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]
Rural Mainstreet Index ticks up for June
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]
Unsealed documents shed light on Bremer saga
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]
Earnings tank, deposits soar in first quarter
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]
CBI completes Walcott buy
Muscatine, Iowa-based CBI Bank & Trust completed its acquisition of Walcott Trust & Savings Bank over the weekend. [Continue]
Heartland buys branches in Arizona
An Arizona subsidiary of Heartland Financial USA in Iowa is buying branches from Johnson Financial Group, Racine, Wis. [Continue]
Mortgage fintech pivots for the PPP
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]
WBA names new chair
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]
Non-bank mortgage lenders, REITs next up for FHLB membership?
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]
Economic recovery will begin in third quarter, economists say
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]