The piling on at Wells Fargo has reached an unprecedented level, even for a bank. Fifteen investigations are underway into Wells' phony account openings. Experts are quantifying the damage to Wells' reputation and what the bank can do going forward to repair it.
"I'm both," could be the answer a mobile customer of USAA and perhaps other financial institutions gets in the not-too-distant future from a virtual assistant powered by artificial intelligence, key nuggets of customer-specific data and other technology.
Executives pointed to cost reductions, revenue opportunities and improving returns as early indications of success. Management also touted Key's quick response to a integration snafu that "impacted a very small percentage" of First Niagara clients.
The planned sale of its aircraft leasing unit is expected to leave CIT awash in excess capital, making it difficult for it to achieve a 10% return on average tangible common equity by 2018. So the company said Tuesday that is bringing in Boston Consulting Group to identify cost cuts and revenue enhancements and help CIT hit its profitability targets.
WASHINGTON – The Treasury Department’s Financial Crimes Enforcement Network issued a reminder to banks that their obligations to report suspicious transactions also extend to certain cybersecurity attacks.
Consumer Financial Protection Bureau Director Richard Cordray has revived an ongoing dispute between banks and fintech firms over screen scraping, a method certain companies use to obtain access to consumer bank records.
The Consumer Financial Protection Bureau will require underperforming servicers to document the technology and process changes they're making to implement the agency's recently released servicing regulations.
Fannie Mae is planning to provide relief to lenders from potential buybacks for loans in which the borrower's income, assets and employment information have been validated through automated underwriting.
When the San Bernardino shooter obtained a loan online, he reportedly used his real name, which wasn't on the government's sanctions-screening list, underscoring the limitations of identity verification technology.
Banks are just as vulnerable to the kind of nation-state cyberattack Yahoo suffered, and can avoid some of the mistakes it made, says Samuel Visner of the consulting firm ICF and an adjunct professor at Georgetown University.
What's Next for Energy Lenders? Lots of 'Wound-Licking'
Expect banks to pull back on energy lending in the near term, as regulators step up their scrutiny of oil loans and bankers approach the business with a "different attitude," says Mariner Kemper, chairman and chief executive at UMB Financial in Kansas City, Mo.
Smart Questions (and Some Answers) About Community Banking
Does scale matter to a community bank? What does the disappearance of black-owned banks mean to the communities they served? What impact has regulation had on banking? Those questions were among the many addressed by researchers at the recent community banking conference in St. Louis hosted by the Federal Reserve and Conference of State Bank Supervisors.
'That's Just Really, Really Bad': Bank CEOs React to Wells Scandal
OK, so maybe they aren't mentioning Wells Fargo by name, but top banking executives have had plenty to say about the "recent headlines" surrounding banks' sales practices and compensation of branch employees. Here are some of their more noteworthy, and occasionally colorful, comments from third-quarter earnings calls and investor presentations.
The surprise vote by the U.K. in June to leave the European Union may encourage fintech startups in London to expand across the pond. That was the case with Duco, a financial data management startup, which recently added senior managers in New York. "Hiring talent in London was already hard on the tech side, and we think it's going to get even harder" says CEO Christian Nentwich.
This year federal and state regulators have started to pay closer attention to the rapidly evolving online-lending sector particularly online small-business lending. What follows is a look at eight key players in the debate over how to regulate this emerging industry.