community banking news
- Banking
The challenging path ahead for banks in the small-business realm
Banks are scrambling to adjust as digital technologies pioneered by payment companies and other nonbanks intensify competition for small-business customers.…
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Barclays to pay $2 million fine over stock trade-routing lapses
Barclays will pay a $2 million fine to resolve allegations that it sent client orders to its own trading venue…
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House Republicans challenge Fed’s ability to create CBDC without Congress
WASHINGTON — A group of Republicans on the House Financial Services Committee have asked Attorney General Merrick Garland for the…
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What the White House’s blueprint for an AI bill of rights means for banks
The White House has published an AI Bill of Rights that instructs banks and other companies on the kinds of…
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Can Fincen deliver on promised regulatory relief?
WASHINGTON — The Treasury Department finalized its beneficial ownership rule last week, but left timing on the elements that banks…
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Citi to offer 7-day sweeps as clients seek faster services
Citigroup plans to offer automatic-sweep products seven days a week as banks respond to clients’ demands for higher interest rates…
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The absurdist wait for the SAFE Act drags on
When it comes to federal cannabis legislation, it seems that the Secure and Fair Enforcement (SAFE) Banking Act could be…
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Most Powerful Women in Banking: No. 24, Angela Mago, KeyCorp
Only six years ago, KeyBank was nowhere to be found in a ranking of the top 25 banks for lending…
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Most Powerful Women in Banking: No. 22, Jill Castilla, Citizens Bank of Edmond
Jill Castilla is growing her main bank – and its remote affiliate. Citizens Bank of Edmond’s asset size grew 13%…
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Most Powerful Women in Banking: No. 20, Beth Johnson, Citizens Financial Group
When Citizens Financial Group wanted to streamline its home equity line of credit, the bank turned to its expert in…
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Most Powerful Women in Banking: No. 10, Cathy Bessant, Bank of America
After 40 years on the job, Catherine “Cathy” Pombier Bessant is well ensconced among the sparse but growing ranks of…
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Most Powerful Women in Finance: No. 22, Kara McShane, Wells Fargo
Kara McShane took over as head of the commercial real estate team at Wells Fargo at an inauspicious time: February…
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Most Powerful Women in Finance: No. 25, Maria Hackley, Citigroup
Maria Hackley, managing director and global co-head of industrials, banking, capital markets and advisory at Citi, understands how crucial it…
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Most Powerful Women in Finance: No. 23, Kate Burke, AllianceBernstein
NASHVILLE CORPORATE PHOTOGRAPHY Four years after AllianceBernstein announced it was relocating its headquarters from New York City to Nashville, the…
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Most Powerful Women in Banking: No. 3, Jennifer Piepszak, JPMorgan Chase
JOE VERICKER PHOTOBUREAU INC The consumer and community banking division at JPMorgan Chase surpassed $1 trillion in deposits in 2021,…
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Most Powerful Women in Banking: No. 4, Mary Mack, Wells Fargo
Making banking easier for every customer is the mission of Mary Mack, who leads 67,000 employees in Wells Fargo’s consumer…
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Most Powerful Women in Banking: No. 2, Marianne Lake, JPMorgan Chase
For Marianne Lake, innovation is not a straight line. “You can zig, you can zag, you can bob, you can…
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Most Powerful Women in Banking: No. 13, Kate Danella, Regions Bank
The Regions Bank website has many of the financial education features consumers have come to expect from banks: information about…
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Fed, FDIC plan for living wills sparks debate about best approach
New guidelines are coming for how large regional banks should prepare themselves for bankruptcies, but some policy experts are already…
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Main Street banks can avoid Wall Street’s WhatsApp fines. Here’s how.
The Securities and Exchange Commission’s assessment of $1.8 billion in fines against 11 Wall Street banks and their affiliates last…
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Why the administration is letting crypto burn
I’ve touched on this before, but as we embark on what may be the first plain-vanilla recession of the 21st…
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Will inflation drive more community banks into cost-cutting mode?
With the threat of recession lurking and loan demand slowing, a new theme could emerge during community bank earnings season…
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New York Fed taps BlackRock executive as legal counsel
NEW YORK — The Federal Reserve Bank of New York has hired a BlackRock executive to lead its legal division. …
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Fed says debit cards must connect to multiple networks, even online
Debit card issuers have nine months to ensure all transactions made with their cards — including card-not-present payments — can be…
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HSBC exploring sale of Canadian unit for latest disposal
HSBC Holdings is exploring a sale of its operations in Canada, the latest move to streamline the lender that is…
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CIBC shuffles leadership in U.S. division, investment banking unit
Canadian Imperial Bank of Commerce named Chief Risk Officer Shawn Beber as the new head of its U.S. division and…
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Banks, credit unions at various stages of recovery from Ian
Five days after Hurricane Ian cut a destructive path across parts of Florida, banks and credit unions are in recovery…
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Banks send $500 million to each other on day of blockchain launch
As small business and corporate customers increasingly ask for real-time payments, for certainty of settlement and efficient use of their…
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U.S. Bank launches cash-flow forecasting for small businesses
U.S. Bank has launched a cash-flow forecasting tool for smaller commercial clients, the latest step in the Minneapolis bank’s push…
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Wall Street-backed bitcoin firm NYDIG replaces CEO, president
The bitcoin firm NYDIG, which counts some of the biggest Wall Street banks as its partners, appointed a new chief…
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FDIC’s Gruenberg says banks shouldn’t depend on government assistance for climate risk
Acting Chairman of the Federal Deposit Insurance Corp. Martin Gruenberg told bankers that their institutions shouldn’t be “wholly dependent” on…
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Card debt app Tally triples valuation to $855 million
Tally Technologies, a startup that automates credit card payments, has tripled its valuation to $855 million in a funding round…
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Banks could be doing much more to serve Black Americans
Black Americans have historically had a challenging relationship with the financial services industry. From less access to financial institutions in…
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What buy now/pay later fintechs can expect next from the CFPB
No draconian rule-making has yet resulted from the Consumer Financial Protection Bureau’s recent examination of top buy now/pay later fintechs’…
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How banks can ward off competition for small-business clients
The traditional banking industry may need to improve its small-business product offerings to avoid losing customers to a new crop…
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Some Clover merchants suffering ‘intermittent issues’
Some users of Fiserv’s Clover point of sale system suffered issues accepting payments on Friday, a glitch the company was…
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California revises law that played key role in Wells Fargo scandal
California Gov. Gavin Newsom has signed legislation that remedies a problem Los Angeles prosecutors encountered several years ago during their…
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Credit union museum gives women leaders a long overdue spotlight
America’s Credit Union Museum is cementing the legacies of 20 female credit leaders icons who have championed the movement throughout…
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Venture debt, events, APIs: Small-business neobanks get creative
Neobanks once stood out for serving small-business owners with digital tools they couldn’t find at most traditional banks. But the…
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Michigan bank close to putting mortgage lending disaster behind it
It’s not often a $6 million penalty is the light at the end of the tunnel. But for Sterling Bancorp…
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Why Silicon Valley Bank is beting on buy now/pay later for businesses
SVB Financial, the parent company of Silicon Valley Bank, has led a $125 million credit facility to a technology company…
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Powell ducks Warren request for Fed officials’ trading records
Federal Reserve Chair Jerome Powell has deflected requests from a top critic, Sen. Elizabeth Warren, for details of financial transactions…
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Inside the CFPB’s case against MoneyLion
The Consumer Financial Protection Bureau has accused challenger bank MoneyLion of a slew of violations of consumer protection rules. MoneyLion…
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Amazon partners with Lendistry to expand small-business loan program
Amazon is rolling out a small-business lending platform in partnership with Lendistry, with plans to lend more than $150 million…
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Banks set to do battle in mock cyberwar
The U.S. financial services industry’s largest cybersecurity consortium is set to host a tournament that will pit banks’ cybersecurity teams…
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GOP-led states sue over Biden’s student loan forgiveness plan
The Biden administration was accused in a lawsuit by six Republican-led states of overstepping its authority with a plan to…
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Bank regulators to provide supervisory relief in wake of hurricanes
State and federal regulators are encouraging banks to work with borrowers hit hardest by Hurricanes Fiona and Ian this month.…
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Judge reverses Trump-era HMDA rule, forcing small mortgage lenders to comply
In a blow to small community banks, a federal judge reversed a rule enacted by the Consumer Financial Protection Bureau…
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As banks shutter branches, credit unions continue to build
The COVID-19 pandemic forced credit unions to rethink the function of branches, but recent data shows that they continue to…
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Fed taps six big banks for climate stress-test pilot
Six global systemically important banks will participate in the Federal Reserve’s pilot climate scenario analysis exercise next year. The Fed…
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