Daily Edition

During Hunger Action Month, firms in the payments and fintech space should consider the many ways they can leverage their products to improve Americans' access to healthy foods.

Protesters who were arrested after blocking the entrances to big-bank offices in New York say they'll keep pushing for action on climate change. "I think the intensity of protests will only grow from what it has been over the last week," one activist said.

With a week left in its 2023 fiscal year, the Small Business Administration has already approved 12% more 7(a) loans than last year. Larger banks were among the biggest gainers as a result, according to the agency's latest data.

Barry Sommers, the wealth management chief CEO Charlie Scharf brought in, is expanding after fixing up the unit; "Five years from now the independent channel will be our biggest channel."

In their latest economic forecasts, 12 of 19 Fed officials said they expect to raise rates once more this year. 

The lawsuits alleged that banks including Bank of America and Goldman Sachs — acting as remarketing agents on the securities — failed to get the best rates for issuers.

Northwest Bank starts search for new CFO; Plains State Bank acquires wealth management, tax businesses; Bank of America names new heads for North America industrials banking; and more in the weekly banking news roundup.

The nation's largest bank, which acquired the remains of San Francisco-based First Republic following its failure this spring, has completed its plans to close 21 offices this year. But the consolidation effort is likely to continue.

Federal Reserve Board Gov. Lisa Cook said artificial intelligence holds great promise for the economy, but stressed the importance of human choice in decision making, both financial and otherwise.

Thomas Nides, a former U.S. ambassador to Israel and longtime Morgan Stanley executive, will take over the megabank's public affairs division as its work to fix regulatory concerns continues. He succeeds Bill Daley, the former chief of staff to President Barack Obama, who recently announced his retirement from Wells.

Federal prosecutors say Menendez, a New Jersey Democrat who sits on the Senate Banking Committee, accepted bribes in return for exerting political influence — including helping Fred Daibes, a small-bank executive who had been accused of loan fraud.

Recordkeeping lapses lead to fines as looming government shutdown threatens SEC workload.

At the Sibos conference, cybersecurity leaders at banks and other experts debated how to train employees to thwart threats that AI has intensified.

The annual program recognizes financial technology companies with the best missions, cultures and benefits.

Federal Reserve Gov. Michelle Bowman, who has emerged as a leading opponent to the central bank's recent efforts to raise capital requirements, said it was "absolutely imperative" that banks make their concerns heard.