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How the big banks fared in the Fed's latest round of stress testing; what's on new FDIC chair Jelena McWilliams' plate; why banks' biggest risk factor may be employees who don't speak up; and more from this week's most-read stories.
Card version of DFAST 2018 results

Stress test results show hit to capital from tax reform

All 35 banks passed the Federal Reserve's first round of tests, but their results were not as stellar as last year's.

(Full story here.)
Jelena McWilliams
Jelena McWilliams, member of the board of directors with the Federal Deposit Insurance Corporation (FDIC) nominee for U.S. President Donald Trump, listens during a Senate Banking Committee confirmation hearing in Washington, D.C., U.S., on Tuesday, Jan. 23, 2018. If confirmed by the Senate, McWilliams would join other Trump appointees who are crucial to his goal of rolling back rules for the financial industry. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg

Bold FDIC agenda for new chief: ILC decisions, pot banking and more

In her first speech as chairman, Jelena McWilliams signaled a focus on reviewing old policies, speeding up decisions on new bank applications and helping banks navigate marijuana laws.

(Full story here.)
From left: Cathy Bessant, Chief Operations and Technology Officer, Bank of America; Michael Corbat, CEO of Citigroup; and Roger Ferguson, CEO of TIAA.

Why banks' biggest risk factor may be employees who don't speak up

Senior leaders may say that they want to hear bad news, but that doesn't mean lower-level employees are eager to share it with them.

(Full story here.)
Wells Fargo sign
A Wells Fargo & Co. sign sits on display outside the company's offices in San Francisco, California, U.S., on Tuesday, April 27, 2010. Wells Fargo & Co., the fourth-largest U.S. bank by assets and deposits, may raise its dividend once capital levels satisfy regulators and if the economic recovery continues, said Chief Executive Officer John Stumpf. Photographer: David Paul Morris/Bloomberg
David Paul Morris/Bloomberg

This is why USAA singled out Wells Fargo for patent infringement

The bank's weakened public reputation makes it a target for additional attacks.

(Full story here.)
President Donald Trump
U.S. President Donald Trump points as he speaks during a news conference following the DPRK-USA Singapore Summit in Singapore, on Tuesday, June 12, 2018. The U.S. and North Korea agreed to seek complete denuclearization of the Korean peninsula following a historic summit between Trump and North Korean leader Kim Jong Un, yet the accord set no deadline and left the path to disarmament undefined. Photographer: SeongJoon Cho/Bloomberg
SeongJoon Cho/Bloomberg

Trump's CFPB choice faces uphill battle — and that's part of the plan

President Trump has yet to formally name Kathy Kraninger as his choice to head the Consumer Financial Protection Bureau, but her nomination is already in trouble. That may be just fine with the White House.

(Full story here.)
bar chart showing number of overdrafts by average age of customers.

Mobile banking startups are driving the conversation on overdraft fees

JPMorgan Chase and Wells Fargo are following Silicon Valley's lead by offering new fee-free accounts. While there are risks involved, the cost of doing nothing would be significant, analysts said.

(Full story here.)
Andy Rachleff, CEO of Wealthfront (r.) revealed how his firm plans to evolve at CB Insight’s Future of Fintech conference in New York City.

Fintech execs to old-guard banks: Step aside

Big banks and wealth managers are unwilling to sacrifice fee income and make other changes to catch up with their customers' digital demands, fintech leaders said.

(Full story here.)
Denver
City of Denver Colorado with morning sun star
Charles Knowles/knowlesgallery - stock.adobe.com

BOK Financial to buy CoBiz Financial for nearly $1 billion

The deal for the Denver commercial lender joins a growing list of large acquisitions being announced in competitive urban markets.

(Full story here.)
Survey of how many large banks have studied or implemented AI

Where is State Street deploying AI? Everywhere

Reconciling accounts, predicting market turns and their effects on portfolios, and even answering client faxes (yes, faxes) can all be done better with artificial intelligence, the custody bank says. Experts describe it as a cutting-edge program.

(Full story here.)
J. Mark McWatters
J. Mark McWatters, acting chairman of the National Credit Union Administration, listens during a Senate Banking Committee hearing in Washington, D.C., U.S., on Thursday, June 22, 2017. Top U.S. banking regulators are sprinting to ease the Volcker Rule, stress tests and other constraints on Wall Street after the Trump administration issued a long list of proposals last week for rolling back post-crisis financial rules. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg

CFPB leadership decision, fintech's future: Five events to watch

From a major CFPB deadline to a long-anticipated fintech report, there's a lot to watch for in the days to come.

(Full story here.)
Stress tests Marijuana banking ILCs Lawsuits Overdrafts Fintech Artificial intelligence CFPB News & Analysis Wells Fargo USAA
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