The bank will invest the capital through its American Dream Initiative, an economic mobility program launched this year that also aims to boost housing access. Dive Brief: Dive Insight: The commitment to housing investment is one pillar of JPMorgan’s “American Dream Initiative,” a 10-year initiative launched in March that also aims to ramp up small-business banking, … Read more
Legislative changes, high supply and rising costs put the state among the leaders in securitized multifamily loan issues. When apartment loans began going bad a few years ago, Houston was one epicenter as Applesway Investment Group defaulted on nearly $230 million in loans for 3,200 units in the city in April 2023. More than three … Read more
Deepika and Swapnil Agarwal were sponsors of the two-building, 318-unit portfolio, according to Morningstar. Dive Brief: Dive Insight: Swapnil Agarwal has also faced challenges in his portfolio. He was listed as the borrower for the $63.5 million loan backing Muse in Dallas and Eden Pointe in Houston, which went into special servicer last October, according … Read more
Tioga-Franklin Savings Bank, which had $68 million in assets, was founded in 1873. Dive Brief: Dive Insight: Tioga-Franklin is the fifth bank to fail this year. It was founded in 1873, as Tioga Building and Loan Association, according to the bank’s LinkedIn page. It was one of about 22 Black-owned banks in the U.S., according to … Read more
An advisory Friday instructs lenders to help detect activity connected to the employment of immigrants lacking permanent legal status. Dive Brief: Dive Insight: The advisory was issued by the Treasury Department’s Financial Crimes Enforcement Network, the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency and the National Credit Union Administration, in … Read more
The bank will purchase over 18,000 verified direct air capture carbon dioxide removal credits from the Canadian CDR project developer. Dive Brief: Dive Insight: TD said it has reduced its scope 1 and 2 emissions by 29% against a 2019 baseline and will continue to decrease these direct emissions. The Toronto-headquartered bank has a plan … Read more
With payments as the entry point to banking relationships, the lender cultivates a low-cost funding base, said executive Arijit Roy. As banks battle for deposits, U.S. Bank is leaning into a particular product suite to woo Gen Z customers. Gen Z thinks about banking as “the place where they have their primary payment vector,” which … Read more
Fintechs that want to become banks should brace for “a learning curve” as they ramp up governance, risk and compliance infrastructure, said LendingClub CEO Scott Sanborn. LendingClub bought a bank at a time – 2021 – when a fintech obtaining a bank charter was “extraordinarily difficult,” said CEO Scott Sanborn. Fast-forward five years, to a … Read more
Portrait Bank submitted its applications in September. It has raised $42 million from 248 local investors and aims to begin serving businesses, consumers and private-wealth clients this year. A bank in Winter Park, Florida, is set to become the first new de novo in the central part of the Sunshine State in nearly a decade, … Read more
Five federal regulators clarified how financial institutions can talk to customers about suspicious activity without violating the Bank Secrecy Act. Banks can discuss suspicious transactions with customers and discuss the potential that their accounts might be closed, as long as they don’t disclose the filing or planned filing of a suspicious activity report, federal regulators … Read more