Mayor Eric Garcetti signed an ordinance Monday that establishes new requirements for banks that want to do business with the city. The rules are thought to be the first of their kind nationally.
Jeff Deuel will take over as CEO of Heritage Bank in Olympia, Wash., for Brian Vance, who will remain as the head of the holding company until next year.
The California Democrat would have more of a bully pulpit as chair of the Financial Services Committee, but some say she could take a pragmatic approach to passing banking legislation.
The Senate Banking Committee's top Democrat singled out Morgan Stanley and Goldman Sachs, which he said "got passing grades" despite being unable to maintain minimum required capital levels.
People welcome help managing their money, and they don’t mind their own data being analyzed, as long as the result is easy-to-digest information and recommendations they can act upon, JPMorgan’s Kelli Keough said at the In|Vest conference.
Coastal Financial in Everett, Wash., said that it could be active in M&A with capital from its IPO and that it has already identified several possible targets.
Level One Bank in Farmington, Mich., has hired a team of mortgage bankers from MB Financial, which previously announced it was shutting down this business line.
A Fannie Mae test to handle the private mortgage insurance process for lenders may raise concerns that it's going outside the scope of its secondary market mission. But the effort reflects its mandate to explore new credit-risk transfer alternatives, a company executive said.
