NEW YORK -- A $350 million issue of BankAmerica Corp. subordinated notes was offered through underwriters led by J.P. Morgan Securities Inc.
The issue, due June 1, 2003, was priced with a 6 7/8% coupon at 99.401 to yield 6.96%, 80 basis points above the Treasury 10-year note.
The noncallable issue was rated A3 by Moody's Investors Service Inc. and A-minus by Standard & Poor's Corp.
The FDIC Board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.
The state's Comptroller of Public Accounts is one of several notable non-depositories with access to the Fed's payments system, along with the Chicago Mercantile Exchange and the Tennessee Valley Authority. So why do they have accounts while some neobanks don't?
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.
