Special Program Root Tag

A private credit fund got suckered into the Aspiration Partners fraud; is that an 'it could have happened to anybody,' or a sign that the industry has low standards?

A proposal from the Federal Financial Institutions Examination Council to reshape the CAMELS rating system, which, combined with other related policy moves, are teeing up a sea change in the way banks and their federal supervisors go about their respective businesses.

New Jersey-based Provident Bank promoted Annamaria Vitelli to chief wealth officer and president of the bank's wealth management subsidiary; U.S. Bancorp completed its acquisition of the global investment bank BTIG on June 1; Centier Bank has been honored with the Indiana Bankers Association's Commitment to Community Award; and more in this weeks banking news roundup.

The Bureau of Labor Statistics Friday reported that the economy added 172,000 jobs in May and revised March and April's employment upward, making the Federal Reserve less likely to cut interest rates to support the labor market in the near term.

Even the Federal Reserve has limited visibility into the nonbank and private credit markets. That's a problem for banks that are increasingly lending to those sectors.

Mortgage industry participants say Federal Housing Finance Agency Director Bill Pulte's new role as acting director of national intelligence could imperil progress on a potential initial public offering of Fannie Mae and Freddie Mac.

The 30-year fixed rate mortgage average not only remains where it was in September, it is still nearly a half-percentage point above February's trough.

The heads of the Federal Deposit Insurance Corp., National Credit Union Administration, Office of the Comptroller of the Currency and the Vice Chair of Supervision at the Federal Reserve are slated to appear before the House Financial Services Committee Thursday morning.

The agency is in discussions with the rent-rewards fintech regarding how it handled a card changeover after Wells Fargo ended its partner bank contract early.

Bank CEOs pay is rising again, as the leaders of the largest banks all top $40 million now; the next Fed chair needs to contend with a splintered board.

Gov. Jared Polis, a Democrat, vetoed a bill passed by the state legislature last month that would have barred banks and credit card companies from charging interchange fees on taxes, arguing that the bill would create too much legal risk for businesses and consumers.

While bank CEO pay increased across asset sizes last year, the CEOs of the nation's largest banks received the biggest boosts in total direct compensation, according to a study.

Treasury Secretary Scott Bessent downplayed senators' concerns about higher costs for Americans, noting average yearly inflation is lower than during the pandemic, while also confirming acting Attorney General Todd Blanche's Tuesday claim that the administration will not move forward with a $1.8 billion "anti-weaponization fund."

The Federal Reserve's former top regulator said recent efforts to reform regulation and supervision have boosted executive compensation and share buybacks, not the broader economy.

There is a difference between combating discrimination and forcing bankers to ignore problems.

Federal Reserve Board Governor Jerome Powell's decision to remain on the board he once led combined with a lack of explicit rules governing Fed governance could lead to a power struggle that hasn't been seen in a generation.

A retrospective paper on the former Federal Reserve chair's tenure offers takeaways that speak directly to his successor's policy agenda.

The Federal Reserve, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. said Tuesday they had removed references to reputational risk from certain interagency guidance documents, furthering the administration's state goal of eliminating reputational risk from bank supervision.

Federal Reserve Bank of Minneapolis President Neel Kashkari said in a speech Tuesday morning that he doubts the usefulness of stablecoin technology in payments and its ability to expand the reach of the U.S. dollar, a perspective that contrasts with many crypto boosters in the Trump administration.