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Federal and state banking agencies released a joint statement calling on financial institutions to conduct the "due diligence necessary" to select a new reference rate benchmark that is suitable for their risk profile.

Government must adapt supervision to account for fintechs, cryptocurrencies and other innovations. Otherwise it could contribute to a debacle like when it failed to grasp the impact that new financial instruments such as money market funds would have on traditional financial institutions.

DBS Group Holdings and Standard Chartered are among the lenders planning to bid for Citigroup consumer banking assets in Asia as the U.S. lender divests units across five markets in the region, according to people familiar with the matter.

The integration with Goldman Sachs Transaction Banking could position Amex to capture more commercial card spending from the largest global corporations.

The payment company has agreed to buy the India-based reconciliation company in its latest investment in back-office technology for internet businesses.

Daily edition for October 20, 2021

At Fifth Third, Synovus and Zions, third-quarter loan growth and improved outlooks indicate that businesses are finally more open to borrowing. Industrywide data further suggests “a much hoped-for rebound” has begun, according to analysts at Piper Sandler.

The Indiana company told investors that it’s ready to complete its combination with First Midwest Bancorp but that it’s unclear whether a recently filed mortgage discrimination lawsuit will get in the way of Fed approval.

Strong growth in loans to private equity and venture capital firms fueled a 74% increase in third-quarter profits — and helped the New York bank hit a new milestone.

Democrats proposed raising the account threshold and exempting certain transactions from a measure enlisting financial institutions’ help in catching tax cheats. But opponents say the changes are insufficient and centrist lawmakers — whose support is crucial to enact the plan — were mum.

The bank says it's an investor in and will refer clients to Trovata, which gathers transaction data directly from multiple banks to automate cash reporting, forecasting and analysis for midsize and large companies.

Finastra, a technology vendor to credit unions and small banks, is adding the Bakkt digital asset app to its platform. This will allow clients' customers to buy, sell and hold digital assets like Bitcoin.

Citigroup told staff to avoid scheduling calls and meetings from noon to 1 p.m., another step in CEO Jane Fraser’s push to ease workers back into the office. 

Goldman Sachs CEO David Solomon said the Wall Street firm wouldn’t abruptly stop working with fossil fuel companies, stressing the need for a balanced transition to green energy that avoids higher energy prices.

Fintechs have led the way in installment lending, but banks, credit card issuers and payments companies are responding with products of their own. Here's an overview of what they're rolling out.

Daily edition for October 19, 2021

While federal agencies debate how to regulate cryptocurrency-related businesses, Wyoming and Nebraska have already created a special-purpose charter, and Illinois is close to finalizing its own.

A House member suggested she and other party moderates are open to revamping or even scrapping a plan that would require banks to report customer account information to the Internal Revenue Service.

After permitting remote appraisals on an interim basis during the pandemic, Fannie Mae and Freddie Mac will accept them outright starting in early 2022, the acting head of the Federal Housing Finance Agency said.

American Express will allow employees to work from wherever they want at least four weeks a year as part of the company’s push to offer greater flexibility even after the pandemic subsides.