Finance

Bank executives and industry advocates welcomed the Federal Reserve's interest rate reduction but warned that careful planning for future drops is necessary to avoid creating market turmoil.

Alex Chriss says the impact of new payment innovation and strategies at units like Venmo and Braintree will take time.

The San Francisco-based fintech reported record adjusted net revenue of $689 million for the third quarter, fueled by a 64% jump in its financial services and tech platform segments.

Freddie Mac also indicated that it will be proceeding with its closely watched second-lien pilot, while Fannie reported gains in serving credit invisible borrowers.

The Honolulu-based seller, which plans a Nov. 6 shareholder vote on the deal, posted a third-quarter loss and reiterated its commitment to the Hope agreement. But an offer with a higher price from an investor group is also on the table.

The Federal Deposit Insurance Corp. and Texas banking regulators issued consent orders against Industry State Bank, Fayetteville Bank and Citizens State Bank, requiring major overhauls of their management, capital and risk controls.

The Green Bay, Wisconsin-based bank said the 16 lenders it's added have helped drive meaningful loan pipeline growth, and that another 10 new hires are expected by early next year.

The bank, which is rebranding to Flagstar Financial, still expects to meet 2027 earnings goals, despite reduced profit projections for the next couple of years.

The credit card heavyweight said that it expects its acquisition of rival Discover will close in early 2025, pending the approval of shareholders and regulators.

The bank cut its dividend, raised capital, hired multiple top executives and vowed to reduce its commercial real estate concentration after a bruising first half of 2024.