Daily Edition

The controversial cryptocurrency project that Mark Zuckerberg once defended in front of Congress is unraveling after regulatory pressure.

After regulators signaled their intention to crack down on banks that lean on the controversial charges, First National Bank Texas adopted a reform. A bank spokesperson said the move was unrelated to any pressure from Washington.

Bank of America is rewarding almost all of its employees with a pool of $1 billion in restricted stock, further boosting compensation as financial firms compete to attract and retain workers.

The Pennsylvania bank is working with the data provider Enigma and Capital One on a platform they are hoping other banks will use. The technology handles all aspects of the loans and provides data and analytics on borrowers.

Pat Toomey, the top Republican on the Senate Banking panel, questioned the backgrounds of President Biden’s Federal Reserve picks amid a brewing conflict over diversity at the central bank and its role in dealing with climate change.

The new service was designed to lower costs for community banks while adding security features and providing customers with access to Venmo and other peer-to-peer payment systems.

The Winston-Salem-based organization, having been certified as a community development financial institution, plans to launch a lending program next year to meet the needs of the underserved consumers.

Bank of America employees have returned or are making their way back in the coming weeks based on their region’s COVID-19 data and medical guidelines, according to people with knowledge of the plans.

Wells Fargo is considering a sale of its minority stake in a Hong Kong lender, as the U.S. bank continues to unload assets as part of a turnaround plan, people with knowledge of the matter said. 

American Express predicts travel will account for just 20% of its spending for the foreseeable future, compared with 30% before the pandemic, as younger consumers spend more on merchandise.

The Consumer Financial Protection Bureau is in the early stages of developing a rule that could give bank customers far more say in how their information is being accessed by fintechs and data aggregators. What the final rule looks like will depend on how much consumers already know about the way their data is collected, stored and sold.

The announcement marks JPMorgan’s first deal in 2022, on the heels of its most prolific year for buying and taking stakes in smaller firms since at least the financial crisis.

Daily edition for January 25, 2022

The French bank and New York asset management firm will buy and hold inventory to meet clients’ future needs and track materials on a new software platform.

A proposal by the Financial Crimes Enforcement Network would create a pilot program allowing banks to do something they've long wanted: share suspicious activity reports with their own units in other countries. But many banks may take a pass if the agency doesn't ease the compliance requirements, experts say.