The American Fintech Council (AFC), the premier industry association representing responsible fintech companies and innovative banks, is proud to announce the inaugural AFC Awards to be presented at the 8th Annual Fintech Policy Summit at The Westin Washington, D.C. City Center on Tuesday, November 19th. The Policy Summit continues to be the premier destination for regulatory thought leadership and industry best practice. This year’s Summit is set to be the largest fintech policy event since inception, bringing together prominent industry leaders, regulators, policymakers,...
Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), delivered remarks on the House floor in support of H.J.Res. 109, “Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to ‘Staff Accounting Bulletin No. 121.’”
The U.S. House of Representatives passed Representative Mike Flood’s bipartisan H.J.Res. 109 on May 8, 2024. The resolution aims to overturn the Securities and Exchange Commission's (SEC) SAB 121 under the Congressional Review Act (CRA). By nullifying SAB 121, the bipartisan effort seeks to eliminate obstacles preventing highly regulated financial institutions from acting as custodians of digital assets.
Today, the House Financial Services Subcommittee on Capital Markets, led by Chairman Ann Wagner (MO-02), is holding a hearing entitled, "SEC Enforcement: Balancing Deterrence with Due Process."
Ranking Member Tim Scott (R-S.C.) has issued a statement regarding the Federal Deposit Insurance Corporation (FDIC) report on allegations of sexual harassment and a toxic work culture at the agency. Scott emphasized the need for Chairman Gruenberg to resign, stating that the organization's culture has suffered under his leadership. Scott has been leading Senate Republicans in oversight efforts to ensure transparency and accountability from the FDIC.
Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement in response to the independent report released today by Cleary Gottlieb regarding allegations of entrenched and widespread misconduct at the FDIC. “It’s time for Chair Gruenberg to step aside. The independent report released today details his inexcusable behavior and makes clear new leadership is needed at the FDIC,” said Chairman McHenry. “This report confirms the toxic workplace culture at the FDIC—which starts at the top—has led to entrenched and...
"Naidich Wurman LLP Responds to SEC Complaint on Behalf of Power Up Lending Group Ltd., Geneva Roth Remark Holdings, Inc., 1800 Diagonal Lending, LLC, and Curt Kramer"
Fortis Bank, a high-growth commercial bank serving small- to medium-sized privately held businesses in Colorado and Utah, has appointed Michele Sauk as Market President for the Utah Market. Sauk, a seasoned leader with over two decades of experience in strategic planning and client relationship management, is known for driving innovation and fostering growth in the banking and financial services industry.
Rocket Companies announced the appointment of Shawn Malhotra as its Chief Technology Officer, effective May 6, 2024. In this role, Malhotra will oversee the development and implementation of technology across the company's ecosystem, with a focus on Artificial Intelligence (AI) development, Data Science, Product Engineering, Technology Operations, and Information Security.Rocket Companies' CEO, Varun Krishna, expressed confidence in Malhotra's abilities, stating, "Shawn brings a wealth of expertise and a transformative vision to our technology teams. As we double down on...
MT. LAUREL, N.J., May 6, 2024 /PRNewswire/ -- AnnieMac Home Mortgage proudly welcomes Ian Aubourg as the newest addition to its leadership team, serving as Senior Vice President of Retail Sales. With over two decades of experience in the mortgage industry, Ian brings expertise and a proven track record of success to AnnieMac as the team seeks to further strengthen its presence in the Northeast region.Throughout his distinguished career, Ian Aubourg has garnered recognition as a renowned mortgage executive, having spearheaded some of the largest and most successful...
Representative Mike Flood from NE-01 testified in front of the House Committee on Rules in support of his resolution, H.J.Res. 109, aimed at overturning the Securities and Exchange Commission's (SEC) Staff Accounting Bulletin No. 121 (SAB 121). Flood highlighted the importance of consumer protection and financial innovation in his testimony.Flood criticized the SEC's handling of SAB 121, stating, "It is unfortunate that the SEC would attempt to circumvent the rulemaking process while falsely claiming that SAB 121 is simply non-binding staff-level guidance." He emphasized...
Tickets for the 2024 Rocket Mortgage Classic are now available for purchase, offering fans the opportunity to witness world-class golf at the Detroit Golf Club from June 25-30. According to Varun Krishna, CEO of Rocket Mortgage, the event is not just a golf tournament but a celebration of community, innovation, and competition. Krishna highlighted the impact of the tournament on Detroit through the "Changing the Course" initiative, stating, "We’ve made tremendous strides over the last five years and are thrilled to continue impacting the outcome in our city."Defending...
New York, May 6, 2024 /PRNewswire/ -- Loews Corporation (NYSE: L) announced its first quarter 2024 financial results today, revealing a net income of $457 million, or $2.05 per share. This represents a 22% increase over the first quarter of 2023, where the company reported $375 million, or $1.61 per share.In a statement, James S. Tisch, President and CEO of Loews Corporation, expressed his satisfaction with the quarter's performance, stating, "Loews had an exceptional quarter driven by stellar results at CNA and Boardwalk. CNA continues to experience strong profitable...
Bank of America Corporation announced today the redemption of its 0.523% Fixed/Floating Rate Senior Notes due June 2024. The bank will redeem all $1,500,000,000 principal amount outstanding of these notes on May 14, 2024. The redemption price will be equal to 100% of the principal amount of the Notes, along with accrued and unpaid interest up to, but excluding, the redemption date.The payment for the redemption will be facilitated through The Depository Trust Company, with The Bank of New York Mellon Trust Company, N.A. acting as the trustee and paying agent for the...
The Independent Community Bankers of America (ICBA) has issued a call to federal regulators to address the excessive regulatory burdens faced by community banks. In a press release dated May 6, 2024, ICBA Executive Vice President and Senior Regulatory Counsel Christopher Cole emphasized the importance of taking action to prevent long-term damage to communities that rely on these local financial institutions.Cole stated, “Consolidation within the industry, acquisitions of community banks by credit unions, and a small number of de novo bank applications are symptoms of the...
BEIJING, May 6, 2024 /PRNewswire/ -- Pintec Technology Holdings Limited (Nasdaq: PT) revealed its unaudited financial results for the first half of 2023. The company, known for providing technology-enabled financial and digital services to the micro, small, and medium enterprises ecosystem, shared insights from the past six months.Mr. Zexiong Huang, Chief Executive Officer and acting Chief Financial Officer of Pintec, highlighted the company's dedication during the challenging economic landscape. He stated, "Amidst the sluggish macroeconomic recovery, during the first...
Goldman Sachs Advisor Solutions (GSAS) has recently unveiled a new lending feature aimed at aiding eligible clients of Registered Investment Advisors (RIAs) in accessing greater liquidity. The innovative tool allows clients to borrow against specific types of alternative investment positions in their portfolios.In a statement, Jeremy Eisenstein, Managing Director at GSAS, highlighted the importance of providing solutions that empower RIAs with flexibility in managing their clients' assets, stating, "Complex financial situations require solutions which empower RIAs with...
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