Why some banks are aggressively cutting costs and others aren't
Several companies said this week they're slashing expenses as the economy limps along. Others would prefer to keep investing in new technologies and hold off on moves like branch closings to better gauge which changes in consumer behavior will stick.
Calabria to Congress: If you don't like crisis fee, then fund GSEs
Fannie Mae and Freddie Mac have been slammed for planning an additional refinancing charge to cover COVID-related losses, but the head of the Federal Housing Finance Agency defended the policy in House testimony.
Fincen plans major overhaul of anti-money-laundering rules
The Financial Crimes Enforcement Network is seeking to create a better-defined standard for effective AML compliance programs and is considering whether to impose formal requirements that banks assess their laundering risk.
Citigroup will establish new internal oversight guidelines, spend more on technology and take other steps to upgrade risk systems, CFO Mark Mason said at an industry conference in discussing the aftermath of the bank's mistaken $900 million payment.
PNC will cut 280 branches by end of 2021, CEO says
"What COVID has done for us is it has showed us where to prioritize investments," William Demchak said at an industry conference in discussing the Pittsburgh company's plans to speed up the shift to digital banking.
Federal overhaul of M&A rules could favor small-bank deals
Justice Department officials have embarked on a rewrite of antitrust policy that could waive certain requirements for community bank mergers and provide fewer advantages to large, out-of-town buyers and banks in urban areas.
OCC chief goes too far reimagining national bank charter
Acting Comptroller of the Currency Brian Brooks' focus on allowing fintech firms into the federal banking sphere appears to have a more ambitious and risky goal: redefining the agency's regulatory focus.
FDIC's brokered deposit proposal has a glaring problem
The U.S. Federal Deposit Insurance Corp. headquarters stands in Washington, D.C., U.S., on Tuesday, Sept. 29, 2009. The FDIC, seeking to replenish deposit reserves as banks fail at the fastest pace in 17 years, today voted to unanimously to have lenders prepay fees through 2012, raising about $45 billion. Photographer: Andrew Harrer/Bloomberg
The plan would encourage more risk-taking by big banks, which would put the industry and taxpayers in harm's way, write former CFPB Director Richard Cordray and Camden Fine, onetime head of the Independent Community Bankers of America.
Lenders pushed back against the notion that city dwellers' pandemic-driven flight to suburbia would hurt them. They say fewer landlords have sought deferrals as vacancy rates remain low and rent collections have stabilized.
The lawsuit filed on behalf of the National Association for Latino Community Asset Builders says the rule was based on “an invented evidentiary standard,” and failed to consider consumer protections mandated by Dodd-Frank.