Regional and community banks are carving out niches as asset managers by offering perks and personal services to affluent customers whom bigger rivals often overlook.
Banks are looking to the relative safety and profitability of their wealth management divisions to boost earnings. But with that strategy comes increased regulatory and ethical scrutiny of this business line.
Chair Travis Hill said SVB showed banks can't always sell securities fast enough to cover deposit outflows, but acknowledged the "stigma problem" with discount window borrowing remains unsolved.
At a conference in New York, Joseph Otting reflected on the difficult hiring decisions he made early in his tenure heading Flagstar Bank, which just two years ago was on the verge of collapse.
Back-office automation fintech BILL Holdings is using JPMorgan Payments white-label digital wallet to subledger its own clients' accounts. Reconciling client payments for BILL's corporate card, the BILL Divvy Card is the company's first use case.
Like the Olympics, the event is used to push and measure engagement and appetite for emerging checkout options.
The Treasury's Financial Crimes Enforcement Network and federal banking and credit union agencies limited issuers' know-your-customer obligations to direct-to-consumer services, preliminarily rejecting a "global" customer due diligence requirement they say is unfeasible.
The bank is following in the footsteps of Goldman Sachs, which made a similar move in April.
