The Latest

Rep. Patrick McHenry, the top GOP member on the Financial Services Committee, said lawmakers should take the lead in developing a policy framework for stablecoins and other cryptocurrencies. He criticized Securities and Exchange Commission Chair Gary Gensler for suggesting the agency already has authority to act.

The prepaid card issuer disclosed that it failed to get the Federal Reserve’s approval for its $165 million acquisition of a Republic Bank unit. The deal’s termination prompted a lawsuit by the seller.

Executives from banks, credit unions, card issuers and investment firms at American Banker's Card Forum discussed ways the public's embrace of digital transactions and credit alternatives like buy now/pay later is shaping everything from products to business strategies.

Michael Hsu, the acting head of the Office of the Comptroller of the Currency, said the agency is considering steps such as urging institutions to choose board members from a diverse candidate pool, “or requiring institutions to either diversify their boards or explain why they have not.”

With net interest margins at historic lows, investors will be looking for any signs of improvement in consumer and commercial lending when banks begin reporting third-quarter results this month.

Sen. Elizabeth Warren, D-Mass., said questionable financial transactions by senior Federal Reserve officials — two of whom have resigned — cast doubt on Fed Chair Jerome Powell’s ability to steer the central bank as President Biden mulls whether to reappoint him.

Bank of Montreal plans to raise its minimum wage for U.S. branch and contact-center employees to $18 an hour as companies face heightened competition for workers in a tight labor market.

The feature in its mobile banking app is helping the company connect with millennials and members of Gen Z, and it has led to 1 million appointments with bankers, BofA's chief digital officer says.

Unvaccinated employees also will face higher payroll deductions to cover the cost of testing and health insurance, starting next year, the bank said.

The disclosure was made as part of a filing about Circle’s planned merger with the special purpose acquisition company, Concord Acquisition Corp.