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Wednesday's hearing showcased how the country's banking sector has become a battleground for lawmakers to debate politically charged issues dividing Republicans and Democrats.
Europe's largest lender is closing 35 to 40 branches but repurposing 20 to 25 other locations as international wealth centers to serve its mostly Asia-based private-banking and wealth-management clients.
The SAFE Banking Act is being watched closely by the banking world and the cannabis industry alike. What will this legislation realistically do to help this rapidly growing industry access the financial system?
The bank, which called Marilyn Booker's allegations "sweeping, sensationalized and conclusory," had sought in March to have the case dismissed. Oral arguments had been set for November.
GreenState Credit Union's deals to buy Oxford Bank & Trust and Premier Bank would represent the third and fourth bank takeovers by a credit union this year. The transactions are expected to close by the fourth quarter.
A testy exchange between the senator and the central bank's vice chair of supervision hinged on the Fed's reclassification of Credit Suisse before the Archegos collapse.
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