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Federal Reserve Vice Chairman for Supervision Randal Quarles will be removed from his role as the main watchdog of Wall Street lenders after his title officially expires this week.
October 13
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Regulators’ efforts to open the federal banking system to crypto firms and other nonbanks have been hampered by differing legal interpretations and challenges by state regulators. Congressional action updating the 19th-century law could bring much-needed clarity, observers say.
October 13
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Executives at Umpqua Holdings and Columbia Banking System said the deal could progress more slowly than usual because of a perceived approval backlog at the Federal Reserve. The two Pacific Northwest-based banks are seeking to combine into a $50 billion-asset company.
October 12
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JAM Fintop's Banktech fund, which is backed by community banks, has invested in Monit, a small-business predictive analytics company. Two of the banks have expressed interest in using its product.
October 12
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The bank-supported blockchain organization plans to use the acquired assets to speed testing for digital currencies.
October 12 -
Jonathan Rosen, CEO of the specialty finance division at Synovus Financial, perished with his assistant, his daughter and her friend when the plane that Rosen was piloting crashed. Authorities have not yet determined the cause of the accident.
October 12 -
More banks are boosting salaries to lure and keep workers in a highly competitive hiring market, but the pressure is on to trim expenses elsewhere to offset the pay hikes.
October 12
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Nonfungible tokens, which provide proof of ownership in the digital world, are booming. Payment companies are betting they will require payment rails to fund high-value purchases and attract new customers for loyalty marketing.
October 12
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Silvio Tavares, the former chief executive of the Digital Commerce Alliance, will lead the credit-bureau analytics firm.
October 12
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Bank of America is giving businesses new ways to transfer money to their customers with the rollout of a system called Recipient Select.
October 12
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Columbia Banking System would be the surviving holding company and retain its Tacoma, Washington, headquarters and the banking unit would be based in Portland, Oregon, and operate under the Umpqua Bank brand.
October 12
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Banks, credit card issuers and debt collectors all supported the Consumer Financial Protection Bureau’s revised regulations. But they face a steep learning curve in complying with the rules, which take effect Nov. 30.
October 11
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Laurie Butz, a senior vice president at another Wisconsin credit union, will replace longtime CEO Tom Young, who is retiring.
October 8
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More than two dozen banks have said they can continue working with Texas and its local governments in the wake of new state laws seeking to punish financial institutions that have policies aimed at the gun and fossil fuel industries.
October 8
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JPMorgan Chase signed a pledge to align its lending and investment portfolios with net-zero emissions by 2050, joining more than 40 rival financial firms in the Net-Zero Banking Alliance.
October 8
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The Silicon Valley consumer lender first applied to become a national bank during the Trump administration. But the bid stalled amid criticism from consumer advocates and a leadership change at the OCC.
October 8
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When the social network went down, it took its entire commerce platform with it. The incident adds to recent data management snafus, and raises doubts about whether the company can build enough trust to succeed in financial services, according to technology experts.
October 8
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During the pandemic, the use of digital assistants by low- to moderate-income consumers has soared. One reason: Those seeking loan modifications or fee waivers see the technology as less intimidating than humans.
October 8
