Economy

The financial advisory firm initially sought an industrial loan charter back in 2020. It's the third company to receive the necessary approvals this year, joining General Motors and Ford.

Preferred Bank moved a $115 million block of loans to nonaccrual status after the borrower, which is battling fraud charges leveled by other banks, began missing payments.

Senate Majority Leader John Thune, R-S.D., moved to consider the housing package next week, but it's not clear what version of the bill senators will be voting on as the House, Senate and White House are still negotiating priorities.

The bill, offered by Sens. Catherine Cortez Masto, D-Nev., and Todd Young, R-Ind., would allow Federal Home Loan bank members to establish tax-exempt community infrastructure development bonds.

For the first time since early September 2022, the Freddie Mac Primary Mortgage Market Survey has the 30-year below 6%, but the 15-year gained this week.

After a long price correction in the art market, Bank of America is expanding its advisory services for collectors — and it's not alone.

President Donald Trump talked about institutional single-family home ownership and housing affordability, as well as inflation, but left credit card rate caps, debanking and even crypto alone at the State of the Union address.

Banks that have more than $50 billion of assets but are smaller than the megabanks scored the lowest on customer satisfaction, according to the American Customer Satisfaction Index's 2026 finance study. The industry's overall score remained stable.

President rushes to preserve tariff agenda following Supreme Court ruling against his use of an emergency-powers law.

The Buffalo-based bank didn't specify the size of potential losses from a suit that grew out of the collapse of subprime auto lender Tricolor Holdings. M&T said its trust subsidiary will "vigorously defend itself" against claims by investors who allege that it should have protected them from alleged fraud.

In a speech Tuesday, Federal Reserve Gov. Michael Barr said it was possible that artificial intelligence will boost productivity in an undisruptive way. But he said policymakers should also be wary of a financial crash if those gains are not realized or a rapid adoption that could lead to labor displacement.

The Made in America Manufacturing Finance Act would double the loan-size threshold for SBA manufacturing loans to $10 million. It would be the first change to the limit since 2010.

The Bureau of Labor Statistics issued its delayed January employment report Wednesday morning, showing the economy added 130,000 jobs in January. But the agency also sharply revised its estimates for total jobs created in 2025 to 181,000 from 584,000.

Bank-favored provisions that were included into the House's version of a bipartisan housing bill threaten to derail Senate passage, but Senate Banking Committee moderates seem skeptical of the combination.

The Ohio bank said its 2027 earnings per share will be lower due to an accounting revision linked to its acquisition of Cadence Bank. But CEO Steve Steinour remains sold on Huntington's expansion plans, calling the Cadence deal a "home run transaction."

Delinquencies on credit-card debt mostly held steady at the end of last year, but certain groups of consumers are faring better than others.

A housing bill that already passed the Senate cleared the House Monday evening, but included bipartisan community banking provisions that have already raised objections in the upper chamber.

Unlike some of its expansion-minded regional bank peers, Montana-based First Interstate is reconfiguring its business model to be smaller and more focused on relationship banking. The blueprint is the work of CEO Jim Reuter, who joined the bank 15 months ago.

Federal Reserve Gov. Lisa Cook said in a speech Wednesday night that the central bank's credibility depends on its ability to bring inflation back to its 2% target.

Treasury Secretary Scott Bessent is slated to testify in the House Financial Services Committee Wednesday morning as part of the committee's regular oversight of the Financial Stability Oversight Council.