FALLING THROUGH THE CRACKS? Rep. Keith Ellison (left), D-Minn., has urged U.S. government agencies to collaborate more in order to preserve the pipeline of money transfers to Somalia. Undersecretary of State Wendy Sherman delivered a major speech on Somalia in June but failed to mention threats to the flow of remittances.
As concerns mount that Somali-Americans will lose their pipeline for sending money home, Washington's response has been marked by what critics see as secrecy, buck-passing and a lack of interagency coordination.

Top Stories

Banks with large mortgage operations are struggling with lower profit margins, detrimental fair-value accounting rules and new regulations that add cost. The market is discounting their stocks as a result, but many of these banks say the blanket assessment is unfair.  more »
Summer has come and gone in the nation's capital with regulators gearing up for an array of autumn policy moves affecting the financial services sector.  more »
The Justice Department's recent $16.6 billion deal with Bank of America over crisis-era mortgage fraud has raised fresh questions over a perceived lack of transparency in the settlement process.  read more »
More U.S. banks are dropping Somali money transmitters as regulators crack down on the risk of terrorist financing at remittance houses serving the war-torn East African nation. Banks are familiar with regulatory tight spots, but rarely do their responses have life and death consequences, as is the case here.  read more »
Disruptors
Apple's iCloud Scandal Problematic for iWallet
For Apple, the timing couldn't be worse to launch a mobile wallet. Mobile wallets can be a tough sell for many consumers, and brand image is a key element in winning their trust.  read more »
Partner Insights
As consolidation heats up, bankers are pushing back against lawsuits challenging a deal's merits. Experts say the law firms pursuing litigation are motivated by fees and often withdraw when bank lawyers use legal maneuvers to lengthen the process.  read more »
All banks, regardless of size, must invest more in technology despite shareholder pressure to cut costs, said Victor Nichols, a former CIO at Wells Fargo and current director at Bank of Hawaii.  read more »
Marketplace
Fiserv is a leading global provider of information management and electronic commerce systems for the financial services industry.
Learn More
Informa Research Services is the premier provider of competitive intelligence, mystery shopping, and compliance testing services to the financial industry.
Learn More
CSC is a leader in private-label, third-party loan servicing with 30+ years of proven experience in delivering effective, cost-effective solutions.
Learn More
Already a subscriber? Log in here
Please note you must now log in with your email address and password.