U.S. banks are bracing for retaliatory cyberattacks following military strikes in Iran that killed Ayatollah Ali Khamenei.
Many banks talk about the need to replace legacy core systems, but relatively few go through with it. The CEO of Mechanics Cooperative Bank in Massachusetts explains the case he made to his board that the promise outweighed the risk.
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The Fairmont, West Virginia, bank is taking a $7.6 million hit to rid itself of $73 million in long-duration, low-yielding securities, though the sale of its payments subsidiary the week before cushions the blow.
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The messaging service is building a network of banks to support the technology that underpins digital currencies. Technology experts say this "single location" concept encourages legacy institutions to adopt digital assets, but it's just one of many options.
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Frank Bisignano, the former chairman and CEO of Fiserv, will become the "CEO" of the IRS, a newly created role, in addition to his post running the Social Security Administration.
Challenger banks, like traditional banks, are under pressure to operate with fewer expenses. Artificial intelligence is part of the answer, and the impact on the workforce may be profound.
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Under Coffey's leadership, the Los Angeles bank has increased assets by more than 50% in just two years.
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As chief financial officer for the Americas, Mahtani's job includes managing communications with regulators, the board of directors and other stakeholders, an especially complex undertaking during lockdown.
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First United Bank in Oklahoma bought a minority stake in Exencial Wealth Advisors instead of acquiring it outright to give the owners an incentive to stick around and help build the business — and to make it easier for the bank to bail if things don't work out.
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The former Obama administration official and MBA head died unexpectedly on Jan. 16.
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The Seattle bank's stock price fell in 2023 amid concerns over rising interest rates and its concentration of multifamily loans. The buyer is FirstSun Capital Bancorp, which raised $175 million as part of the deal.
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Navy Federal, the nation's largest credit union, is facing a lawsuit about its allegedly discriminatory mortgage lending practices.
Federal Reserve Gov. Michael Barr is warning small banks about the growing threat from fraudsters' use of AI-generated deepfakes. But he also says AI may be able to help community banks fight fraud more effectively.
Moving cannabis from a Schedule I to a Schedule III drug would not legalize cannabis or remove all barriers to cannabis banking, but it would allow operators to write off expenses, increase cannabis customer cash flow and eligibility for favorable loans.
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Legacy payment systems won't cut it as autonomous software agents begin transacting and collaborating at scale. New payment rails that take advantage of blockchain technology will be vital in the future.
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Engineering an orderly transition toward greater currency diversification is urgent. It would strengthen financial resilience and help sustain international economic integration.
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The benefits of open banking are obvious and significant for consumers — especially those underserved by the current marketplace. Bankers and regulators should work to speed up its implementation.
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Comptroller of the Currency Jonathan Gould took several assertive stances at a Senate Banking Committee hearing Thursday, minimizing concerns about banks' potential compliance costs to collect citizenship data and sidestepping questions about World Liberty Financial's trust charter application.
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For the first time since early September 2022, the Freddie Mac Primary Mortgage Market Survey has the 30-year below 6%, but the 15-year gained this week.
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Recent reports from JD Power suggest that more customers choose payment alternatives to avoid surcharge fees.
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Noelle Acheson argues that stablecoins can help community banks deepen relationships with their customers, help them explore new forms of capital formation and strengthen their own exposure to risk.
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At an investor day in London, Banco Santander executives laid out the Spanish company's new financial goals, including a goal to improve a key profitability metric in the U.S. The pending acquisition of Webster Financial in Connecticut is part of the strategy to achieve higher returns, they said.
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The investment broker announced a real-time trading and settlement option for its tokenized money market fund through USDC stablecoins and the ethereum ledger.
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In this week's American Banker global payments and fintech roundup, Revolut, Tether and Circle made announcements designed to improve their standing in the stablecoin market. That comes amid new research from McKinsey that says the digital asset is growing quickly, but has not made even a small dent in payments.
BMO moved closer to hitting company-wide and U.S. profit targets after reporting increased first-quarter profits.
The 23rd annual ranking of women leaders in the banking industry.
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