The Latest
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FDIC's deposit rate cap fix gets mixed reviews
Emphasizing market share over branch numbers is progress, but weighing banks equally would have been better, an ICBA executive says.
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Deep Dive2020 election: Where the candidates stand on banking
Rep. Seth Moulton (D-MA) dropped out of the presidential race Friday. The Marine veteran wants to make it easier for lower-income households to get mortgage credit, and he co-sponsored bills to ease cannabis banking.
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Technology, reach make hot bargain chips in torrid banking M&A season
Smaller banks are finding it hard to keep up with tech costs. Larger banks want to expand their reach. That makes for a booming merger market.
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Cloud security burden falls on customer, Amazon exec says
Only customers have a true sense of "what they intended with resources under their control," Amazon Web Services' chief information security officer said after a senator asked about the company's role in Capital One's data breach.
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Credit union regulator issues guidance for banking hemp
At least two senators have written letters indicating that hemp businesses are struggling to open bank accounts because many financial institutions still question whether they can service the industry.
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FDIC, OCC approve Volcker Rule rewrite
The rewritten rule retains the ban on proprietary trading, gives lenders flexibility on hedge-fund investment, and eliminates the presumption that short-term transactions are actually banned trades.
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Bank of America files patent application for crypto wallet with tiered security
The system would boost security, the bank said, by letting customers use one password to access one tier of assets, and other passwords for further levels.
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Capital One buys robo-adviser United Income
The acquisition comes a year after Capital One took a 10% stake in the wealth management platform.
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Crypto exchange Binance to launch Libra-like currency
CEO Changpeng Zhou tweeted Monday that his exchange is not seeking to dominate Facebook's Libra with the Venus project. "Always happy to co-exist," he wrote.
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Closed Wells Fargo accounts charge customers overdraft fees: NYT
One employee in the bank's debt-collection department raised concerns after taking in an estimated $100,000 in overdraft fees over eight months.
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Trump phoned bank CEOs as stocks dropped Wednesday, sources say
The meeting was held on a day the Dow dropped 800 points, or 3%, amid warnings of a recession.
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Bias from AI lending models raises questions of culpability, regulation
The number of data points used in AI lending models — and a lack of diversity among people creating them — raise red flags.
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5 regulators respond to request for hemp banking clarity
Although the production and sale of industrial hemp was legalized last year, financial institutions still question whether services can be extended to businesses associated with the product.
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Small-business lending study shows racial disparity
More than half of black sole proprietors who applied for financing received none, a New York Fed study found.
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Capital One's hacker breached more than 30 organizations, prosecutors say
The servers found in Paige Thompson's bedroom held data from the bank and other entities, though the data is not personally identifiable information.
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Challenger banks ride record wave of venture capital, report shows
The startups raised $649 million from 17 deals in the second quarter of 2019, and year-to-date spending has already surpassed last year's.
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Big-bank leadership lacks diversity, House panel says
The boards of directors of the nation's largest banks are composed of only 29% women and 17% minorities despite a U.S. population that is more than 50% female and 40% nonwhite.
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Continued stall on payday rule is 'inexcusable,' advocates tell CFPB
Four groups accused the bureau of "abandoning its consumer-protection mission" when it failed to ask a court to lift its stay on a rule limiting how often payday lenders can access borrowers' accounts.
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Schumer asks regulators for clarity on hemp banking
Senate minority leader's letter highlights how hemp growers are facing some of the same reluctance from financial institutions as pot-related businesses.
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Venmo adds instant bank transfer feature
In the coming weeks, users will be able to transfer funds to their bank accounts within minutes for a 1% fee.
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OCC may curb CRA credit for loans to poorer areas' richer residents
A second suggestion to revamp the 42-year-old Community Reinvestment Act would give banks credit for investing in Opportunity Zones.
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Federal Reserve considers tool to reduce risk of downturn
Banks, whose profits are already under strain from low interest rates, may oppose enacting the buffer.
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Lenders shift focus as payday loans reach 13-year low in California
The state is trying to clamp down on a category of slightly larger, less-regulated loans to which lenders are migrating. Meanwhile, government data shows the industry's reliance on repeat and low-income customers.
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Puerto Rico insurer sues 5 US SIFIs for $720M in debt defaults
Subsidiaries of JPMorgan Chase, Citigroup, Goldman Sachs, Morgan Stanley and Bank of America are named in a lawsuit insurer MBIA Inc. filed in San Juan's Superior Court.
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Banks' use of social media matures, ABA finds
More than 80% of respondents said they "agree" or "strongly agree" that social media are important, up from 76% according to a parallel study the trade association conducted in 2016.
