Supreme Court: President can fire CFPB director at will
In a 5-4 decision, the Supreme Court has ruled that the current structure of the Consumer Financial Protection Bureau is unconstitutional, although it left its existence intact. [Continue]
In a 5-4 decision, the Supreme Court has ruled that the current structure of the Consumer Financial Protection Bureau is unconstitutional, although it left its existence intact. [Continue]
The Rural Mainstreet Index for June climbed to 37.9, well below growth neutral, but up from May’s 12.5 and April’s record low 12.1. [Continue]
Documents in the ongoing legal battle between the Otto Bremer Trust and Bremer Financial Corporation and BFC directors have been unsealed, revealing more details of what has been a drawn-out disagreement. At the heart of debate is the trust’s ability to sell Bremer Bank over the wishes of the non-OBT directors of the St. Paul, Minn.-based BFC. [Continue]
FDIC-insured banks had net income of $18.5 billion in first quarter 2020, a decline of $42.2 billion (69.6 percent) from a year ago. Just over half of banks reported year-over-year declines in net income. Deposits rose by $1.2 trillion in the first quarter from the previous quarter. [Continue]
Muscatine, Iowa-based CBI Bank & Trust completed its acquisition of Walcott Trust & Savings Bank over the weekend. [Continue]
An Arizona subsidiary of Heartland Financial USA in Iowa is buying branches from Johnson Financial Group, Racine, Wis. [Continue]
LendSmart, an infant mortgage-origination fintech, was active in the 2020 iteration of the Independent Community Bankers of America’s ThinkTech Accelerator in Little Rock, Ark., until the program got cut short due to the coronavirus. [Continue]
Paul Kohler, president and CEO of Charter Bank, Eau Claire, has been elected to serve as the 2020-2021 chair of the Wisconsin Bankers Association. [Continue]
In February, the Federal Housing Finance Agency announced it would seek input on expanding the field of membership in the FHLB system to nonbank mortgage lenders and real estate investment trusts. [Continue]
The U.S. economy will experience about a 6 percent contraction this year, but will begin to recover from its severe second-quarter downturn in the third quarter. [Continue]