Retail & Commercial

When the once-ubiquitous interest rate goes away at the end of June, some businesses that have older loans may see a sudden jump in their payments. Banks, lawyers and business leaders are doing last-minute work to avoid that scenario.

Cogent Bank in Orlando says it took two branches in the Southwestern part of the state less than three years to amass $400 million of deposits.

JPMorgan CEO Jamie Dimon testified that then-private banking head Mary Erdoes and then-general counsel Stephen Cutler could have decided to drop Jeffrey Epstein as a bank client after accounts of his sex-trafficking emerged

The unit's CEO, Jeff Leerink, and his management team are said to be preparing to announce a deal for the firm in the coming days, pending approval from the U.S. Bankruptcy Court for the Southern District of New York.

The Stroudsburg, Pennsylvania-based financial institution, from 2017 to 2021, did not sufficiently serve the credit needs of majority-Black and Hispanic neighborhoods in and around Philadelphia, the DOJ alleges.

An activist investor blasted the appointment of Andrew Cohen, saying he has long served on the Philadelphia bank's board and shares responsibility for its financial troubles.

A change in investor sentiment toward an expected pause by the Fed in short-term rate hikes was the driving force behind the current surge, Freddie Mac said.

In May's roundup of American Banker's favorite stories: Washington state plans to provide mortgage assistance to help address historical discrimination, an insider look at how Comerica is faring with the Treasury's Direct Express program, the fall of First Republic Bank and more.

But when compared past periods of upheaval, those rates remain relatively low, the Mortgage Bankers Association report showed.

The ill-conceived proposed rule would increase costs for a significant majority of credit card customers.