Home
"The Federal Reserve Board announced on Monday that Michael S. Barr will step down from his position as Federal Reserve Board Vice Chair for Supervision, effective February 28, 2025, or such earlier time as a successor is confirmed. Barr will continue to serve as a member of the Federal Reserve Board of Governors."
"State Street Corp. completed its $100 million initiative launched earlier in 2024 by placing additional deposits through three Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs) — New Orleans, Louisiana-based Liberty Bank and Trust Co., Denver-based Native American Bank NA and Saint Paul, Minnesota-based Sunrise Banks NA.
In February, the company announced a goal to invest $100 million to facilitate low-cost, stable deposit funding to MDIs and CDFIs. State Street said the investment aligns with its broader business strategy to expand the financial market ecosystem and promote economic potential through long-term growth and job creation."
"Evan Weinberger, the banking reporter at Bloomberg Law, talks about the Trump administration's trial balloon to eliminate the FDIC or combine regulatory agencies. He also goes in-depth on the various fights the CFPB is engaged in, how the Trump administration could choose to tackle them, and what that would mean for banks."
"The Mission Driven Bank Fund (MDBF) today announced that all seven portfolio banks are actively participating in its technical services program, which provides targeted support to the Fund's portfolio banks to build organizational capacity. The participation rate is well above the program's 75% goal.
All MDBF portfolio banks have access to the technical services program upon a capital investment. The program, designed to be collaborative, has two key goals. The first is to promote sustainability by strengthening the bank's financial performance and building staff capacity. The second is to help banks better serve their communities by deepening or growing their existing clients, expanding service areas, and/or investing in technology to improve the customer experience."
"The Trump transition team has started to explore pathways to dramatically shrink, consolidate or even eliminate the top bank watchdogs in Washington.
In recent interviews with potential nominees to lead bank regulatory agencies, President-elect Donald Trump's advisers and officials from his newfound Department of Government Efficiency have, for example, asked whether he could abolish the Federal Deposit Insurance Corp., people familiar with the matter said.
Advisers have asked the nominees under consideration for the FDIC, as well as the Office of the Comptroller of the Currency, if deposit insurance could then be absorbed into the Treasury Department, some of the people said."