Commerce Bancorp Inc. of Cherry Hill, N.J., has deployed anti-laundering technology from Fortent Inc. of New York.
Fortent, which announced the agreement last week, said its software constantly updates individual profiles for each customer's behavior.
"We needed an AML system that could match the resultant growth and complexity in transaction volumes," Chuck Silverman, the deputy director of Commerce's anti-laundering program, said in a press release.
Stephen Curley, who was the chief banking officer at Phoenix-based Western Alliance, will join Maryland-based Eagle Bancorp as president and CEO in July. Eagle's current CEO previously announced plans to retire after the bank racked up big losses in office loans.
At its first-ever investor day, the Phoenix-based bank fended off questions stemming from two recently disclosed problem loans, including one that resulted in a $126 million charge-off.
The 90-day-plus delinquency rate on student loans hit 10.3% in the first quarter, and New York Fed researchers warn that a second wave of defaults could be coming. Evidence is mixed regarding the likely impact on other consumer-lending segments.
Kevin Warsh's nomination to the Federal Reserve chairmanship will require a second vote, which should happen this week.
The community bank trade group says crypto firms are combining stablecoin rules, Fed master account access and trust charters to replicate banking without bank rules.
The Canadian bank signed an agreement to sell the businesses to Stonepeak, an alternative investment firm in New York. The move will free up capital and allow the bank to invest in higher growth-potential areas.
