In what may be the first sale of a secured credit
Renaissance and Orchard then used 60% of the proceeds to purchase a $25
Charlie Engelberg, senior vice president of Renaissance, said the
St. Paul, Minnesota-based Bremer Financial agreed to sell for $1.4 billion in cash and stock. It followed a years-long legal battle between the bank and its largest shareholder that ended with a settlement this year.
Reps. Andy Barr, R-Ky., and French Hill, R-Ark., leading Republicans on the House Financial Services Committee, pushed back against Federal Deposit Insurance Corp. chair Martin Gruenberg's characterization of the Synapse collapse in his July brokered deposits proposal.
While companies tend to amp up warnings to consumers about fraud and scams during the holidays, institutions may also need to bulk up their defenses.
The top five community banks averaged a return on average assets of 6.27% as of June 30.
Hedge fund manager Scott Bessent had been the betting favorite to take the reins at Treasury. Scott Turner, a former congressman and NFL player, will lead the housing agency.
While the risks, benefits and magnitude of artificial intelligence's impact on financial services remain unclear, agencies should keep an open mind toward the technology and avoid reflexive risk aversion in bank supervision, Federal Reserve Gov. Michelle Bowman said.
