Banking
-
Inflation Reduction Act heads to Biden’s desk
The House has passed the Inflation Reduction Act of 2022, a sweeping legislative package that looks to lower healthcare costs,…
Read More » -
Banks, credit unions broaden efforts to recruit disabled workers
With job opportunities for people with disabilities lagging, banks and credit unions are consulting with advocacy groups and entering partnerships…
Read More » -
PNC nixes fees for nonsufficient funds
PNC Financial Services Group is joining the growing list of banks that are no longer charging fees to customers who…
Read More » -
Warren renews push for SEC to crack down on insider stock sales
A group of Democratic senators led by Elizabeth Warren is redoubling efforts to get Wall Street’s main regulator to clamp…
Read More » -
MVB to buy government-guaranteed lender for $98 million
MVB Financial in Fairmont, West Virginia, has agreed to buy Integrated Financial Holdings in North Carolina for $98 million in…
Read More » -
Fireworks, cow videos, giveaways: How banks are embracing TikTok
First National Bank of Omaha first popped up on TikTok at the end of June with a 14-second montage of…
Read More » -
Sanction all Russian banks, Ukraine’s envoy to the U.S. urges
Ukraine is calling on President Biden’s administration to sanction all Russian private banks to help end President Vladimir Putin’s ability…
Read More » -
The true cost of misleading headline inflation statistics
Several key government-reported headline statistics present a distorted view of reality for most Americans, with the impact extending far beyond…
Read More » -
Mastercard faces retailer backlash over installment payments
Mastercard is facing pushback from retailers over a new product that allows customers to pay off their purchases in installments. …
Read More » -
Marqeta’s C-suite shake-up accompanies a shift to add large banks
The pandemic-era boom for neobanks and fintechs is correcting, leading Marqeta to search for different clients and new leadership. Jason…
Read More » -
Regime change is underway at Republic First
Harry Madonna, the founder of Republic First Bancorp in Philadelphia, is once again steering the company after a messy power…
Read More » -
Fitch downgrades PacWest, citing ‘deterioration’ of key capital ratio
The credit rating agency Fitch Ratings has downgraded PacWest Bancorp and its banking subsidiary, Pacific Western Bank, citing the company’s…
Read More » -
MoneyGram accuses CFPB of ‘venue shopping’ in lawsuit
When the Consumer Financial Protection Bureau sued MoneyGram International in April, the lawsuit was filed in New York because New…
Read More » -
Payments billionaire found to have knowingly deceived customers
FleetCor Technologies Chief Executive Ron Clarke successfully pitched small businesses on “a better way to pay” for gas, making himself…
Read More » -
What banks can learn from phishing attacks on Cloudflare, Twilio
Threat actors targeted two major tech firms with nearly identical phishing schemes last week. In one case, attackers gained access…
Read More » -
Fannie, Freddie both pass 2022 stress test despite misalignment on risk rating
Fannie Mae and Freddie Mac, the government-backed mortgage companies, would face a combined credit loss of more than $17 billion…
Read More » -
CFPB to crack down on financial firms’ protection of consumer data
Financial companies that don’t protect consumer data may violate federal consumer protection law, a federal agency said. The Consumer Financial…
Read More » -
A ‘behind the scenes’ BNPL firm seeks to bring banks to the market
The buy now/pay later market has a big gap that needs to be bridged between fintechs on one side and…
Read More » -
For teens struggling to understand money, banks try to teach financial education
When asked what mitochondria are, many high school students will not let a beat go by before they proudly answer,…
Read More » -
BlackRock offers bitcoin investing to big institutional clients
BlackRock is offering its first-ever investment product directly in bitcoin, marking a significant move into crypto markets by the world’s…
Read More » -
Native American CDFIs want bankers to see them as partners, not rivals
Native community development financial institutions want banks to provide them with access to capital to help them meet the high…
Read More » -
Sen. Warren blasts Fed for withholding trading records
U.S. Sen. Elizabeth Warren rebuked Federal Reserve Chair Jerome Powell for withholding information on trading by central bank officials during…
Read More » -
What Michael Barr’s senior advisor pick says about Fed politics
Michael Barr, the Federal Reserve’s newly installed vice chair for supervision, has selected a career staffer from within the central…
Read More » -
JPMorgan gold traders found guilty in Chicago spoofing trial
The former head of the JPMorgan Chase precious-metals business and his top gold trader were convicted by a federal jury…
Read More » -
CFPB says Big Tech digital marketers are liable for unfair, deceptive practices
The Consumer Financial Protection Bureau said that digital marketing firms that use algorithms or other analytics to target specific customers…
Read More » -
Coinbase under SEC scrutiny over its crypto-staking programs
Coinbase Global said it’s being probed by the Securities and Exchange Commission over its staking programs, which allow users to…
Read More » -
Taking over REI credit card, Capital One drops mobile payment incentive
Capital One Financial has added REI Co-op, the outdoor equipment retailer, to its expanding clutch of co-branded retail credit card…
Read More » -
Durbin, Whitehouse, Sanders join effort to revoke OCC crypto guidance
WASHINGTON — Three prominent Democratic senators joined an effort to eliminate Trump-era regulatory guidance that cleared national banks to explore…
Read More » -
CFPB hits mobile saving app Digit with $2.7M fine for overdraft charges
The Consumer Financial Protection Bureau slapped the San Francisco technology firm Digit, a unit of consumer lender Opportun, with a…
Read More » -
Plaid deal lets Wise customers use fintech apps bank-free
Data aggregator Plaid and cross-border payment provider Wise have forged an agreement through which Wise will work directly with the…
Read More » -
M&A jitters abound, but some banks forge ahead
Bank merger-and-acquisition activity, overall, has slowed substantially in 2022 amid lofty inflation, rising interest rates and downward pressure on stocks.…
Read More » -
CFPB warns of risk from data-hungry payment apps and lenders
The Consumer Financial Protection Bureau warns in a new report that rapidly evolving buy now/pay later services, embedded commerce and…
Read More » -
Fed blasted by GOP for ‘obstructionism’ over Bloom Raskin files
Republicans on the Senate Banking Committee are vowing to pursue legislation mandating more transparency from the Federal Reserve after learning…
Read More » -
Is CFPB moving the target for addressing immigrants’ financial needs?
In a June 27 blog post titled “Identifying and addressing the financial needs of immigrants,” the Consumer Financial Protection Bureau…
Read More » -
Huntington recruits Truist executive in effort to bolster key unit
Huntington Bancshares in Columbus, Ohio, has bolstered its consumer and business banking leadership team, adding an executive from Truist Financial…
Read More » -
Top community banks: How SBA lending and expansion lifted one winner
The top-performing community banks this year were connected by two common threads: specialization and expansion. Banks that specialized in certain…
Read More » -
Virginia Credit Union’s three-year bid for expansion is shut down
State regulators have shot down a bid by Virginia Credit Union to expand its membership to include a statewide medical…
Read More » -
Banking groups plead with Biden administration for bigger crypto role
WASHINGTON — The nation’s top banking trade associations told the Biden administration that its cautious approach to digital assets is…
Read More » -
First Republic names Susie Cranston next COO
First Republic Bank continued the revamp of its senior management team by appointing Susie Cranston its next chief operating officer.…
Read More » -
Student-loan freeze led to big credit score gains, N.Y. Fed says
The pandemic-era freeze on student debt payments has “dramatically” improved credit scores for Americans who borrowed money to pay for…
Read More » -
Bank of America caters to employees of its commercial clients
A few years ago, the cloud software company Blackbaud decided to launch a strong financial wellness program for employees as…
Read More » -
Horizon’s new president signals a shift in its M&A strategy
Thomas Prame, who was named president of the $7.6 billion-asset Horizon Bancorp last week, is setting out to help his…
Read More » -
Bank comparison sites recast themselves, with help from celebs
Bank and loan comparison sites like Credit Karma and LendingTree took a hit at the beginning of the pandemic as…
Read More » -
Upstart seeks more stable funding after ‘unacceptable’ revenue drop
The online consumer lender Upstart Holdings projected a steep decline in revenue Monday, but also expressed confidence that its artificial…
Read More » -
Regions promotes executive to head strategy, corporate development
Regions Financial in Birmingham, Alabama, has promoted Tom Speir to head of strategy and corporate development, where he is responsible…
Read More » -
Why the fintech lender Avant is partnering with Major League Soccer
The fintech lender Avant will have a major presence in Saint Paul, Minnesota, this week amid the hoopla surrounding Major…
Read More » -
Morgan Stanley taps its treasurer as president of banking units
Morgan Stanley tapped its treasurer to help run its banking units, where it’s been building out its lending business over…
Read More » -
Banks hint at legal challenges to CRA rewrite
WASHINGTON — Banking groups asked for a longer timeframe and significant changes to the rewrite of the Community Reinvestment Act,…
Read More » -
How neobanks can become profitable despite the odds
While some neobanks have recently run into financial challenges, others have rerouted themselves to a path to profitability. These companies,…
Read More » -
CEO of Mid Minnesota Federal Credit Union retiring
Chuck Albrecht, longtime president and chief executive of Mid Minnesota Federal Credit Union in Baxter, is retiring. The $650 million-asset…
Read More »
