NYSE Regulation announced Thursday that it had censured and fined Bear, Stearns & Co. Inc. $1.5 million for alleged trading violations.
In settling the charges brought by the stock exchange's regulatory arm, Bear Stearns neither admitted nor denied the allegations. The violations, "though diverse in nature, all point to a weakness of internal controls," said Susan L. Merrill, the exchange's chief of enforcement.
Higher utilization and aggregate excess payments point to pressure, according to TransUnion. Debt-to-income averages remain below traditional mortgage caps.
Rocket, United Wholesale Mortgage and Pennymac said they will use the new government-sponsored enterprise credit metric as large lenders get on board.
Federal Reserve Chair Jerome Powell told reporters Wednesday that he would remain on the Fed board after his term as chair expires next month, resolving the last and most significant open question about his departure and the onset of Kevin Warsh's leadership at the central bank.
The Beaver State measure gives de novo banks up to $1 million per year in tax credits. Oregon lawmakers modeled their legislation on a 5-year-old Ohio law.
The Spanish banking giant is seeing improvement in its U.S. business, which is set to expand significantly if its pending acquisition of Webster Financial gets approved.
Expenses and foreign exchange pressured Western Union; while Visa added more blockchains to its stablecoin settlement pilot. That and more in American Banker's global payments and fintech roundup.
