Why PayPal just deposited $50 million in tiny Optus Bank
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"It's on-demand capital for us," Optus Bank's CEO says of the payment company's deposit. The funds are part of PayPal's broader effort to confront race and income inequality.

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Wells Fargo adds former SunTrust executive to its board
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The election of Mark Chancy continues a trend under CEO Charlie Scharf of adding directors with deep experience in the banking industry.

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Ex-Bank of America employees allege 'extreme pressure' to sell credit cards
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Even as the bank's sales practices faced intense government scrutiny following the Wells Fargo scandal, senior leaders in Oregon were fostering a culture that valued credit-card sales above all else, according to several former employees.

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Will Citi snafu bring fresh scrutiny to custodial banks?
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Citigroup's $900 million payment blunder in a normally low-profile part of the financial market dominated by a handful of banks has experts wondering if regulators will uncover a deeper problem.

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Fannie and Freddie pushing COVID refi fee to December
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The mortgage giants were criticized earlier this month for a plan to charge an "adverse market fee" to protect against losses resulting from the pandemic.

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FDIC's quarterly report shows extent of pandemic's hit to bank profits
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The $18.8 billion in net income was 70% less than a year earlier as the uncertain economic picture and new accounting rules drove a sharp rise in provisions for future losses.

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GSE, fair-lending policies could look radically different if Biden wins
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If Trump is reelected, his administration would likely move forward with privatizing Fannie Mae and Freddie Mac and relaxing key rules, while a Joe Biden presidency would likely try to expand homeownership access and borrower protections.

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The risks and rewards of partnering with Amazon
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Banks can capitalize on Amazon's ambitions by teaming up to launch financial products and services aimed at coveted customer segments. But they should beware the legal and regulatory pitfalls.

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Rakuten withdrawal a relief for banks, but ILC saga's far from over
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The e-commerce leader's return to the drawing board alleviates immediate concerns about its banking plans. But the company intends to reapply, and it will be harder for the industry to persuade policymakers to block industrial loan companies more broadly.

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Does Fed already have the power to tackle racial inequality?
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The Federal Reserve could ease capital rules, foster the creation of special-purpose banks and take other steps to strengthen minority communities and businesses without legislation being sought in Congress — if it has the will to do so, experts say.

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