Banc of California in Irvine has changed its bylaws to allow for majority voting for directors.
The $9.6 billion-asset company disclosed in a regulatory
Banc of California's shareholders soundly supported a
Separately, Banc of California said it had appointed Cynthia Abercrombie to join its board. Abercrombie retired as the company's deputy chief risk officer and Bank Secrecy Act officer in March. She had continued to serve as a consultant.
California's banking market, shaken up by big acquisitions and last year's crisis, is drawing financial institutions seeking opportunity.
The agency had been on the verge of downgrading Philadelphia-based Republic First Bancorp's CAMELS rating to the lowest level but opted for a less severe remedy after a November 2020 visit.
The Financial Conduct Authority plans to regulate specific technology products that banks use to process payments and require testing. That and more in our global payments roundup.
The Dallas-based bank is accusing the Consumer Financial Protection Bureau of "pursuing an aggressive and overreaching investigation" into its role in a Treasury Department prepaid card program.
The reduced pace of consumers moving into delinquency adds evidence to the thesis that households are facing lower financial stress.
Recent multimillion-dollar elder fraud cases are leading to lawsuits and possible regulatory action.
