Fifth Third shuffles executive lineup after CFO joins BMO
Fifth Third Bancorp promoted Chief Risk Officer Jamie Leonard to succeed Tayfun Tuzun, who will become chief financial officer of BMO Financial Group on Jan. 1. Both companies made other executive moves at the same time.
CFPB investigating Regions' overdraft practices The bank disclosed in a regulatory filing that it is in the process of responding to a civil subpoena from the Consumer Financial Protection Bureau. It is the latest bank to come under regulatory scrutiny for the fees charged to consumers who overdraw their accounts.
Banks could be ripe targets for age-bias lawsuits A former Fifth Third executive recently accused the company of failing to deliver on a promise to make him president because he's in his mid-50s. The case offers important lessons in hiring and succession planning as the banking industry cuts costs and seeks out younger, digital-savvy managers.
Though most bank customers expect to return to calling or meeting in person with their bankers when the pandemic is over, Citigroup is gauging how much business it can keep in the videoconferencing channel.
CFPB sets stage for long fight on data-sharing rule
As it attempts to craft policy on access to consumers' financial account information, the agency is wading into a battle between those who want data to flow more freely and those who prioritize security.
Community banks that were pushed past key asset limits by the Paycheck Protection Program say they will be unable to shrink their balance sheets back to normal size by the 2022 deadline, especially if there is a new round of rescue aid.
The plan still lacks concrete details about standards banks must meet to earn high ratings, but the agency said the new methodology would end grade inflation and could penalize banks that underperform.