The Illinois Department of Financial and Professional Regulation closed the $54.7 million-asset Highland Community Bank in Chicago on Friday.
United Fidelity Bank in Evansville, Ind., entered into an agreement with the Federal Deposit Insurance Corp. to buy the failed bank's assets and assume its $53.5 million in deposits.
The failure, the second of the year, is expected to cost the Deposit Insurance Fund $5.8 million.
Analysts are watching both Vice President Kamala Harris and former President Donald Trump for potential regulatory picks, as well as how strongly Trump advocates for policies like tariffs and deportations that could impact the economy, inflation and bankers' prospects.
Leaders at financial institutions said borrower demand should pick back up, if slowly, following Tuesday's vote.
The Consumer Financial Protection Bureau will soon have to defend its interpretive buy now/pay later rule in court following an industry advocacy group lawsuit. Here's what's at stake.
Potential new Senate Finance Committee Chair Sen. Mike Crapo, R-Idaho, has suggested a potential workaround to offset the cost of extending the Tax Cuts and Jobs Act.
Few banks are listening to what their customers are saying on Reddit, but the site can help them spot customer complaints and develop content that dispels misinformation.
Sens. Elizabeth Warren and John Hickenlooper say recent data suggests there is "no need for restrictive interest rates" and easier monetary policy is necessary to lower housing costs.
