Valley’s $400M capital raise accelerates pivot away from CRE
The added capital will help the New Jersey-based regional bank reduce its commercial real estate footprint faster and give it wiggle room to grow elsewhere, analysts said.
First Foundation hires outsider as CEO amid strategy overhaul
The Dallas bank is replacing longtime CEO Scott Kavanaugh, who stepped down Thursday, with veteran banking executive Thomas Shafer. Shafer previously led Chemical Bank, which was acquired by TCF Financial in 2019.
FedNow saw $17.5 billion of transactions last quarter
The Federal Reserve released the volume of activity on its instant payments network since its launch last summer, showing a surge in usage between July and August.
Punishing workers who send remittances overseas is bad policy
A punitive tax on payments sent overseas to the families of immigrants would have a cascading set of consequences — all of them bad.