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Seven states and D.C. file lawsuit challenging FDIC “Madden fix” rule

CFPB Monitor

The central allegations in the new complaint generally track those made in the lawsuit against the OCC. The plain language of the governing federal statute applies only to interest that an FDIC-insured state bank may charge. The FDIC’s rule purports to regulate activities of non-banks which are beyond the FDIC’s jurisdiction.

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New York Sees Most Bank Branch Closures In US

PYMNTS

are closing branches, but the New York area is seeing more closures than most, Bloomberg reported on Wednesday (Feb. markets in the study. The research filtered data from the Federal Deposit Insurance Corporation (FDIC). Banks across the U.S. There was a 2.2 The industry was the biggest loser out of all the major U.S.

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Plaintiffs in lawsuit challenging OCC Madden-fix rule move for summary judgment

CFPB Monitor

The OCC has merely speculated that Madden has caused uncertainty in secondary credit markets and, in any event, application of state rate caps to non-banks does not significantly interfere with national banks’ ability to make and sell loans. President-Biden is expected to appoint a new Comptroller of the Currency.

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A Time of Reckoning for Your Bank's Core Deposits?

Jeff For Banks

So worries New Jersey Banker's Association CEO John McWeeney since state-owned bank advocate Phil Murphy was elected governor. I got news for you John. According to the Investment Company Institute , money market funds stood at $2.8 I used Wells Fargo because it is a money market fund that I use. FDIC insured.

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Predicting the Next Banking Crisis Is a Fool’s Game. Not Learning From the Last One: Equally Foolish

Jeff For Banks

//Jeff Marsico remarks to the 2023 New Jersey Bankers' Association Annual Convention: May 19, 2023// Four decades ago, the prolonged savings-and-loan crisis devastated the industry. Between 1980 and 1995, more than 2,900 banks and thrifts with collective assets of more than $2.2 trillion failed. What caused it?

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To Branch or Not To Branch: Here Is The Answer

Jeff For Banks

Vernon Hill, legendary leader of the former Commerce Bank in Cherry Hill, New Jersey, took advantage of the last time bankers were contemplating the future of branching by beating them over the head with his high profile and rapidly expanding branches. But existing customers are the seedlings for new customers. You want to fail?

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How Cross River Bank Keeps Cash Flowing

PYMNTS

Some companies, like Cross River Bank of Teaneck, New Jersey, have launched services to ease consumers’ access to physical cash notes by tapping into the convenience of the existing financial infrastructure. This includes checks, brick-and-mortar bank branches, ATM cards and, yes, cash. commerce today.

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