Organization Root Tag

The rule updates requirements for how systemically important clearing networks prepare for and respond to operational risks.

In unrelated initiatives, the two companies are extending their use of open banking to create deeper client relationships.

The Senate Banking Committee for the second time has advanced Ron Borzekowski's nomination to lead the Office of Financial Research in the Treasury Department. The nomination languished amid partisan opposition last year.

The enforcement action involved problems with the Japanese-owned Union Bank's information security and operational risk controls.

The Columbus, Ohio, regional bank will focus first on Dallas before venturing statewide. Its move into the Lone Star State comes three months after announcing a similar initiative in the Carolinas.

Net income at the nation's more than 4,000 banks dipped markedly in the final quarter of 2023, though for the full year it exceeded pre-pandemic averages. Deterioration in commercial real estate and credit card lending is a concern, FDIC Chairman Martin Gruenberg says.

During a contentious exchange on his second day of congressional testimony this week, the Federal Reserve chair drew a line between the central bank's response to last year's bank failures and its current capital proposal.

Monzo raises a $430 million investment to accelerate its expansion in the U.S.; Stripe adds support for Tap to Pay on iPhone; and more in this week's global payments news roundup.

Brazil's Pix network, at just three years old, now accounts for 15% of all global real-time payments — and its success is inspiring projects in other countries.

Bill Demchak, in a panel hosted by Brookings on Tuesday, said that last year's bank failures wouldn't have happened if the Office of the Comptroller of the Currency had been the supervisor.

The chair of the House Financial Services Committee called the last resort lending facility "a generation behind" broader capital markets. He said modernization should be part of the Federal Reserve's response to last year's bank failures.

The ruling further complicates an already complicated area — the law's mandate around beneficial ownership information reporting.

Clients that have a brokerage account with either bank can invest in the exchange-traded funds tied to the spot price of bitcoin, as the currency's value sits at historic highs.

As founder of the card network's Center for Inclusive Growth, Singh brings financial resources, corporate tools and volunteer expertise to small businesses around the world.

The bank has also hired some analysts to its infrastructure group over the past several weeks as it plans to beef up its muni team.

Anu Aieyengar, Global head of M&A at JPMorgan discusses her career and her outlook for M&A activity in the year ahead.

The Consumer Financial Protection Bureau says it is in favor of consumer choice, but its shifting position on earned wage access calls that commitment into question.

Ryan Bailey's responsibilities include refreshing Cambridge Savings Bank's digital-only brand Ivy Bank. The institution believes his prior stint at USAA has prepared him for the challenge.

Barry Sommers comes in for high praise amid his firm's attempts to move beyond the banking scandals of its past.

Truist has made about 20 hires including bankers, traders, and sales personnel from Wells Fargo, Hilltop Securities and T. Rowe Price, to build up its muni team.