Treasury Secretary Scott Bessent said the Federal Reserve Board should reject the renomination of any regional Federal Reserve Bank presidents who have not lived in their districts for three years, signaling a potential confrontation when reappointments come before the board in February.
Regulations proposed by New York State regulators provide stricter and more specific guidance than banks have received from the federal agencies, especially in areas like data encryption and multifactor authentication.
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The cross-border payments company appointed its first chief digital officer in April 2023 in its push to design products more intentionally for consumers.
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The largest issuer in the U.S. has added consumer perks to its collaboration with DoorDash in an effort to expand relationships in its payments business.
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The proposed Inclusion of TANs within the CFPB's Section 1033 rule is a mistake that threatens to undermine the security of financial transactions and undercut consumer choice and competition.
A near-collapse of the global software vulnerability database exposed critical weaknesses that could leave banks unable to track cyber threats.
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UBS is partnering with the technology developer SigFig to launch a robo platform for its 7,000 advisers, making this one of the most high-profile deals of its kind between a wealth management firm and a tech startup.
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Truxton Trust's approach is just one strategy banks are using attract more wealthy clients. But whether they are exploring out-of-market opportunities, staying local or employing robo-advisers, banks all have the same goals: to generate more fee income at a time when margins from lending continue to shrink.
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Sallie Krawcheck unveiled Ellevest, a digital investment platform for women and the latest of her female-oriented ventures, on Wednesday.
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JPMorgan Chase, Wells Fargo, Citigroup and U.S. Bancorp, along with 200 state-chartered banks and credit unions, have agreed to let borrowers skip payments for 90 days if their finances have been upended by the pandemic.
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The regulation issued late on Tuesday directs state-regulated financial institutions to give mortgage borrowers at least 90 days of forbearance if they can show financial hardship resulting from the coronavirus pandemic. It also requires banks and credit unions to provide relief on ATM fees and credit card late payment fees.
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With economists fearing high unemployment stemming from the pandemic, the housing finance system is grappling with how it will recoup lost revenue from delinquencies, forbearance plans and other tremors.
California's banking market, shaken up by big acquisitions and last year's crisis, is drawing financial institutions seeking opportunity.
Jim Richards, who served as the bank's head of anti-money-laundering compliance, says the Federal Reserve is wrongfully denying him compensation that was designed to keep him employed at Wells Fargo.
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It's hard to see FedNow as a revolutionary solution because it's not actually much newer, faster or cheaper in many cases than existing payment services.
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Congress must act to ban nonbanks from issuing stablecoins. The products are virtually equivalent to bank deposits, and should be regulated as such.
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There has been a recent surge in organizing efforts among credit union employees. To discourage this, leaders should pay workers well, provide good benefits and be accessible.
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The bank is a step closer to having its own U.S. dollar-pegged cryptocurrency. It could become the first major financial institution to issue a stablecoin.
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Recent high-profile ethics violations by senior Federal Reserve officials, including new revelations concerning stock trades by former Fed Gov. Adriana Kugler, have sparked debate over the effectiveness of the central bank's oversight, even as some observers stress such cases remain rare.
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The Swedish financial technology firm issued its first stablecoin and signed a gift card distribution deal with BlackRock. Also, EMVCo is examining AI's impact on processing and more in the American Banker global payments and fintech roundup.
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U.S. commercial banks and savings banks have reduced employment by nearly 81,000 since the first quarter of 2023, including a net loss of 7,463 positions during the third quarter of this year, according to a new report from KRBA Financial Intelligence. Big banks, which have been embracing artificial intelligence, were big contributors to the decline.
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The activist investor HoldCo Asset Management alleges that Comerica and Fifth Third used a "flawed" process to arrive at a $10.9 billion merger agreement. On Tuesday, a Delaware judge said she will hold a hearing to determine if the banks omitted material information in their public disclosures.
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The New York Stock Exchange disclosed the news on Monday of the sudden passing of its head of International Capital Markets.
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The U.K.-based banking giant will add a fintech that enables it to compete with Apple Pay, while Global Payments has added Uber Eats as part of its Genius-branded point of sale rollout. Plus: Visa has advanced account-to-account payments in the U.K. and more in the global payments and fintech roundup.
The 170-year-old Salem Five Cent Savings Bank has hired one private banker and could scale the business further if its performance matches management's expectations.
The 23rd annual ranking of women leaders in the banking industry.
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