Strengthening our members' ability to be the best providers of financial services to the communities they serve.
USAA Rolling Out Biometric Logon to Accounts in Q1
Becomes first U.S. financial institution to help protect member security through facial and voice recognition on a mobile app
SAN ANTONIO, Texas, - USAA members residing in the states will soon be able to log into their accounts through mobile devices using biometric recognition. This will make USAA the first U.S. financial institution to offer facial and voice recognition on a mobile app as added protection against fraud and identity theft. USAA members are expected to have access to biometric logon capabilities in early 2015.
Nevada Bankers Association Member Arvind Menon, Meadows Bank, added to FDIC Advisory Committee on Community Banking
FDIC Announces New Members for the Advisory Committee on Community Banking
February 11, 2015
The Federal Deposit Insurance Corporation (FDIC) today announced the selection of seven new members for its Advisory Committee on Community Banking, which has been providing advice and recommendations to the FDIC on a broad range of community bank policy and regulatory matters since it was established in 2009. The Advisory Committee members represent a cross-section of community bankers from around the country.
"We are fortunate to have such talented and dedicated community bank leaders join our Advisory Committee, which has been a valuable resource for the FDIC over the last few years," said FDIC Chairman Martin Gruenberg. "The Advisory Committee has proven to be an important source of information and input for the FDIC on the many significant issues facing community banks."
City National Corporation Announces Definitive Agreement to be Acquired by Royal Bank of Canada
Agreement Seeks to Create Strong Combination of U.S. Private and Business Banking and Wealth Management Capabilities
Russell Goldsmith to Remain City National's Chairman and CEO and Will Lead RBC's U.S. Wealth Management Unit
City National Shares Valued at Approximately $93.80 Per Share in Cash and Stock
LOS ANGELES -- City National Corporation (NYSE:CYN) and Royal Bank of Canada (TSX:RY) (NYSE:RY) today announced a definitive agreement by which Royal Bank of Canada will acquire all outstanding shares of City National Corp. Total consideration is valued at approximately $5.4 billion at announcement, or approximately $93.80 per City National share, comprised of a mix of cash and common stock, based on RBC's closing stock price on January 21, 2015. The agreement has been approved by the boards of both companies.
In the United States, RBC already has a top-10 investment bank and the 8th largest wealth management firm. RBC has 8,000 employees in the U.S., including more than 3,000 in New York.
"We're very enthused about merging with RBC," said City National Chairman and CEO Russell Goldsmith. "This combination is a compelling opportunity. It will deliver significant value to City National shareholders along with the opportunity to participate in the growth of RBC. It will promote both continuity and growth, enabling our outstanding team of colleagues to maintain and even strengthen City National's value proposition. It also will enhance what we can do for our clients and the communities we serve. My colleagues and I look forward to joining forces with this company that has tremendous financial strength, considerable resources and capabilities, and values that are very similar to those of City National."
STATEMENT OF THE FEDERAL HOUSING FINANCE AGENCY ON CERTAIN SUPER PRIORITY LIENS
FOR IMMEDIATE RELEASE
Today, the Federal Housing Finance Agency (FHFA) is alerting homeowners, financial institutions, and state authorities of the agency’s concerns with state-level actions that threaten the first-lien status of single-family loans owned or guaranteed by Fannie Mae and Freddie Mac. In particular, FHFA is concerned about state actions to create super-priority liens in two instances: 1) through certain energy retrofit financing programs structured as tax assessments and 2) through granting priority rights in foreclosure proceedings for homeowner associations. In issuing this statement, FHFA is acting in furtherance of its statutory obligations as regulator and conservator of Fannie Mae and Freddie Mac.
The existence of these super-priority liens increases the risk of losses to taxpayers. Fannie Mae and Freddie Mac, while operating in conservatorship, currently support the housing finance market by purchasing, guaranteeing, and securitizing single-family mortgages. One of the bedrock principles in this process is that the mortgages supported by Fannie Mae and Freddie Mac must remain in first-lien position, meaning that they have first priority in receiving the proceeds from selling a house in foreclosure. As a result, any lien from a loan added after origination should not be able to jump in line ahead of a Fannie Mae or Freddie Mac mortgage to collect the proceeds of the sale of a foreclosed property. However, as is detailed below, FHFA is concerned by some liens being advanced to “super-priority” status over Fannie Mae and Freddie Mac first-lien mortgages.