Royal Bank of Canada now expects to achieve an annual return on equity of at least 17% by 2027, executives said Wednesday, up one percentage point from the bank's earlier goal.
The Federal Financial Institutions Examination Council has released updated cybersecurity guidance for bank examiners.
-
The superregional bank is buying Salucro Healthcare Solutions for an undisclosed amount. Salucro provides online billing and payments services to health care providers.
-
As with EVs, digital money was a niche product for years before gaining widespread acceptance. Now, digital blockchain-based monies might be on the verge of a major breakthrough.
-
Banks are boosting their use of new machine learning to improve security risk, but securing international transactions presents a different set of challenges.
A near-collapse of the global software vulnerability database exposed critical weaknesses that could leave banks unable to track cyber threats.
-
With the purchase of Sweep, Max Levchin's firm is betting that daily engagement with consumers will pay long-term dividends.
-
The scramble to cut costs at State Street continues as the custody bank seeks to make up for declining fees and add revenue-generating businesses.
-
The Fed's December interest rate hike helped PrivateBancorp's first-quarter profit, as yields rose on its variable-rate loans.
-
A new study finds that along with fears about employment, nearly half of those who have savings or an emergency fund are dipping into their reserves as a result of the coronavirus.
-
The Federal Housing Finance Agency authorized the government-sponsored enterprises to lend additional support to the mortgage-backed securities market and temporarily allow some flexibility in lending requirements to address coronavirus-related concerns.
-
Accommodations for borrowers affected by the coronavirus pandemic, such as payment delays and fee waivers, are "positive and proactive actions that can manage or mitigate adverse impacts," several banking agencies said.
Anthony Gressak III, who also served as interim CEO of Nano Banc, allegedly obtained pandemic relief funds fraudulently.
Julian, the bank's onetime audit chief, recently agreed to settle with the Office of the Comptroller of the Currency for a tiny percentage of the $7 million the agency had been seeking. In an interview, he spoke about the expensive legal fight and who bears responsibility for the bank's fake-accounts scandal.
-
The Basel III: Endgame proposal, as well as forthcoming proposals on living wills, uninsured deposits and long-term debt are coming as banks' interest rate margins are getting slimmer, loan demand is weakening and bank credit seems headed for a downgrade. That's a lot of headwinds for the banking industry.
-
Under the proposal being considered by the agency, recipients of public benefits would be unable to enjoy the same access to their financial data given to other citizens.
-
The central bank might be able to avoid a recession, but must not sacrifice the economic well-being of communities harmed the most by high interest rates.
-
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.
-
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.
-
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.
-
The New York Stock Exchange disclosed the news on Monday of the sudden passing of its head of International Capital Markets.
-
Bank of Marin Bancorp in Novato has sold a big chunk of low-yielding securities, replacing them with investments that should produce significantly more income.
-
The Supreme Court won't consider Todd Harper and Tanya Otsuka's case alongside a similar one involving the Federal Trade Commission when it hears oral arguments in early December.
- Daily BriefingDelivered Every WeekdayIdeas that impact your business delivered to your inbox every day.
- TechnologyWednesday, ThursdayThe latest industry developments from digital banking to cybersecurity to AI.
- PaymentsDelivered Every WeekdayAn early-morning roundup of important headlines from the past 24 hours.
- Best of the WeekFridayThe most important and widely read stories from the previous week.
Kunal Mehta, also known by the alias "Shrek," used shell companies and bulk cash drops to clean millions for a cybercrime ring that stole $263 million.
Federal Reserve Gov. Stephen Miran argues that banks holding excess reserves are keeping the central bank's balance sheet bigger than it should be, and suggested that regulatory changes could help bring those reserves down.
The 23rd annual ranking of women leaders in the banking industry.
- Sponsor content from Accenture
- Partner Insights from Biz2X
-
Sponsor content from Equifax -
Sponsor content from Equifax
