Independent Bank Corp. in Rockland, Mass., has a new bank president.
The $7.7 billion-asset company said in a press release Thursday that Gerard Nadeau had also joined the boards at Independent and Rockland Trust.
Nadeau succeeded Christopher Oddleifson, who remains chairman and CEO at the company and the bank.
Nadeau, who joined Independent in 1984, has been the company’s executive vice president of commercial lending since 2007.
Unexpected changes in spending patterns on the P2P app caused the company to miss internal and analyst targets, resulting in a more cautious shift in its annual guidance and a plummeting stock in afterhours trading.
The Consumer Financial Protection Bureau will not enforce or supervise the 1071 small business lending rule, it announced in a press release. The rule requires collecting data on the race, ethnicity, gender and LGBTQ status of loan applicants.
Executives at the San Antonio bank say their business customers should be able to pass along higher costs from tariffs to consumers. Still, the bank acknowledged the risk of a recession.
The Small Business Administration is backing new legislation that would double the size limit on its manufacturing loans. Supporters say the bill has support on both sides of the aisle in Washington.
Large banks are ramping up AI investment at the same time they are reducing their workforces, though no one seems ready to publicly draw a connection between those two actions.
Ex-National Credit Union Administration board member Todd Harper outlined legal, economic and political dangers of recent firings of independent regulators.
