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The Federal Reserve’s aggressive tightening is putting some pricing pressure on digital banks that rely on high-yield savings accounts. But the increases are not keeping pace with the central bank’s rate hikes, and the caution may continue in the face of economic uncertainty.
July 27
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As the Federal Reserve implemented its second 0.75% rate hike in two months, the chair said the system is able to withstand any financial stability risks that rising rates might create.
July 27
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Longtime credit card interchange critic Sen. Dick Durbin reportedly plans to introduce a bill this week challenging the control Visa and Mastercard have over credit card swipe fees by expanding competition among merchant card-processing networks.
July 27
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The company says it’s making progress on other parts of its business-model revamp — including a shift to lower-cost deposit sources — while regulators weigh its application to buy Flagstar Bancorp in Troy, Michigan.
July 27
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Democrats and Republicans on the House Financial Services Committee appeared diametrically opposed on the future of overdraft fees, with GOP lawmakers warning that a crackdown would push consumers toward payday loans.
July 27
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Elliott Investment Management is holding discussions with PayPal Holdings over an agreement that would see the activist investor have a hand in determining the future direction of the company, according to people familiar with the matter.
July 27
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Energy loan balances at the Oklahoma bank grew 6% from the prior quarter, and unfunded commitments to companies in the sector increased 11%. “This has been a really historic opportunity for BOK Financial Financial to take market share,” said CEO Stacy Kymes.
July 27
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Silvio Tavares, the credit score company’s relatively new leader, is honing its models to be more inclusive, for instance by taking into account rent payment data and bank account data.
July 27
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European banks are starting to count the cost of their employees’ messaging habits, which have caught the attention of U.S. regulators in a sweeping global investigation.
July 27
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The Justice Department, Consumer Financial Protection Bureau and three state attorneys general alleged that Trident Mortgage, a lender owned by Berkshire Hathaway, engaged in redlining and discrimination in the Philadelphia area.
July 27
