The Federal Reserve said Thursday it has taken enforcement action against California's Tamalpais Bancorp in an effort to ensure that it maintains sufficient capital.
In an agreement with the Fed, Tamalpais agreed not to declare or pay any dividend without prior written approval. It also must get Fed approval before incurring, increasing or guaranteeing any debt. It must submit a plan to maintain sufficient capital within 60 days.
Tamalpais Bancorp is based in San Rafael.
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The top five banks and thrifts had combined assets of more than $13 trillion as of December 31, 2023.
The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
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The Connecticut bank —a regional traditionally regarded as a cautious lender — said nonperforming loans and leases rose 53% year-over-year. The uptick was in mostly the commercial-and-industrial loan space, although there was one nonperforming commercial real estate loan, executives said.
