Subject Root Tag

Daily edition for December 08, 2021

The deal for Summit Financial furthers First Financial’s strategy of acquiring national niche business lines.

Business and regulatory pressures were already weighing on aging executives before the onset of the pandemic led many to delay retirement plans. Now as the crisis eases, an increasing number are finally stepping down.

Rohit Chopra, director of the Consumer Financial Protection Bureau, pledged to make it easier for state attorneys general to draw on the Consumer Financial Protection Act in filing lawsuits against corporate wrongdoers.

CEO Jane Fraser said the bank isn’t a fan of the idea of simply asking clients to dispose of any so-called brown assets, which would just shift the problem to a new owner.

Bankers say the Biden administration’s call for regulatory greater scrutiny of mergers and acquisitions is causing holdups and could slow dealmaking activity in 2022.

President Biden said he had accepted Saule Omarova’s request that her nomination be withdrawn to be head of the Office of the Comptroller of the Currency. She faced stiff opposition from banks and members of Congress over views that many saw as too extreme for a federal regulator.

The Financial Crimes Enforcement Network proposed standards to determine which companies must report their beneficial owners under a law enacted in January. Banks hope the new requirements will free them of the burden of collecting true-owner information about their customers.

Immigrants from Brazil, Nigeria and Kenya will be able to get scores based on their home country credit histories under a partnership between American Express and Nova Credit.

President Biden says his administration is focused on policing cryptocurrency crimes to combat corruption globally and is taking advantage of a newly formed Department of Justice task force, according to an anti-graft report released Monday.

The Georgia bank estimates that it will save $12 million annually by shutting down 40 branches.

U.K. authorities expect to recover as much as 2 billion pounds ($2.7 billion) of fraudulent COVID loans over the next year, Chancellor of the Exchequer Rishi Sunak said on Tuesday.

Daily edition for December 07, 2021

The regulator has a policy that allows it to convert public enforcement actions into informal, nonpublic ones in cases where banks haven't fully met their obligations. Its inspector general says that the practice may give a false impression to customers and investors.

Stephanie Sherrodd, who was most recently CEO of Texas Dow Employees Credit Union, will take the helm of the New Mexico credit union in January.

Research shows the number of fraudulent transactions and dollar amounts involved are soaring as merchants increasingly go digital. Credit card and other companies are expected to more than double what they invest in AI and other tech to fortify their systems.

By acquiring First Sound Bank in Seattle, the fintech would control the strategic direction of the combined company and won't have to share revenue, CEO Luvleen Sidhu says.

In a semiannual report on trouble spots in the banking sector, the Office of the Comptroller of the Currency raised concerns that banks are taking on too much risk in pursuit of earnings growth.

Citizens Financial Group, which has offered instant financing for the Xbox All Access program since 2019, will now provide point-of-sale loans for Microsoft PCs, tablets and other products and services.