The election of Democrat Phil Murphy as New Jersey's next governor is being hailed as a victory for advocates of state-owned banks. But challenges remain — namely, stubborn opposition from mainstream banks.
Sterling Bancorp in New York is determined to turn Astoria Financial's largely residential operation into a commercial powerhouse. While investors are skeptical, CEO Jack Kopnisky has proven in the past that such an ambitious plan is doable.
While some community bankers and Washington advocates doubt the likelihood of achieving meaningful regulatory relief in the 115th Congress, the many measures advancing on Capitol Hill leave plenty of room for optimism.
During the past year, many have hoped for action from Washington that can alleviate burden and stem the rapid pace of consolidation. But in the current political environment, that appears increasingly unlikely.
Outsiders gained access to customer information at Southern National Bancorp of Virginia using a malicious email. Other financial institutions, meanwhile, are implementing policies in hopes of avoiding the same fate.
The disagreement is tied to Walnut Street, an entity formed in 2014 to move certain commercial loans out of the bank. Separately, the company is facing a civil money penalty from the FDIC tied to issues with a third-party payment processor.
