BankThink

Although the Financial Crimes Enforcement Network’s plan to extend certain AML requirements to smaller institutions that had previously been exempt will mean more work, credit unions have an advantage over their banking counterparts.

President-elect Trump faces legal questions over his idea to hold remittances ransom to fund a wall in Mexico, but the industry should take the threat seriously.

Receiving Wide Coverage ...Fintech Boost: The Office of the Comptroller of the Currency announced a proposal Friday that would grant special limited-purpose banking licenses to financial technology firms that would give them "greater freedom to operate across the country without seeking state-by-state permission or joining with brick-and-mortar banks," as the Wall Street Journal described it. "The move could open the door to more competition between the old and new financial firms, and provide a bigger opening for some large tech companies to consider new ways to offer digital payments or other services."

While there are a handful of payment pilots underway, the real benefit of blockchain for banks is a long-term proposition--and most early projects will be internal.

American Banker is pleased to bring you Breaking Banks, hosted by Brett King, and featuring the editors of American Banker.

Piloting distributed ledger technology is important. However, banks need to temper expectations regarding the returns.

With the anti-globalism sentiment growing in parts of Europe and the U.S., a "my country first" approach to international bank regulation will hurt financial institutions and their local economies.

Receiving Wide Coverage ...It's official: Wells Fargo has formally separated the roles of CEO and chairman under pressure from some large investors, including several state treasurers, according to the Financial Times. John Stumpf, the bank's former chairman and CEO, resigned in October following the bank's phony accounts scandal and was replaced by Timothy Sloan as CEO and Stephen Sanger as chairman. But on Thursday Wells went further, amending its bylaws to mandate the split. "Wells' decision is noteworthy in a sector that has largely resisted such demands, and some corporate governance experts said it should encourage other banks to do the same," the FT said. The heads of JPMorgan Chase, Bank of America and Goldman Sachs all hold both positions.

Gen Z is coming fast on the heels of millennials. For e-commerce, payments and financial services, they have an even shorter attention span.

Citi's Debby Hopkins is retiring at the end of this year and Fidelity's Abigail Johnson is taking over for her father as its new chairman. Beth Mooney, Morgan Cambern, Claire Calmejane, and other execs talk about the impact fintech has had in their jobs and why technology should be embraced and not feared. Meanwhile, Citi faces a suit from a former trader over its alleged "Bro's Club" practices.