The Latest

Investors are set to start the week scrambling to decide if President Joe Biden's decision to end his reelection campaign and endorse Vice President Kamala Harris increases or decreases Donald Trump's chances of regaining power. 

The agencies are considering a rule change that would impact their policies on money laundering and terrorism finance. The proposal comes as the Financial Crimes Enforcement Network considers a similar update.

Deanne Zettler is taking on a newly created role at PCI SSC; Wisconsin's Landmark Credit Union is opening a new, tech-forward branch; Mo Assomull is named co-head of investment banking at Morgan Stanley; and more in this week's banking news roundup.

Community and advocacy groups opposed Capital One's proposed acquisition of Discover in a hearing held by federal regulators on Friday.

The Alabama-based bank also said that its outlook for net interest income is brightening. Several other regional banks have offered similarly upbeat guidance in recent days.

The Federal Reserve says the prepaid debit card issuer failed to make key disclosures to customers and had lackluster money laundering controls. The regulator also censured Jiko Group, a fintech and brokerage, in an unrelated enforcement action.

The Department of Housing and Urban Development and the Nationwide Multistate Licensing System also reportedly had disruptions.

Shares in the Dallas bank fell sharply after it disclosed that it expects to lose its contract for the Direct Express program, which would wipe out more than $3 billion in non-interest bearing deposits. Comerica's involvement with the Treasury Department's prepaid card program has been marred by controversy.

Customer reports of technical issues with many U.S. banks have spiked as a buggy software update from CrowdStrike disrupts multiple sectors.

Lenders and financial institutions should allow consumers to report nontraditional financial activities in an effort to adopt and validate newer, more inclusive credit scoring models.