The Office of the Comptroller of the Currency finalized a rulemaking Thursday morning opposed by the industry that forces the largest banks to provide services to gun businesses and other sectors to which banks have curtailed lending.
The online lender founded by Renaud Laplanche is now a full-fledged challenger bank that can offer generous checking terms because, it says, it can count on its loans for profits.
The bank is combining its wealth management units to serve both the ultrarich and the less affluent; the small business loan program will open to all borrowers on Tuesday.
The new global wealth division, which is being formed by combining the firm’s private bank with a unit that serves substantially less wealthy households, will be led by Citi veteran Jim O’Donnell.
Robert Kafafian says he's hearing more MOE chatter now than at any time in his decades-long career as a consultant. He cited smaller banks' need to cut costs, improve tech offerings and compete with bigger lenders.
Brian Brooks may be remembered as one of the most controversial interim regulatory chiefs in recent memory, taking positions on the pandemic response, fintechs’ banking ambitions and other issues that won him supporters and critics alike.
