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California governor to create state's own version of CFPB
The proposed California Consumer Financial Protection Law, which is expected to be unveiled Friday in the governor's state budget, would revamp the existing Department of Business Oversight.
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Chase raises Sapphire Reserve annual fee to $550, adds Lyft, DoorDash perks
The changes bring the card closer to its competitor, American Express Platinum, which already charges a $550 annual fee and gives certain dining and ride-share credits.
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Visa, Mastercard hold fast to gas stations' chip-card deadline
Fuel retailers were given an extra five years to upgrade to EMV technology, but 70% of convenience store owners in a survey said they still haven't done so.
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Treasury renews Comerica contract that came under fire in fraud suit
Retirees and veterans sued the Dallas-based bank last year over "sham investigations" they claim it conducted before rejecting loss claims.
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Banks to tighten third-party data access in 2020, experts say
Following recent moves by PNC and JPMorgan Chase, expect to see a "snowball effect" as financial institutions aim to boost security and control of personal information.
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Goldman revamps business units to highlight consumer growth
The bank eliminated a hard-to-predict investing and lending segment with the aim of boosting its stock and may unveil other strategic shifts at its first investor day this month.
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Citi wants to hire 2,500 coders in trading, investment banking
Goldman Sachs and JPMorgan Chase made similar advances last year; the former hiring 100 engineers on the trading floor, while a handful of JPMorgan coders were approved to trade cash equities.
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Former Wells Fargo execs could face criminal charges, sources say
It's a new year, but an investigation into the bank's scandal-ridden past could take center stage in 2020, sources told American Banker.
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Mastercard app to show loyalty rewards in augmented reality
Tapping on a digital rendering of golf clubs will open a pop-up that explains how cardholders can access a program to book tee times at resorts and room upgrades at hotels.
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Mastercard adds brand melody to original pop song
The full-length single, which debuted Wednesday during a performance at the Consumer Electronics Show in Las Vegas, will appear on a "Priceless" album slated for release this year.
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62% of breached data came from financial services in 2019
Capital One's data breach was a leading contributor to the amount of compromised data. But American Express and SunTrust have suffered the greatest number of breaches since 2009, with five apiece, a report showed.
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BBVA sets sights on Amazon with new pilot project
"The bank's intention is to move into offering banking products on the platform — an idea still to be fully explored," BBVA's Cristóbal Baeza said in a blog post.
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De novo activity fell in 2019 despite FDIC plea
The regulator conditionally signed off on a Utah startup in late December, bringing the number of 2019 approvals to nine. That's down from 15 in 2018, as capital requirements and executive turnover pose hurdles for new banks.
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JPMorgan Chase to ban fintechs from accessing customer passwords
The U.S.'s largest bank said it plans to issue tokens for access to a limited amount of data in a secure form, and is also working toward getting customers' passwords "out of the system."
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Banks cut nearly 78K jobs in 2019, a 4-year high
More than 80% of the cuts were concentrated in Europe, where negative interest rates and trade disputes are taking a toll. Deutsche Bank and HSBC account for more than 30,000 of the losses.
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Banks' biometrics efforts raise questions amid bias study, data breach
Barclays, Bank of America and Wells Fargo have all instituted some form of fingerprint, voice or eye-centered security measures, but a lack of clear guidelines could leave consumers' data vulnerable.
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Lawmaker wants FDIC to monitor 'rent-a-bank' arrangements
Some online lenders have indicated they would target California consumers but partner with out-of-state banks to avoid the state's interest rate cap, Rep. Katie Porter, D-CA, wrote to the agency's chair.
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Federal Reserve probes disruption of ACH payment network
It remains unclear how many banks were affected by processing delays over two days in mid-December. The cause was not immediately apparent.
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Wells Fargo board members may testify in 2020 over scandal, lawmaker says
If California Democrat Maxine Waters' request is fulfilled, it would be the first time the bank's board members would face the House Financial Services Committee.
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Pot banking bill suffers blow as Senate panel chair opposes it
Sen. Mike Crapo, R-ID, surprised the industry in July, when he said his committee would hold a hearing on the issue. The senator later said he planned to hold a vote on the bill by the end of the year.
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Green Dot CEO Steve Streit stepping down Dec. 31 amid C-suite shakeup
The share price at the legacy prepaid-card company has plummeted 60% since May, but the longtime leader expressed a reluctance to let go at a panel discussion this fall.
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Goldman Sachs bolsters climate policy with $750B goal, fossil-fuel restrictions
Until governments attach a price to some efforts, banks may have to police themselves, with help from clients and consumers.
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Regulators find shortcomings in 6 US banks' 'living wills'
Bank of America, Bank of New York Mellon, Citigroup, Morgan Stanley, State Street and Wells Fargo have until the end of March to address them.
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Truist's post-merger hurdle: Blending two cultures
BB&T and SunTrust have touted their deal as a merger of equals, but the new entity must reconcile cultural differences to retain employees and clients, a consultant says.
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Banking automation's potential can unlock more than $70B in value by 2025
AI enables human employees to focus on creating better personal experience, Accenture found, reinforcing BNY Mellon and JPMorgan Chase's strategies to ramp up tech spend.
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