The Federal Reserve Bank of San Francisco has terminated its regulatory action against HomeStreet in Seattle.
The San Francisco Fed lifted the 2009 cease-and-desist order on March 26, HomeStreet said Wednesday. The $2.6 billion-asset HomeStreet had a Tier 1 leverage ratio of 11.8% and a total risk-based capital ratio of 19.3% as of Dec. 31, according to information from the Federal Deposit Insurance Corp.
This month regulators
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The niche buy now/pay later firm is looking for differentiation in a crowded market with recognizable brands like Klarna, Affirm and Afterpay.
The 2.0 version, expected to launch next year, will provide more detailed responses based on more complex, humanlike thought processes.
The breach, which occurred earlier in November, did not directly impact customer operations, but a threat actor stole data meant for customers.
The North Carolina-based bank rolled out a multiyear program to provide loans, investments and philanthropic support to communities in the western part of the state.
Consumer Financial Protection Bureau Director Rohit Chopra said the FICO credit-scoring model has drawbacks in price, predictiveness and market competition, and stakeholders should develop a more open-sourced model that uses artificial intelligence.
Analysts say lenders' shares could rally on deregulation, lighter tax burdens and a resurgence of M&A. Declining interest rates and lower loan losses could further bolster bottom lines and attract investor interest.
