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
Industry observers say the U.S. securities industry's migration to next-day settlement in May 2024 was a technology success story, which has encouraged the U.K. and the EU to follow suit.
The use cases are growing and banks don't want to risk being left behind, especially with younger customers who are more open to the technology.
St. Paul, Minnesota-based Bremer Financial agreed to sell for $1.4 billion in cash and stock. It followed a yearslong 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.
