State regulators today closed Republic First Bank, doing business under the Republic Bank brand, in Philadelphia, and appointed the FDIC as receiver. Lancaster, Pennsylvania-based Fulton Bank agreed to assume substantially all of the failed bank’s $4 billion in deposits and to purchase substantially all of its $6 billion in assets. The FDIC estimated that the failure—the first of 2024—will cost the Deposit Insurance Fund $667 million.
PBT Bancshares in Kansas has applied to acquire Kanza Financial. Farmers Savings Bank in Iowa has agreed to buy Elgin State Bank.
A proposed bill to impose network routing requirements on banks that issue credit cards would put payments security at risk with no evidence that retailers would pass their cost savings to consumers, representatives from Visa and Mastercard told...
The Treasury Department issued a final rule to “enhance” the authorities of CFIUS, which reviews certain foreign investments and real estate transactions to determine whether they pose a national security risk.
Congress should remove or “dramatically” increase limits on federal deposit insurance for payroll and other non-interest bearing operating accounts, CFPB Director Rohit Chopra said.
The FDIC’s proposed rule to require boards at banks with more than $10 billion in assets to establish risk management programs represents a “significant departure” from existing governance principles, a group of 10 Republican House lawmakers said.
Housing starts decreased by 3.1% in October from the month prior to a seasonally adjusted annual rate of 1.31 million, the Commerce Department reported. The rate was 4% below the October 2023 level.
