In Wednesday's issue the final words were omitted from a correction related to the Tuesday story "Sale Lets Mellon Focus on Bigger Things" on page 9. A production error was to blame. The final paragraph of the correction should have read:
"Also, because of an editing error, $520 billion was given as Mellon's assets, rather than the correct 'assets under management.' In any case, that was the figure for the end of March; the midyear total was $546 billion."
The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
Strong consumer spending and cross-border activity drove an 8% increase in Visa's total payments volume during the first quarter of the year, although Asia's economic recovery is taking longer than expected.
Mastercard launches service to fight instant-payment fraud, EU may green-light Apple's NFC-access plan, and more.
The top five banks and thrifts had combined assets of more than $13 trillion as of December 31, 2023.
The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
