Ebrima Santos Sanneh covers the Treasury, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency for American Banker. He is a native of Providence, R.I. and a 2020 graduate of UCLA. Before joining American Banker he worked as a staffer for Sen. Jack Reed, D-R.I.
-
The Department of Justice reached a $9 million settlement Wednesday with Westerly, R.I.-based Washington Trust over race-based lending discrimination and redlining in the state, saying the bank denied lending services to Black and Hispanic neighborhoods from 2016 to 2021.
September 27 -
Federal Deposit Insurance Corp. Chairman Martin Gruenberg said Wednesday he wants to see tailored enhanced prudential standards and increased reporting requirements for specific nonbank financial institutions like open-ended mutual funds, hedge funds, and nonbank lenders, citing their potential systemic risks and the need for improved oversight.
September 20 -
The Federal Deposit Insurance Corp. acknowledges in a new report that it didn't adequately monitor First Republic Bank's uninsured deposits, interest rate risk sensitivity and rapid growth — and as a result left the bank vulnerable to contagion.
September 8 -
The FDIC is launching joint ventures to market $33 billion of commercial real estate loans from the failed Signature Bank, prioritizing its statutory obligation to preserve low-income housing availability.
September 5 -
Banking regulators have been debating how to reform the implementing regulations for the Community Reinvestment Act across two presidential administrations. But despite banks' urging to slow down, regulators are poised to finish the job in early fall.
August 24 -
The American Bankers Association and Bank Policy Institute Tuesday urged bank regulators to delay the finalization of its Community Reinvestment Act rule, saying regulators have not calibrated the rule to account for upcoming capital changes or considered whether courts will find the Consumer Financial Protection Bureau's funding structure constitutional.
August 22 -
The Office of the Comptroller of the Currency granted federally chartered banks permission Monday to close branches in California, Nevada and Arizona affected by Tropical Storm Hilary.
August 21 -
Banking and credit union regulators encouraged compassionate treatment of customers in Hawaii communities hit by wildfires. They also vowed to grant expedited approvals of temporary banking facilities, be flexible in compliance matters and provide other support to financial institutions.
August 17 -
Fannie Mae and Freddie Mac can likely withstand potential credit losses twice as high as last year's in the latest scenario, but they are at more risk of slipping into the red.
August 11 -
The FDIC's New York regional office faced staffing shortages throughout its supervision of now-failed Signature Bank. Experts say more competitive wages, culture shifts and whistleblower protections could help regulators attract and retain talent and improve oversight.
July 7
