AMERICAN BANKER | THE POLITICAL AVENUE™

Welcome to the political avenue online.
News and intel items 24/7
Bookmark!.

AMERICAN BANKER

Updated: 57 sec ago

5 questions for Freddie Mac’s new CEO

36 min 19 sec ago - [CET/Central European Time]
David Brickman will take the helm of the mortgage giant at a time of transformation in the mortgage market and housing finance policy.
Placed in category: ECONOMY AND FINANCE

Wells Fargo shoots down report about replacing CEO Sloan

1 hour 26 min ago - [CET/Central European Time]
Wells Fargo said Chief Executive Officer Tim Sloan has the full support of its board following a report that directors had reached out to Goldman Sachs's former chief financial officer for his job.
Placed in category: ECONOMY AND FINANCE

Advice to small banks: Resist urge to overautomate

1 hour 46 min ago - [CET/Central European Time]
Trying to play keep pace with big banks that digitize as many processes as possible will undercut community banks’ strengths, according to speakers at this year’s ICBA convention.
Placed in category: ECONOMY AND FINANCE

Fed 'independence' is a slippery slope

3 hours 59 min ago - [CET/Central European Time]
The role of the central bank has changed over the decades, but presidential pressure on the Fed has been a constant.
Placed in category: ECONOMY AND FINANCE

Ronald Paul retires as Eagle Bancorp CEO, citing health issue

4 hours 15 min ago - [CET/Central European Time]
Paul, one of American Banker's Community Bankers of the Year in 2012, made Eagle a formidable Washington-area institution.
Placed in category: ECONOMY AND FINANCE

Direct lenders ready to step in where Brexit makes banks retreat

4 hours 47 min ago - [CET/Central European Time]
Direct lenders are gearing up for more business in the U.K. as they see banks shrinking their sterling corporate loan books in the wake of Brexit-linked volatility and slower economic growth.
Placed in category: ECONOMY AND FINANCE

UBS warns on Q1 revenue; Deutsche’s U.S. workers ‘on edge’

5 hours 40 min ago - [CET/Central European Time]
The Swiss bank’s CEO calls the trading environment “one of the worst in recent history”; 10,000 of German bank's U.S. employees fret over their future.
Placed in category: ECONOMY AND FINANCE

Housing advocates surprisingly upbeat on FHFA nominee

16 hours 59 min ago - [CET/Central European Time]
Mark Calabria has notably criticized the government’s role in housing, but some groups have taken him at his word when he told senators that he supported affordable housing initiatives.
Placed in category: ECONOMY AND FINANCE

Is this the real reason big banks have upper hand in deposit growth?

Wed, 03/20/2019 - 22:44 - [CET/Central European Time]
Big banks’ edge lies in their sizable presence in faster-growing cities, not any unfair structural or regulatory advantages, according to a new report by the Bank Policy Institute, which represents large financial services companies. Community banks beg to differ.
Placed in category: ECONOMY AND FINANCE

Supreme Court decision in foreclosure case is a win for lenders

Wed, 03/20/2019 - 22:36 - [CET/Central European Time]
In a unanimous ruling, the court placed new limits on the ability of consumers to sue law firms that handle foreclosures on behalf of mortgage servicers.
Placed in category: ECONOMY AND FINANCE

First Bank in N.J. to buy bank based just miles away

Wed, 03/20/2019 - 22:30 - [CET/Central European Time]
First Bank is removing a competitor by agreeing to acquire Grand Bank for $19 million.
Placed in category: ECONOMY AND FINANCE

World's top banks increased fossil-fuel financing in 2018

Wed, 03/20/2019 - 22:29 - [CET/Central European Time]
U.S. banks accounted for nearly 40% of the financing worldwide to such firms, according to a report by Rainforest Action Network.
Placed in category: ECONOMY AND FINANCE

Fed chief hints Wells Fargo's regulatory issues far from over

Wed, 03/20/2019 - 21:47 - [CET/Central European Time]
Speaking at a press conference, Federal Reserve Chairman Jerome Powell said the bank’s risk management failures have required a dramatic overhaul of its processes.
Placed in category: ECONOMY AND FINANCE

Lack of diversity at Home Loan Banks is concerning, Waters says

Wed, 03/20/2019 - 20:50 - [CET/Central European Time]
A report from the Government Accountability Office found that while the Federal Home Loan banks have taken steps to improve diversity among boards of directors, members are still largely male and non-minorities.
Placed in category: ECONOMY AND FINANCE

Citizens' AI drive hits a wall — commercial loan processing

Wed, 03/20/2019 - 20:13 - [CET/Central European Time]
An executive at the Rhode Island company said the complexity of business lending remains an obstacle to switching to entirely automated, paperless operations.
Placed in category: ECONOMY AND FINANCE

A 'transformational' merger, three years in the making

Wed, 03/20/2019 - 18:45 - [CET/Central European Time]
Mechanics Bank was close to buying Rabobank's U.S. unit last year, but pressed pause when the seller ran into serious legal troubles.
Placed in category: ECONOMY AND FINANCE

In AI era, CEOs must put people first

Wed, 03/20/2019 - 15:16 - [CET/Central European Time]
There’s currently a focus on investing in technology and data to remain competitive, but financial firms also need to ensure they are helping workers adapt, argues Synchrony’s Margaret Keane.
Placed in category: ECONOMY AND FINANCE

First of Long Island taps insider as next CEO

Wed, 03/20/2019 - 14:31 - [CET/Central European Time]
Christopher Becker will succeed Michael Vittorio in January.
Placed in category: ECONOMY AND FINANCE

HSBC plans global banking overhaul; Merkel to sit out merger talks

Wed, 03/20/2019 - 13:37 - [CET/Central European Time]
The bank aims to revitalize with internal promotions; German chancellor will let the country’s two biggest banks work things out themselves.
Placed in category: ECONOMY AND FINANCE

The inconvenient truth for GSE reform plans

Wed, 03/20/2019 - 02:00 - [CET/Central European Time]
There’s bipartisan consensus that the conservatorships of Fannie Mae and Freddie Mac are unsustainable, but that may not be enough for lawmakers to upend the current system.
Placed in category: ECONOMY AND FINANCE

California seeks to revoke auto title lender's license

Tue, 03/19/2019 - 22:30 - [CET/Central European Time]
The state's financial regulator says Fast Money Loan charged consumers interest rates and fees above the state's usury cap, and operated unlicensed storefronts.
Placed in category: ECONOMY AND FINANCE

McLean Mortgage halts M&A talks with Congressional Bank

Tue, 03/19/2019 - 22:05 - [CET/Central European Time]
McLean Mortgage is not going forward with a potential acquisition by Congressional Bank of Bethesda, Md., saying reaching an agreement that made sense for all parties wasn't possible.
Placed in category: ECONOMY AND FINANCE

Waters schedules committee votes on cannabis banking, CFPB bills

Tue, 03/19/2019 - 21:54 - [CET/Central European Time]
The House Financial Services panel is considering legislation making it illegal for a federal regulator to penalize a bank accepting FDIC-insured deposits from a legal marijuana business.
Placed in category: ECONOMY AND FINANCE

'Friendly fraud' is on the rise. Are banks complicit?

Tue, 03/19/2019 - 20:31 - [CET/Central European Time]
Reports of improper charges by perpetrators who know the victim soared last year. Issuers and card networks are failing to tighten security, clearly label transactions and police chargebacks, critics say.
Placed in category: ECONOMY AND FINANCE

Citi mortgage discount program violated Fair Housing Act: OCC

Tue, 03/19/2019 - 20:24 - [CET/Central European Time]
The bank was fined $25 million for what the Office of the Comptroller of the Currency said was an inability to provide the discounts to all who were eligible.
Placed in category: ECONOMY AND FINANCE

Will banks turn the tables and buy credit unions?

Tue, 03/19/2019 - 20:23 - [CET/Central European Time]
More than 20 banks have been sold to credit unions. A prominent banking lawyer made the case at this year's ICBA convention that banks can become more aggressive acquirers.
Placed in category: ECONOMY AND FINANCE

Facebook will block loan, housing ads seen as discriminatory

Tue, 03/19/2019 - 19:45 - [CET/Central European Time]
As part of a settlement with the National Fair Housing Alliance and the American Civil Liberties Union, the social media platform will no longer allow certain advertisers to target users by age, gender or ZIP code.
Placed in category: ECONOMY AND FINANCE

Mastercard joint venture aims to help small banks close digital divide

Tue, 03/19/2019 - 17:10 - [CET/Central European Time]
The credit card network has teamed up with an ICBA unit and the fintech Urban FT to offer a card services program tailored to community banks.
Placed in category: ECONOMY AND FINANCE

Regional banks must merge to meet tech challenges

Tue, 03/19/2019 - 15:24 - [CET/Central European Time]
As competitive pressures mount for mid-sized banks, more institutions are likely to follow the lead of BB&T-SunTrust and amass more resources for investing in AI, digital platforms and other cutting-edge technologies.
Placed in category: ECONOMY AND FINANCE

Where does Wells Fargo go from here?

Tue, 03/19/2019 - 14:55 - [CET/Central European Time]
American Banker reporter Neil Haggerty examines the political implications of CEO Tim Sloan's testimony to the House last week.
Placed in category: ECONOMY AND FINANCE

Janney Montgomery Scott to buy FIG Partners

Tue, 03/19/2019 - 14:01 - [CET/Central European Time]
The deal will give Janney greater access to the community banking sector.
Placed in category: ECONOMY AND FINANCE

Goldman’s diversity push; bitcoin futures expire

Tue, 03/19/2019 - 13:31 - [CET/Central European Time]
The bank is tying manager pay to inclusive hiring; Cboe Global Markets to stop trading bitcoin futures.
Placed in category: ECONOMY AND FINANCE

Madden lawsuit nears end, but online lenders still seek fix from regulators

Tue, 03/19/2019 - 02:00 - [CET/Central European Time]
The online lending industry has turned to the courts, Congress and now federal banking agencies in an effort, thus far fruitless, to blunt the impact of a 2015 appeals court ruling.
Placed in category: ECONOMY AND FINANCE

Are regulators close to consensus on CRA reform?

Tue, 03/19/2019 - 02:00 - [CET/Central European Time]
Recent remarks from top officials at the FDIC and Fed suggest the agencies' recent impasse over reforming the Community Reinvestment Act may be ending.
Placed in category: ECONOMY AND FINANCE

House Dem proposes banning use of credit scores for auto insurance

Mon, 03/18/2019 - 21:43 - [CET/Central European Time]
First-term Rep. Rashida Tlaib, D-Mich., has sponsored the Prevent Discrimination in Auto Insurance Act in order to prevent “undue burden” on low-income individuals seeking auto insurance.
Placed in category: ECONOMY AND FINANCE

What the FIS-Worldpay deal means for banks

Mon, 03/18/2019 - 21:35 - [CET/Central European Time]
The companies could bring something new, such as merchant acquiring to community banks, but their merger could also cause anxiety about giant vendors.
Placed in category: ECONOMY AND FINANCE

Where the small-bank lobby will focus next

Mon, 03/18/2019 - 21:00 - [CET/Central European Time]
Congress granted banks significant reg relief last year, but incoming ICBA Chairman Paul Kennedy says a lighter touch is needed with Bank Secrecy Act rules, loan-loss modeling and call reports.
Placed in category: ECONOMY AND FINANCE

JPMorgan commits $350M to job training programs

Mon, 03/18/2019 - 20:25 - [CET/Central European Time]
JPMorgan Chase said it wants to improve training for technology-related jobs and help community college programs. The five-year initiative is one of several the company has announced in recent years in the name of community development.
Placed in category: ECONOMY AND FINANCE

Lower FICOs, higher DTIs prompt a change in FHA loan underwriting

Mon, 03/18/2019 - 18:31 - [CET/Central European Time]
The Federal Housing Administration is returning to manual reviews of higher-risk loans it insures because it's finding that a growing share have lower credit scores, higher debt-to-income ratios, or both.
Placed in category: ECONOMY AND FINANCE

IBM launches challenge to Ripple and Swift

Mon, 03/18/2019 - 17:34 - [CET/Central European Time]
The tech company has taken World Wire, its blockchain-based cross-border payments network, live in 72 countries.
Placed in category: ECONOMY AND FINANCE

5 key takeaways from the FIS-Worldpay deal

Mon, 03/18/2019 - 17:09 - [CET/Central European Time]
Given the size of the deal — which includes about $9 billion of Worldpay’s debt on top of a $34 billion bid — the pressure’s on to build a global powerhouse that can counter other major fintech mergers announced in the past weeks. FIS must also emerge as a nimble rival to the startups that threaten the old order.
Placed in category: ECONOMY AND FINANCE

Community Banks with the Largest First Mortgage Portfolios

Mon, 03/18/2019 - 16:41 - [CET/Central European Time]
On Dec. 31, 2018. Dollars in thousands.
Placed in category: ECONOMY AND FINANCE

Community Banks with the Largest C&I Loan Portfolios

Mon, 03/18/2019 - 16:30 - [CET/Central European Time]
On Dec. 31, 2018. Dollars in thousands.
Placed in category: ECONOMY AND FINANCE

Better capital standards, not more

Mon, 03/18/2019 - 15:09 - [CET/Central European Time]
Policymakers should continue to simplify requirements, so that banks and regulators alike can focus on the most important measures of stability.
Placed in category: ECONOMY AND FINANCE

FIS buys Worldplay; Is it time for resurgence of community banks?

Mon, 03/18/2019 - 13:48 - [CET/Central European Time]
The $35 billion deal could create "a global payments giant"; with the number of community banks dropping as low as 5,477, it may be time for new ones.
Placed in category: ECONOMY AND FINANCE

FIS in $43 billion deal for Worldpay as fintech consolidation ramps up

Mon, 03/18/2019 - 12:32 - [CET/Central European Time]
Financial services technology company FIS has agreed to buy Worldpay in a deal valued at $43 billion, which allows FIS to counter the transaction processing scale Fiserv received when it acquired First Data earlier in 2019. The merger price is based on a $34 billion bid plus $9 billion of Worldpay's debt.
Placed in category: ECONOMY AND FINANCE

FIS to pay $43 billion for WorldPay as fintech consolidation ramps up

Mon, 03/18/2019 - 12:32 - [CET/Central European Time]
Financial services technology company FIS has agreed to buy Worldpay for $43 billion, a deal that allows FIS to counter the transaction processing scale Fiserv received when it acquired First Data earlier in 2019.
Placed in category: ECONOMY AND FINANCE

Which bank CEOs received the biggest raises in 2018?

Mon, 03/18/2019 - 03:00 - [CET/Central European Time]
Jamie Dimon remains the highest-paid chief executive, but his 5% pay raise was smaller than that of at least five of his counterparts. Here's what CEOs of 13 large and regional banks earned last year, based on recent proxy filings.
Placed in category: ECONOMY AND FINANCE

Sounder economic data could pay off for Puerto Rico — and its banks

Mon, 03/18/2019 - 02:00 - [CET/Central European Time]
The federal government's more active role in GDP, payroll and other vital statistics produced by the island could hasten its recovery from Hurricane Maria and lift lending and bank valuations at the same time.
Placed in category: ECONOMY AND FINANCE

Rabobank Group selling U.S. bank to Mechanics

Fri, 03/15/2019 - 23:13 - [CET/Central European Time]
Mechanics, owned by a fund tied to investor Gerald J. Ford, will pay $2 billion for Rabobank in California.
Placed in category: ECONOMY AND FINANCE

BB&T-SunTrust back story, Citi, JPM vs. fintechs, CECL trouble: Top stories of the week

Fri, 03/15/2019 - 22:57 - [CET/Central European Time]
BB&T-SunTrust deal came together with remarkable speed; Citi and Chase take on fintechs at their own game; CECL spells trouble for small banks, consumers; and more from this week’s most-read stories.
Placed in category: ECONOMY AND FINANCE

PwC reaches $335M settlement on audit of failed bank, admits no guilt

Fri, 03/15/2019 - 21:08 - [CET/Central European Time]
PricewaterhouseCoopers settled a lawsuit in which the FDIC accused it of negligence in its role as external auditor for Colonial Bank. But FDIC board member Martin Gruenberg objected because the firm did not accept blame.
Placed in category: ECONOMY AND FINANCE

Credit union blockchain consortium enlists IBM to plot expansion

Fri, 03/15/2019 - 20:33 - [CET/Central European Time]
CULedger and the computing giant will work to develop blockchain technologies, create new products and improve existing ones.
Placed in category: ECONOMY AND FINANCE

Ripple effect feared as Fed mulls lifetime bans for two bankers

Fri, 03/15/2019 - 20:27 - [CET/Central European Time]
Industry lawyers say the agency’s decision could have implications for other bankers looking to change jobs.
Placed in category: ECONOMY AND FINANCE

U.S. regulators seek to calm swaps dealers' Brexit fears

Fri, 03/15/2019 - 20:04 - [CET/Central European Time]
If the United Kingdom leaves the EU without a deal, certain contracts held by U.S. entities and relocated outside the U.K. will not face new margin requirements.
Placed in category: ECONOMY AND FINANCE

What's behind OCC’s public rebuke of Wells Fargo?

Fri, 03/15/2019 - 18:36 - [CET/Central European Time]
Federal regulators normally hesitate even to name specific institutions, but the Office of the Comptroller of the Currency appears to be taking a different tack with Wells.
Placed in category: ECONOMY AND FINANCE

HSBC urges staff to speak up on incidents after misconduct case

Fri, 03/15/2019 - 17:35 - [CET/Central European Time]
HSBC's new head of global markets is encouraging a speak-up culture, months after his predecessor left the bank amid a misconduct claim from a junior female employee.
Placed in category: ECONOMY AND FINANCE

Wells Fargo's other post-scandal problem: Less-productive staff

Fri, 03/15/2019 - 17:00 - [CET/Central European Time]
Wells Fargo's leaders have repeatedly assured the public its aggressive sales culture is gone after quotas led workers to foist unwanted products on clients. Now another problem is festering: low productivity.
Placed in category: ECONOMY AND FINANCE

State regulators should take the lead on data privacy: CSBS

Fri, 03/15/2019 - 16:34 - [CET/Central European Time]
The Conference of State Bank Supervisors urged Sens. Mike Crapo and Sherrod Brown to establish a baseline for consumer protection in data privacy and security that would leave room for stricter state rules.
Placed in category: ECONOMY AND FINANCE

Crapo planning two days of Senate Banking hearings on GSE reform

Fri, 03/15/2019 - 16:21 - [CET/Central European Time]
The Senate Banking Committee will hold two hearings at the end of March on Chairman Mike Crapo’s most recent framework for housing finance reform.
Placed in category: ECONOMY AND FINANCE

Banks have even less room for error with bad behavior

Fri, 03/15/2019 - 15:43 - [CET/Central European Time]
With regulators and policymakers studying their every move, financial institutions need to put more focus on preventing mistakes in the first place.
Placed in category: ECONOMY AND FINANCE

Heritage Commerce discloses CRE exposure to energy firm's bankrupcty

Fri, 03/15/2019 - 14:07 - [CET/Central European Time]
The California banking company has two loans tied to DC Solar that are on nonaccrual status.
Placed in category: ECONOMY AND FINANCE

Goldman’s layoffs; Moynihan talks digital banking

Fri, 03/15/2019 - 13:18 - [CET/Central European Time]
The 65 people laid off in late February is only the beginning, report says; Bank of America CEO also tackles mortgages, the economy and gender issues.
Placed in category: ECONOMY AND FINANCE

‘The mere staffing of CFPB is a waste of money': Comments of the week

Fri, 03/15/2019 - 03:00 - [CET/Central European Time]
Readers debate the merits of activist pressure on bank business, discuss the Trump administration's influence on the CFPB, consider Wells Fargo CEO Tim Sloan's performance before Congress and more.
Placed in category: ECONOMY AND FINANCE

Fintechs try wooing banks back to construction lending

Fri, 03/15/2019 - 02:30 - [CET/Central European Time]
Software startups say bringing borrowers, builders and lenders onto one digital platform can remove some of the risks lenders faced during the crisis.
Placed in category: ECONOMY AND FINANCE

Rivalry between two Silicon Valley lenders turns personal

Thu, 03/14/2019 - 22:23 - [CET/Central European Time]
Seven years after James Gutierrez left Oportun Financial and started a competitor, the acrimony sparked by the divorce is coming into public view.
Placed in category: ECONOMY AND FINANCE

FDIC chief ties personal story to CRA reform effort

Thu, 03/14/2019 - 21:55 - [CET/Central European Time]
Recounting her family’s financial struggles, Jelena McWilliams said regulatory policy should address the plight of the underbanked.
Placed in category: ECONOMY AND FINANCE

Fed, FDIC to hold public meetings on BB&T-SunTrust deal

Thu, 03/14/2019 - 21:53 - [CET/Central European Time]
The Federal Reserve and Federal Deposit Insurance Corp. will hold two public meetings on BB&T's planned purchase of SunTrust to consider the deal's impact on the U.S. banking system
Placed in category: ECONOMY AND FINANCE

Acquisition provides mortgage lender entree into digital banking

Thu, 03/14/2019 - 20:30 - [CET/Central European Time]
Gateway Mortgage Group says its launch of a digital-only bank is scheduled for this summer.
Placed in category: ECONOMY AND FINANCE

Senate bill would add another step to FSOC designation process

Thu, 03/14/2019 - 19:57 - [CET/Central European Time]
A bipartisan group of senators is proposing legislation to require the Financial Stability Oversight Council to weigh alternatives before putting a large, complex nonbank under Federal Reserve supervision.
Placed in category: ECONOMY AND FINANCE

Pages