Martin Chavez reminded analysts Tuesday that while the Wall Street firm may be new consumer lending, the executives leading the unit are all veterans of the sector.
The president of the St. Louis Fed said that regulators should go back to the pre-Dodd Frank framework for small banks, while warning about changes to the system as fintechs expand their presence.
The current regulatory focus drives the growth of ever-larger, harder-to-manage and harder-to-regulate megabanks, while community banks have been left to be picked up by acquirers.
PacWest reversed a valuation allowance on tax credits, which helped boost third-quarter earnings. PacWest also expects its deal for CU Bancorp to close this week.
The Dallas company reported strong profits in the third quarter as higher yields on loans and improved cost control more than offset slight declines in loan balances and earning assets.
Third-quarter profits at the Georgia bank rose 52% thanks to doubled-digit growth in consumer lending and the sale of credit card assets it had obtained from the retailer Cabela's.
Supreme Court will hear challenge to card company’s anti-steering rules; Anthony Alexis has been in the role for most of the agency’s six years of existence.
