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Banks are responsible for reporting their business customers' beneficial owners, but a bill that would shift that anti-money-laundering duty to businesses themselves has been added to a must-pass defense spending package.

Lenders want Congress to bring back incentives used during the last recession, such as bigger subsidies and reduced fees, to jump-start participation in the Small Business Administration's flagship 7(a) program.

Many employees, particularly women, are likely to become unexpected caregivers at some point. Companies should do more to ease their burden, says a top retirement and wealth specialist at Bank of America Merrill Lynch.

When the pandemic hit full-force and lockdowns closed many agent locations, the industry’s shift to digital accelerated quickly. Even as job losses rose among those sending money overseas, the demand from recipients kept money moving, including among legacy companies like Western Union and MoneyGram.

The pandemic has highlighted massive inequalities in American life but the financial services industry can play a role in reducing these divisions.

The algorithms banks use to assess the financial well-being of minorities would be more effective if Black analysts crunched the numbers, says Troynica Green, a data analyst at Regions Bank.

Joseph Lebel's promotion follows a third-quarter loss as the New Jersey company company looks to get ahead of credit issues by selling high-risk loans.

The announcement is met with an unusual rebuke from the Fed, which wants the programs to continue; the deal would allow the companies to approve credit and customize services.

Bankers must identify money launderers and traffickers, and yet although not precluded, the current legal framework actually limits the sharing of data about potential suspicious activity and customers between institutions, says Giant Oak's Gary Schiffman.

In addition to monitoring the spike in contactless payments because of the COVID-19 pandemic, Verizon Business has also cited the expected decrease in foot traffic at the largest malls in the U.S. through its mobile data metrics.