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Key insights: The Office of the Comptroller of the Currency denied Wise’s application to charter a de novo national trust bank, citing deficiencies in the company’s Bank Secrecy Act, Anti-Money Laundering and Countering the Financing of Terrorism programs. What’s at stake: The decision marks the OCC’s first public denial of a fintech’s charter application following…
Frustrated by slow sales and stubbornly high construction costs, U.S. home builders reported declining market outlooks in July as the housing market turned the corner into the second half of 2026. In their jointly produced Housing Market Index (HMI) published Thursday, the National Association of Home Builders (NAHB) and Wells Fargo said measures of current…
Transcription: Transcripts are generated using a combination of speech recognition software and human transcribers, and may contain errors. Please check the corresponding audio for the authoritative record. Penny Crossman (00:11):Hi, I’m Penny Crossman, tech editor at American Banker, and I am here with Kara Kennedy, who is global co-head of Connexus, which is JP Morgan…
Budget-conscious individuals aiming to enter the housing market are finally experiencing some relief as the national inventory of starter homes begins to improve, according to recent Redfin research. However, similar to many facets of the housing sector, the recovery is still slow and significantly varies by region. A starter home is characterized by economists at…
Specialist lender Rely has completed a £2.4 million multi-unit freehold block (MUFB) remortgage for a portfolio landlord in Northumberland, secured against a 55-unit residential property valued at £3.2 million. The transaction involved refinancing a fully refurbished residential block held on a single freehold title. The borrower, described as an experienced portfolio landlord with existing relationships…
At the provincial level, British Columbia and Ontario led the national retreat, each posting a 5.3% year-over-year decline to average asking rents of $2,377 and $2,233, respectively. Alberta fell 4.2% to $1,766, while Quebec saw a 2.2% drop to $1,929. The sole regional exception was Atlantic Canada, where average asking prices rose 5.3% to $2,271….