Senate Banking Committee Chairman Tim Scott, R-S.C., flatly denied multiple pleas from Democrats to consider their amendment to a crypto market structure bill being marked up in the committee Thursday that would make banking industry-favored changes to the yield provision. The committee passed the measure in a 15 to 9 vote.
As Americans lose more money to scams every year, the nation's largest bank has made a major investment in anti-fraud efforts.
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The neobank put its multi-use card in the hands of even more consumers in the first quarter, reaching 5 million users. That has resulted in increased membership fees and average revenue per consumer compared with non-card-wielding customers.
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Lawmakers are moving toward a compromise that would ban yield payments on stablecoins, but allow other rewards. The distinction is functionally meaningless, and leaves small banks in danger of losing deposits.
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The payment company will waive transaction fees totaling about $30 million for veteran-owned, farming, manufacturing or technology-based small businesses following an investigation into a 6-year-old former investment program designed for Black and minority-owned small businesses.
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NASAA's proposal would align state laws with the SEC's marketing rule, eliminating concerns advisors have about running afoul of more local laws as they accept testimonials and reviews.
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Marketing experts say that advisory practices trying to grow organically must be thoughtful about the button that offers website visitors a meeting — or they could lose the prospect altogether.
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Stephan Feldgoise and Joshua Schiffrin will join Goldman Sachs' management committee; Fidelity Investments is dismissing about 800 personnel as it restructures its technology and product-delivery teams; Citi has hired JPMorgan's André Ross as its country officer and banking head for South Africa; and more in this week's banking news roundup.
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The Federal Housing Administration put an end to pandemic-era relief last year, triggering a 28% jump in foreclosures on FHA loans in the first quarter and an expected spike in defaults ahead.
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Regulatory proposals are boosting interest for banks to grow in mortgage, but sustainability demands deliberate, rather than reactive, strategy, experts say.
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Employers hired an additional 115,000 workers in April, while unemployment remained unchanged at 4.3%. Despite the positive headline figure, a spike in newly unemployed workers and a rising number of underemployed workers suggests instability under the surface.
In addition to 10 new AI agents for financial services, the company announced partnerships with software and data providers FIS, Microsoft, Verisk, Third Bridge, Fiscal AI, D&B, Experian, GLG, Guidepoint and IBISWorld.
The 90-day-plus delinquency rate on student loans hit 10.3% in the first quarter, and New York Fed researchers warn that a second wave of defaults could be coming. Evidence is mixed regarding the likely impact on other consumer-lending segments.
The Federal Deposit Insurance Corp. waived through the Jeep, Ram, Dodge and Chrysler manufacturer's application to conduct banking activities. While banks have opposed ILCs in the past, other charters pose more pressing competitive threats at the moment.
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Financial institutions, regulators, and developers are aligning around a common goal of creating infrastructure that makes our global financial system faster, more efficient, and more secure.
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There are a lot of worrisome things going on out there, but the credit markets overall appear to be okay. For now. And that, really, is all that matters.
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Allowing clients to surrender or lapse life insurance policies before gauging value on the secondary market amounts to a fiduciary fail, argues Cole Hallman of Citizens Life Group.
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As Americans lose more money to scams every year, the nation's largest bank has made a major investment in anti-fraud efforts.
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At its first investor forum since 2023, Affirm outlined its plans for Affirm Edge, an attempt to build broader networks for its buy now/pay later loans through bank integrations.
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At its first-ever investor day, the Phoenix-based bank fended off questions stemming from two recently disclosed problem loans, including one that resulted in a $126 million charge-off.
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The community bank trade group says crypto firms are combining stablecoin rules, Fed master account access and trust charters to replicate banking without bank rules.
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The Canadian bank signed an agreement to sell the businesses to Stonepeak, an alternative investment firm in New York. The move will free up capital and allow the bank to invest in higher growth-potential areas.
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Call for submissions for women 40 years and younger who are rising leaders at their bank or financial institution.
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American Banker is accepting applications for the Best Banks to Work For program. The annual ranking, which is now in its 14th year, is a showcase of banks that prioritize strong employee engagement, a positive corporate culture and plenty of employee support.
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Think your credit union has one of the best workplaces in the country? Here's how to apply for American Banker's ranking of the Best Credit Unions to Work For.
The 23rd annual ranking of women leaders in the banking industry.
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