Figure Technologies, Homebridge end merger plans
Delays in closing the deal after it was announced in August resulted in the parties' decision to remain separate, although they will still work together.
Industry News
Mr. Cooper lays off 420 while mortgage industry cuts mount
Some firms are undergoing their second or third rounds of terminations since the beginning of the year.
Canadian banks see risk of U.S. economic slowdown ahead
Executives at banks north of the border pointed this week to several potential U.S. economic snags, including inflation, the possibility of a housing market correction and soaring energy prices.
Gerald Corrigan, who gained fame as a troubleshooter for the Fed, dies
Corrigan thrived on crisis situations, a colleague said. He received plenty of practice in 25 years at the Fed and another two decades at Goldman Sachs.
Dimon’s big pay package gets thumbs-down from JPMorgan shareholders
Only about 31% of the bank’s shareholders voted Tuesday in favor of a nonbinding “say on pay” resolution. The harsh verdict followed a one-time award of $52.6 million in stock options to keep Chairman and CEO Jamie Dimon on the job for five more years.
New closing target set for U.S. Bancorp-MUFG Union deal
Completion of U.S. Bancorp’s $8 billion acquisition of MUFG Union Bank, originally slated for June, has been pushed to the second half of 2022, the seller’s parent company says.
KeyCorp buys fintech that helps borrowers manage student debt
GradFin offers advisory services to Americans who want assistance with their student loans. The acquisition is part of the Cleveland bank’s strategy of adding niche digital businesses.
Small banks doubt the Fed can avert a recession
In a recent survey, just over half of community bankers expressed concern that the central bank will harm the U.S. economy by raising rates too fast in its quest to contain inflation.
Wells Fargo confirms mortgage staff layoffs
The bank didn’t disclose which specific employees, or how many, were impacted by the announcement.
New York City shuns Wells Fargo over discrimination claims
The municipality and the bank have been at odds over similar issues in the past, and no agency currently has deposit accounts with the lender.
At PennantPark, Art Penn says volatility turns investors’ attentions to middle-market CLOs
Despite perceptions that smaller companies are riskier, they pose less risk to investors. Realized loss rates are lower, and they deliver higher returns.
By
John Hintze
Fed approves Citizens’ acquisition of New Jersey-based Investors
The Federal Reserve's unanimous approval is a win for the Rhode Island company, though it will have have to take part in an additional round of stress tests in 2023.
How Philadelphia is laying the groundwork for a public bank
The City Council recently voted 15-1 to establish a financial authority that would provide credit enhancements on loans to underserved borrowers. Public banking advocates say the effort is both an interim step for Philadelphia and a test case for other cities.
Peoples in Ohio beefs up equipment financing with $54 million deal
The agreement to acquire Vantage Financial in Minnesota comes less than a year after Peoples Bank purchased North Star Leasing in Vermont.
Fifth Third acquiring solar energy lender Dividend Finance
The deal is the latest example of a mainstream bank buying a point-of-sale lender focused on financing home improvement projects.
Crypto, Build Back Better, M&A: A banker’s guide to Congress in 2022
Democrats largely left the financial sector alone last year. But they are attempting to resurrect a bank tax-reporting plan to help pay for President Biden’s social policy package while keeping a close eye on cryptocurrency and how regulators review mergers.
Regions continues nonbank buying spree with deal for tech M&A firm
The Alabama bank is buying Clearsight Advisors to add to its booming capital markets division.
Ginnie Mae has first Senate-confirmed leader in nearly 5 years
HUD official Alanna McCargo takes over the top job at the government corporation, which has had a series of acting leaders since 2017.
Big-bank mergers face new hurdles amid Washington power struggle
A clash among FDIC board members has intensified a debate about whether regulators should take a tougher look at large M&A deals. House Financial Services Chair Maxine Waters added to the frenzy by calling for a moratorium on approving big acquisitions.
Parthenon Capital Partners acquires Kroll Bond Rating Agency
Founded in the wake of the global financial crisis, KBRA has issued more than 51,000 ratings representing almost $3 trillion in rated issuance since 2010.
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