Banking

Voters approved Proposition C, which offers a tax break for developers to convert up to 5 million square feet of commercial space by 2030.

The commercial real estate market is already contending with a historic downturn, but some investors now worry that servicers will make surprise decisions that end up significantly hurting their returns in deals.

Former Trump administration officials Steven Mnuchin and Joseph Otting are headlining an investment group that's seeking to rescue the troubled Long Island lender. Otting is expected to serve as CEO, and Mnuchin will have a board seat.

The auditing giant KPMG audited the three regional banks that failed last year. New York Community's recent disclosures that it had financial reporting weaknesses in 2023 raises new questions over the auditors' role.

Non-mortgage interest payments climbed to an annual rate of $573.4 billion in January. That's the highest on record even after adjusting for inflation — and within a hair's breadth of the $578.3 billion in annual mortgage interest that households were shelling out as of the last quarter of 2023.

Long Island-based New York Community Bancorp has a large concentration in loans on New York City apartment buildings with rent restrictions. Property values in that sector have tanked amid higher interest rates, inflation and 2019 revisions to state law.

Critics argue the Federal Home Loan Bank System earned record profits last year and should provide a public benefit commensurate with the perks to members.

New York Community Bancorp faced new questions Friday after a flurry of disclosures led to a steep sell-off in its stock. The embattled Long Island-based lender beefed up its risk leadership, but Fitch cut its rating to "junk" status.

The turmoil at New York Community Bancorp resumed Thursday with the departure of CEO Thomas Cangemi. The embattled regional bank, which also recorded a $2.4 billion goodwill impairment charge and disclosed other new problems, saw its share price plunge.

Research from J.D. Power found that bank customers are most concerned about letting AI move money on their behalf or place a barrier between them and their money.