The Latest
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NY regulator asks financial institutions to share diversity data
Superintendent Linda Lacewell cited the impacts of the COVID-19 pandemic, racial injustice and climate change as primary reasons entities should boost diversity.
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Clearing House urges caution on CBDCs
A Federal Reserve-backed digital currency could "destabilize both the domestic and foreign banking and financial services sectors," the payments system operator said.
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SBA launches streamlined PPP forgiveness portal
The agency said more than 600 banks have opted in to the program, representing 30% of loans $150,000 or less that have not yet applied for forgiveness. The portal will begin accepting applications Aug. 4.
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Chip Somodevilla via Getty Images
ColumnStablecoin meeting's focus finally comes to light
Tether and Diem were reportedly the focus of last week's "act-quickly" directive. The Justice Department is allegedly probing whether executives behind Tether hid from banks that transactions were linked to cryptocurrency.
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Morgan Stanley bumps first-year analyst base pay to $100K
The move leaves Goldman Sachs among the last holdouts whose starting salary is under the six-figure threshold. However, the bank's fiscal year ends Saturday, and compensation tweaks typically follow shortly thereafter.
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Permission granted by Citizens Financial Group
Citizens Financial to acquire Investors Bancorp in $3.5B deal
The transaction, expected to close in the first or second quarter of 2022, will put Citizens' assets above $200 billion, and propel the bank to the top 10 in deposits among retail and commercial banks in the New York City market.
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Sen. Cory Booker clarifies SAFE Banking Act support
"For me, a good bipartisan bill like the [SAFE] banking bill is a necessary sweetener to get people to move along on the equitable justice elements that are really critical," he said.
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Fiserv, Goldman strike pact on cross-border payments
The move follows more than a month after the investment bank and card network Visa partnered to bolster corporate and commercial clients' ability to send payments to businesses and consumers worldwide.
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Opinion
A new leaf for the bank branch
A café might be a reason to visit a bank branch. But a customer journey map would let banks see how customers interact with digital channels outside the branch and inform digital-first branch remodeling.
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M&T Bank to cut more than 700 jobs following People's United takeover
The Buffalo, New York-based bank anticipates it will save about $330 million in annual expenses that would otherwise be duplicated as a result of its $7.6 billion acquisition of People's United.
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Plaid taps former bank execs to help reach data-sharing goal
The company's mission to forge stronger relationships with banks and increase its API traffic comes amid a sometimes less-than-amicable interplay between data aggregators and financial institutions.
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Crypto firm hires ex-CFPB chief Kraninger
She'll serve as vice president of regulatory affairs at Solidus Labs. The digital asset space has become a frequent landing spot for former regulators, including ex-Acting Comptroller Brian Brooks.
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Permission granted by HMBradley
Neobank HMBradley shifts to invite-only, seeks more partner banks
The fintech has accepted more than $400 million in deposits since its 2019 launch and has seen a 300% increase in deposits since January, leading its partner to pump the brakes, its CEO said.
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Eduardo Munoz Alvarez via Getty Images
NJ, Texas order BlockFi to stop offering interest accounts
A third state, Alabama, gave the crypto exchange 28 days to show why it should be allowed to keep selling the product to state residents. At issue is whether the offering is a security.
UPDATED: July 23, 2021 at 11:44 a.m. -
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ColumnBank of America, Deutsche and the case of the summer sequel
Commitments to de-emphasize overdraft fees, boost junior banker pay and refresh banks' card suites are hardly new. This week offers deeper tread on well-worn narratives.
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Permission granted by Office of the Comptroller of the Currency
OCC to rescind Trump-era revamp to anti-redlining rule
"While the OCC deserves credit for taking action to modernize the CRA through adoption of the 2020 rule, upon review I believe it was a false start," Acting Comptroller Michael Hsu said in a statement.
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Square launches business banking, savings products
Banking will allow Square to strengthen client relationships and drive higher customer lifetime value as it targets sellers who use the company's payment devices and inventory-management products, analysts said.
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Chip Somodevilla via Getty Images
Yellen urges regulators to 'act quickly' on stablecoins
Regulators have expressed concern that a lack of transparency with regard to tokens pegged to fiat currencies may mean the companies issuing them don't have adequate reserves.
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Matt Cardy via Getty Images
Failed payments cost North American banks $33.7B in 2020: report
Respondents ranked the reduction of manual processes as the top challenge they face during payment processing, followed by regulation and balancing accuracy with speed, the report found.
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Permission granted by Cambridge Savings Bank
Cambridge Savings Bank launches digital bank to expand national reach
The Massachusetts-based bank said its "Ivy Bank" platform has been in the works for the past two years and will aim to compete with other digital-only banks in the marketplace.
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Courtesy of Wells Fargo multimedia resources
Wells Fargo lays out two-wave strategy for office return
Operations and call center workers will return to the office Sept. 7. Technology, corporate and back-office workers will return in October. And some New York- and North Carolina-based bankers will be invited back Aug. 2.
UPDATED: July 27, 2021 at 7:01 a.m. -
Spencer Platt via Getty Images
Remote work offers test for banks amid 40-fold surge in malicious cyber activity
Incidents of phishing, malware and ransomware jumped from 5,000 per week before the pandemic to 200,000 per week in April 2021, the Financial Stability Board found in a report last week.
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Carol Highsmith. (2005). "Apex Bldg." [Photo]. Retrieved from Wikimedia Commons.
LendingClub to pay $18M to settle 3-year FTC dispute
The settlement requires the online lender to "clearly and conspicuously" disclose origination fees. But a recent Supreme Court ruling may alter the way the regulator seeks restitution.
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SAFE Banking secondary to comprehensive pot reform, Senate Democrats say
The new bill, unveiled Wednesday, could become a setback for the future of the SAFE Banking Act, after lawmakers said the comprehensive reform would take priority over the more narrow banking bill.
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Chip Somodevilla via Getty Images
Powell clarifies timeline on Fed CBDC paper
In two congressional hearings, lawmakers grilled the central bank chair on digital dollar development and pressed for his second term — or a change in leadership.
