review, limit the use of reputational risk in bank examinations and imposing timelines for supervisory determinations.
As private credit tops $1 trillion, Fed researchers warn bank exposure to the sector could spark systemic risk if defaults spike.
Five years after the pandemic forced banks to switch to online annual meetings, shareholders are growing frustrated by the lack of in-person options. Some wonder if they'll ever again be in the same room as boards and management teams.
The Spanish bank is integrating machine learning with cards, payments, financial management, savings and other products, while the American banking giant is assessing risk for business transactions. Plus: The CFPB eases a consent order on Wise.
Jackie Reses stirred debate by dismissing debanking as largely fictional during a Tuesday summit attended by many crypto-focused fintechs.
