Federal Reserve Approves Merger of Webster Financial and Sterling Bancorp
The board of governors of the Federal Reserve provided regulatory approval of the previously proposed merger of Webster Financial and Sterling Bancorp.
The board of governors of the Federal Reserve provided regulatory approval of the previously proposed merger of Webster Financial and Sterling Bancorp.
WSFS Financial received all required approvals to acquire Bryn Mawr Bank Corporation, the parent company of the Bryn Mawr Trust Company, with the board of governors of the Federal Reserve approving the acquisition.
The board of governors of the Federal Reserve approved the previously proposed merger of First Citizens BancShares, the parent company of First-Citizens Bank & Trust Company, and CIT Group, the parent company of CIT Bank.
With COVID-19 causing a drastic decline in revenues for many businesses, lenders have made a number of accommodations for non-performing loans, particularly through short-term deferrals. However, as the pandemic rages on, Bill Lawrence explains why lenders need to be proactive to avoid risk.
The American Factoring Association wrote to Steven T. Mnuchin, U.S. treasury secretary, and Jerome H. Powell, chairman of the Federal Reserve, to state its opposition to a proposal to create a federal program to purchase accounts receivables in the private sector.
The Federal Reserve expanded access to its Paycheck Protection Program Liquidity Facility to additional lenders and expanded the collateral that can be pledged. The Fed also broadened the scope and eligibility for the Main Street Lending Program.
The AICPA called for the Federal Reserve to create a short-term accounts receivable lending facility for small businesses.
The Federal Reserve Board will report information on a monthly basis for the liquidity and lending facilities using Coronavirus Aid, Relief and Economic Security (CARES) Act funding.
The Federal Reserve lowered the target range of the federal funds rate to zero percent to 0.25% over the weekend in response to the potential economic impact of the coronavirus (COVID-19).
The Wall Street Journal reported that U.S. stock market experienced its worst day on record since 1987 despite a move by the Federal Reserve to add $1.5 trillion to the market to curb “ominous” market activity.