Organization Root Tag

A month after Gunjan Kedia was named the company's president, the Minneapolis firm has promoted Stephen Philipson and Felicia La Forgia into new roles that will cover Kedia's former duties.

Mastercard launches palm checkout in Uruguay, the U.K. commits to a gradual rollout of King Charles banknotes starting this week, and more.

The latest appointment comes amid Citi's continued overhaul of its executive ranks and wealth business.

The technology is adept at working with partial account numbers and other shreds of data to alert banks of ongoing and potential crime, the network contends.

In this edition of the American Banker news quiz, test yourself on topics such as Visa and Mastercard's shift away from relying on interchange, the Federal Reserve's efforts for balance sheet reduction, which financial services sector consumers trust the most and more.

Numisma, a Connecticut-chartered uninsured bank, was granted a Federal Reserve master account last week — the first bank with a novel charter to do so since the Fed issued its master account guidelines in 2022. Whether others can do the same is an open question.

The bank backed off its ban on lending to companies that make assault-style guns used for non-military purposes. Instead, the firm will now make such decisions on a case-by-case basis with senior risk officers.

A former Consumer Financial Protection Bureau senior counsel argues that the agency needs to renew its focus on institution-building, in order to create a stable foundation on which the financial services industry, as well as its own employees, can rely.

The announcement comes after weeks of criticism from the bureau's director over fees including title insurance and credit scores.

Payment firm BVNK is betting that PYUSD's potential to connect to PayPal's network of millions of consumers and businesses will make it more than another investment currency.

The retail giant has scrapped its credit card partnership with Capital One, its second public spat in recent years with a partner bank. Analysts say it may be a sign that Walmart wants to launch its own credit card on what it hopes will be a financial super-app.

The Toronto-based company's U.S. banking segment continues to face headwinds from muted loan growth and higher deposit pricing. Net income for the division tumbled by more than 25% last quarter.

The Federal Deposit Insurance Corp.'s Quarterly Banking Profile for Q1 showed that banks' net income margins got a boost, but FDIC Chair Martin Gruenberg said concerns around inflation, interest rate volatility and geopolitical uncertainty could mean tougher quarters ahead.

Beth Hammack, who stepped down as the bank's co-head of global finance earlier this year, will take the helm as President of the Federal Reserve Bank of Cleveland later this summer following the retirement of longtime President Loretta Mester.

The Securities and Exchange Commission's overly broad expansion of the Dealer Rule is only the latest example of the agency's yearslong effort to stifle innovation in a vibrant and growing industry.

Rather than compete against the rising tide of account-to-account transactions, the two card networks are looking for ways to make themselves essential to this growing market.

Numisma Bank, a de novo bank backed by former Federal Reserve Vice Chair Randal Quarles, is the first bank without deposit insurance to be granted conditional approval under the Fed's new master account application framework.

House Financial Services Committee Chair Rep. Patrick McHenry, R-N.C., told Federal Deposit Insurance Corp. Chairman Martin Gruenberg to make himself available for a June 12 hearing on the agency's workplace culture.

Executives at the Toronto-based bank said last year that they planned to add 150 branches in the United States. But when pressed on Thursday, they could not say how much they'll scale back their ambitions due to investigations over TD's anti-money laundering practices.

An agreement with the Office of the Comptroller of the Currency will require Dallas-based Comerica Bank to institute a list of corrective actions regarding a range of compliance issues, including wealth management, third-party risk and financial accounting.