After he takes over as CEO Oct. 1, Solomon has some key executive appointments to make, and observers will keep a close eye on the resources he devotes to help the bank accomplish its target of $5 billion in new revenue opportunities by 2020.
First-of-its-kind legislation seeks to tame the largely unregulated world of online small-business lending. It has drawn bipartisan support from lawmakers, but so far has failed to satisfy either the industry or its critics.
Banks feeling the pressure in commerical lending from lightly-regulated, cash-flush competitors; financial institutions take "an increasingly militarized approach" to fighting cybercrime.
Freddie Mac has quietly started extending credit to nonbanks that issue mortgages, a move it says will help the companies maintain access to a crucial stockpile of cash if their home loans go sour.
Borrowers can get better rates elsewhere, so they're repaying ahead of schedule, leaving banks in the lurch. The steps lenders would have to take to keep the business could be prohibitively expensive.
Comments by Federal Reserve Vice Chairman for Supervision Randal Quarles appeared to contrast with past statements by former officials about the controversial charter.
The Treasury secretary has suggested raising an asset cutoff used by the Financial Stability Oversight Council to assess systemically significant nonbanks, removing some hedge funds and other risky firms from the council's purview.
The agency said Cross River Bank and an affiliated debt settlement company misled customers into thinking a debt consolidation program would settle their debts and boost their creditworthiness.
A decision by the Federal Deposit Insurance Corp. — soon to be under new management — on Square’s ILC application could foreshadow how other fintech firms seek banking powers.
