Western Union Co.'s third-quarter profit fell 25% from a year earlier, to $181 million, after the world's largest money-transfer business took a $71 million charge tied to a regulatory settlement and U.S. transactions dropped.
The Englewood, Colo., company, which expects to complete the settlement this year, took the charge to resolve "all outstanding legal issues" and to fund a nonprofit organization to promote border security.
Federal Reserve Vice Chair Philip Jefferson said in a speech Tuesday that despite positive employment readings in recent months, he remains concerned that an economic shock could still threaten the labor market.
Santander U.S. and Webster Financial are doing integration work in advance of their pending merger, including naming business-line leaders, the banks said in separate notes.
The FDIC board voted unanimously to issue a proposal putting a rebuttable ban on bank-issuers paying yield on stablecoins, another narrowing AML requirements and a third prohibiting examiners using reputational risk in exams, outside of operational or financial risks.
The neobank is rolling out Chime Prime, a new membership service that rewards customers for making Chime their primary bank account.
The Minneapolis-based company plans to leverage the arrangement to draw more attention to its growing list of national business lines, transcending its regional reputation.
Swiss banking giant UBS tried to get a federal court to reject new allegations that Credit Suisse, which UBS acquired in 2023, had concealed Nazi-linked assets.
