banking news today
- Banking
Black caucus ups pressure on Biden to cancel student debt
The Congressional Black Caucus is requesting a meeting with President Biden to press the case that canceling student-loan debt is…
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Dimon sets out to win back JPMorgan shareholders after stock slide
Inside JPMorgan Chase, senior executives are counting on an investor day to redeem themselves from a routine January conference call…
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Agility Bank founder raves about the tech benefits of starting from scratch
As she designed and built a new bank that will launch Monday, Lauren Sparks was careful not to overly rely…
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Fed nominee Barr ‘well positioned’ for confirmation after Senate hearing
WASHINGTON — Michael Barr, the Biden administration’s second pick to become the Federal Reserve’s chief banking regulator, faced little resistance…
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7 data breach reporting rules banks need to understand
On May 1, the protocols U.S. financial institutions must follow after a cybersecurity breach changed, and more changes are still…
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Women-owned bank to open in Houston
Agility Bank will open its doors in Houston next week as a Minority Depository Institution primarily owned and led by…
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How credit unions in California, Hawaii are rethinking branch models
Credit unions are modernizing their branch networks by incorporating smaller, more efficient designs and creatively managing real estate. Institutions in…
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Ally’s wealth business adds humans to complement robo advisors
Ally Financial has launched a new wealth management offering, hiring a team of human advisors in an effort to complement…
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Mastercard to cover employees’ travel for out-of-state abortions
Mastercard said it would help pay for workers to travel to access abortions if pregnancy terminations aren’t available in their…
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Plaid expands beyond data aggregation into ID and fraud tech
Plaid is branching out from its role as provider of bank account data to fintechs. It now strives to become…
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Regulators plan public hearings on TD, BMO deals
Federal regulators on Tuesday scheduled public hearings on two large bank mergers — a move that indicates they are opting…
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A journey into the metaverse with Quontic Bank
Quontic Bank’s newest branch has pillars framing a grand entrance and graffiti scrawled along the base. Inside, posters advertise Quontic’s…
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Berkshire tweaks bank play with $2.9 billion bet on Citi
Warren Buffett’s Berkshire Hathaway, which cut many bank holdings as the pandemic bore down on the U.S., is back with…
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Four ways cannabis banking could cross the finish line in 2022
WASHINGTON — The legalization of cannabis banking looks as likely as ever, but the road lawmakers will take to get…
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Wells Fargo names new head of its financial advisory unit
Wells Fargo has promoted Sol Gindi to lead Wells Fargo Advisors, turning to a former JPMorgan Chase executive to lead…
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Grocery shoppers hunger for buy now/pay later, Affirm says
Affirm reported healthier earnings in the most recent quarter than it had in previous earnings seasons, but some of investors’…
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Remote notarization is becoming a must-have offering
Notarizing documents entirely over video was a matter of safety at the beginning of the pandemic, when people were eager…
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A mixed outlook for small-business lending
Two thirds of U.S. small-business owners reported a successful 2021 and solid momentum heading into this year, helping to explain…
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Less than four years after shooting, Fifth Third faces hostage situation
Less than four years after a fatal shooting at Fifth Third Bancorp’s headquarters in Cincinnati, an armed man entered one…
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CFPB ramps up enforcement hiring
The Consumer Financial Protection Bureau is hiring 20 additional enforcement attorneys as the bureau ramps up investigations of repeat offenders…
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Truist reckons with customer backlash after integration snags
Early last fall, Truist Financial in Charlotte, North Carolina, found itself in a favorable position. The $536 billion-asset company had…
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Crypto companies are turning to Bermuda as U.S. eyes crackdown
As crypto companies face growing scrutiny from policymakers in the U.S., they are increasingly turning to friendlier and less bureaucratic…
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JPMorgan, Goldman exploited ‘loophole’ in Russia sanctions: Lawmakers
A pair of Democratic lawmakers, Sen. Elizabeth Warren of Massachusetts and Rep. Katie Porter of California, are questioning whether Goldman…
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Bank of Idaho to purchase five branches in Washington state
Bank of Idaho in Idaho Falls has entered into an agreement with HomeStreet Bank in Seattle to purchase five of…
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Keynova gives Bank of America high marks for online banking
Bank of America tops competitive intelligence firm Keynova Group’s semiannual analysis of the best online banking customer experiences for the…
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Four Minnesota credit unions join forces to capture more commercial loans
Most credit unions do commercial lending, but when business members seek loans above a certain dollar amount the credit unions…
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U.S. regulators considering Plan B if Congress fails to act on crypto
Financial market regulators are considering steps they could take to rein in the crypto market if Congress doesn’t pass legislation,…
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Maryland credit union service organization acquires Wisconsin CUSO
The Cockeysville, Maryland-based credit union service organization Think Stack has purchased the Milwaukee-based CUSO Emergifi. Think Stack’s acquisition of Emergifi,…
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Senators call for Fincen to accelerate money laundering reforms
WASHINGTON — A bipartisan group of senators urged the Treasury Department and Financial Crimes Enforcement Network to implement the Corporate…
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Visa curates a pool of buy now/pay later partners for issuers
Almost two years after unveiling its program for Visa credit card issuers to get into the fast-growing buy now/pay later…
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Why 1 billion women are excluded from the financial system
In the Ukrainian refugee crisis, “women are much less likely to have identification and the proper documentation and even less…
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SEC extends comment period for climate rule to June
WASHINGTON — The Securities and Exchange Commission will extend the public comment period for its landmark climate disclosure proposal by…
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Fed sees limited fallout for U.S. banks from war in Ukraine
The impact on U.S. banks from Russia’s invasion of Ukraine has been limited, the Federal Reserve said in a report…
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Public banks: A viable, safe way to leverage public money
There is value and incentive for states, localities and other governmental entities to create a public bank to localize their…
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Lawmaker scrutiny of overdraft intensifies as industry urges caution
WASHINGTON — Congressional Democrats’ scrutiny of banks and their overdraft fee programs is intensifying, even as industry representatives ask lawmakers…
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U.S. Bank ‘uncertain’ when deal for MUFG Union will get green light
U.S. Bancorp says that regulatory approval of its $8 billion deal for MUFG Union Bank may take longer than previously…
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Stripe adds tech for Plaid-like account aggregation
As Stripe’s small business customer base passes 3 million, the fintech is attempting to cement ties between those businesses and…
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United Community to acquire Alabama bank for $271 million
The acquisitive United Community Banks is paying $271.5 million in stock to take out Progress Financial Corp. in a bid…
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Payments startup Affirm teams up with Fiserv in latest expansion
Affirm Holdings, the buy now/pay later startup led by former PayPal Holdings co-founder Max Levchin, will be offering its services…
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Nova Credit tech turns bank account data into credit assessments
Since lending first began, banks have always used information from customers’ accounts to determine whether they were credit-worthy. But most…
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Citigroup is in ‘active dialogue’ for sale of its Russia retail operations
Citigroup is in “active dialogue” with potential buyers of its consumer and commercial banking operations in Russia, Chief Executive Jane…
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Citi’s London trading desk behind rare European ‘flash crash’
Citigroup’s London trading desk was behind a flash crash in Europe that sent shares across the Continent tumbling after a…
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Citi’s plans for its $1 billion tech budget in corporate banking
Citi is stepping up technology spending on its corporate banking side to $1 billion, 40% more than its 2020 expenditures. …
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China EV Sales Tumble As Covid Lockdowns Hit Production
Nio stock reported a big decline in April EV deliveries on Sunday after Nio (NIO) briefly halted production during the…
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Market Correction Intensifies; What To Do Now
Dow Jones futures will open on Sunday evening, along with S&P 500 futures and Nasdaq futures. Warren Buffett cut Berkshire…
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Deutsche Bank searched over anti-money-laundering report
Deutsche Bank’s offices in Frankfurt are being searched by law enforcement authorities over reports about potential money laundering that were…
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Four worries bank cybersecurity experts face
Few banks have a corporate leadership structure that puts cybersecurity executives close to the top of the organization, according to…
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