Edward Jones gets green light to launch industrial bank
Edward Jones Receives Approval to Open Industrial Bank The financial advisory firm, Edward Jones, has gained state and federal consent to establish an industrial bank. This approval follows a long-standing application period started six years ago and signifies a significant milestone for the company, which first applied for an industrial loan charter in 2020. The […]
Collapse of UK property lender sends shockwaves through Wall Street
The Collapse of Market Financial Solutions Major Wall Street lenders are trying to comprehend the potential losses linked to their loans to a UK-based mortgage provider, Market Financial Solutions (MFS), which collapsed abruptly due to allegations of fraud. This incident has once again raised concerns over the underwriting standards in the rapidly growing market for […]
DOL moves to undo stricter independence test for brokers
The definition of an “independent contractor” — long a political ping-pong ball — could bounce back in brokerage firms’ direction under a new federal proposal put forward this week. Processing Content Broker-dealers and groups representing them expressed tentative praise for a Department of Labor proposal that would simplify the criteria firms must use when determining […]
Washington’s FS Bancorp boosts Portland presence
FS Bancorp and Pacific West Announce Merger Mountlake Terrace, Washington-based FS Bancorp has recently reached an agreement to merge with West Linn, Oregon-based Pacific West in a deal worth approximately $34.6 million. The merger is expected to be finalized in the third quarter of this year, as reported by Banking Dive. Key Details of the […]