Financial institutions

In his second straight day of congressional testimony, the central bank’s top regulatory official was put on the defensive about a pending proposal to relieve regional banks from the toughest supervisory requirements.

FDIC Chairman Jelena McWilliams questioned whether regulators and banks are fully capturing the emerging risks of a new shadow banking system.

The move allows the New York multifamily lender to make more loans without having to raise capital.

New Valley Bank & Trust is set to become the state’s first new bank since 2008.

Citigroup CEO Michael Corbat added to the chorus of bankers offering warnings about credit risks that loom outside of the banking industry.

The already long list of potential challengers to President Trump in 2020 includes policymakers with a deep record on banking issues and those whose financial services views are a relative mystery.

The mutual holding company received regulatory approval to form a limited-purpose commercial bank, allowing it to work around a state law barring mutuals from working with municipalities.

While they won’t be in position to enact legislation, House Democrats could use their newfound power to spotlight issues that Republicans have largely ignored, including the exploding levels of corporate debt.

Organizers of Community Bank of the Carolinas in Winston-Salem have raised $13.6 million. The group has to bring in at least $25 million.

Rep. Kyrsten Sinema, D-Ariz., crafted a moderate message and will head to the Senate after having backed legislation providing banks with regulatory relief.