WL Ross & Co. has nominated a new director to replace Wilbur Ross at Sun Bancorp in Mount Laurel, N.J.
The $2.3 billion-asset Sun said in a press release Tuesday that James Lockhart will become a director. The appointment requires regulatory approval because Lockhart, vice chairman at WL Ross, is a director at Cascade Bancorp in Bend, Ore. He is also a former director of the Federal Housing Finance Agency.
Ross had to give up his board seat after becoming Commerce secretary.
James Lockhart, director of the Federal Housing Finance Agency, testifies before the Senate Banking Committee in Washington, D.C., U.S., on Tuesday, Sept. 23, 2008. Ben S. Bernanke, chairman of the U.S. Federal Reserve, andHenry Paulson, secretary of the U.S. Treasury, warned lawmakers during the hearing that failure to pass a rescue plan to take over troubled assets from financial firms would threaten markets and the U.S. economy. Photographer: Joshua Roberts/Bloomberg News
JOSHUA ROBERTS/BLOOMBERG NEWS
The investment firm is expected to maintain its stake in Sun. WL Ross, which invested in the company in 2010, owns about 23% of its outstanding stock. The firm has to own at least 7.5% of the shares to keep a board seat.
Medallion Financial CEO Andrew Murstein sees more growth on the horizon for the New York lender's fintech banking operation, which saw activity spike in the first half of the year.
Truist Foundation will fund a multiyear economic development initiative to revitalize business corridors in five Southeastern cities; First Horizon has hired Wells Fargo's Shaun McDougall to head consumer banking; Ally Financial commits over $150 million to support workforce development; and more in this week's banking news roundup.
Pressure on Asian merchants that sell to the U.S. caused the Dutch payment company to reduce its outlook. Payment experts say it's a matter of time before other firms face the same challenges.
Advocates warned the Federal Housing Finance Agency that allowing cryptocurrency assets to be used in the underwriting of Fannie and Freddie mortgages risks taxpayer losses and market instability.
By a 2-1 vote, a three-judge panel of the D.C. Circuit Court of Appeals ruled that the CFPB's union did not have a reviewable claim under the Administrative Procedure Act. The union is expected to appeal to the full D.C. Circuit.
