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The new Main Street Capital Access Act includes a provision that lowers the regional Federal Reserve banks' discretionary surplus, as well as a number of technical changes that committee aides hope will pry loose a few more Democratic votes.
July 20
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The new law's reciprocal and custodial deposit provisions recognize what the evidence has shown for two decades. They should spur, not substitute for, the broader work of protecting America's depositors.
July 20
Ludwig Advisors -
The regional bank faced months of pressure to end its relationship with CoreCivic and The Geo Group, two of the country's largest private prison operators. On Friday, it said it would "exit the credit facilities" it has in place for those companies, attributing the decision to business factors, not pressure from activists.
July 17
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Three former senior enforcement officials at the Consumer Financial Protection Bureau have launched Halperin Petersen & Mikkilineni LLP, a new public interest law firm; Ally Financial taps Mark Mathewson as chief information and data officer; Provident Bank names Anthony Petrazzuoli SVP, deposits & payments operations director; and more in this week's banking news roundup.
July 17
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The Charlotte, North Carolina-based bank stopped originating marine and recreational vehicle loans during the second quarter. Executives said the change will reduce net interest income in the short term, but deliver higher profitability over the long run.
July 17
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The customer-sourced investment will continue to support the digital banking provider's AI and digital loan origination initiatives.
July 17
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A coalition of 20 state attorneys general, most of them Democrats, is opposing efforts by the high-cost lenders Enova International and Opportunity Finance to acquire banks. The state AGs warn that the companies are trying to dodge state interest-rate caps.
July 17
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The regional bank revealed plans Thursday to close most of its supermarket-based branches and replace about half of them with new, nearby standalone branches. The multiyear transition could attract $20 billion to $30 billion in low-cost deposits, executives said.
July 16
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State Street executives said Thursday that one of its investment funds was selected as the default investment option for "Trump accounts."
July 16
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Bank7 CEO Tom Travis told analysts the court-ordered auction for a 71% stake in Century Bank should open in August.
July 16
