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Daily edition for September 30, 2021

Employees at Beneficial State Bank secured banking's first labor union contract in 40 years and now are calling on Congress to pass legislation, drafted by House Democrats, to protect front-line workers across the industry.

The dispute turns on the “discharge for value” defense, established by a 1991 New York court ruling that creditors can keep money sent to them in error if they didn’t realize the payment was a mistake.

Several company leaders will relocate to Atlanta as part of the expansion, and the office will focus on technology and client services.

Stifel Financial agreed to buy the fixed-income brokerage Vining Sparks and its affiliates, adding about $150 billion in annual trading volume and further bulking up its banking-advisory capabilities.

The Federal Reserve’s efforts to update supervision policy can result in institutions having the flexibility they need to compete with fintechs, according to Gov. Michelle Bowman.

In many cases, stopping fraud in the moment is costly — and any transactions a bank flags incorrectly could alienate its best customers, a Bangor Savings Bank executive said at American Banker's Card Forum.

Criticism from banking and other business groups of Saule Omarova’s candidacy could make it difficult for moderate Democrats to support President Biden's pick to lead the Office of the Comptroller of the Currency.

Rather than targeting the masses, the founders of these neobanks are narrowing their focus to serve people who may benefit from specialized products and services. The latest example: Nerve, a banking app for musicians.

Traditional financial institutions face pressure to imitate fintechs that have brought many consumers into the mainstream. Yet cash must be a key part of efforts to expand access, since it's still crucial for many low-income families, the elderly, migrants and others.

Dora Financial aims to reduce racial and economic disparities in access to banking.

Kenneth Orgeron, who was appointed acting president and chief executive after the recent departure of Jim Hayes, will remain at the helm of the Maryland credit union.

Products such as buy now/pay later and early wage access are developing so quickly it's hard for government oversight to keep pace, according to legal experts who spoke at American Banker's Card Forum.

The second of three credit cards announced in June, Reflect rewards consumers who don't miss payments by extending the 18-month promotional period for its 0% annual percentage rate to 21 months.

Small merchants will be able to send customers directly to online stores from videos, advertisements or shopping sites using a new product created by the two companies.

Daily edition for September 29, 2021

Many banks are still making loans tied to the scandal-plagued benchmark despite years of preparation for its demise. The end of 2021 could prove hectic as bankers scramble to implement changes and explain them to commercial borrowers.

Failures and forced consolidation among smaller institutions could accelerate in 2022 and 2023 once the federal stimulus programs that have propped up the economy run their course, experts predict.

With Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell testifying, GOP senators expressed opposition to a proposal that would require financial institutions to report account data to the IRS. Lawmakers also weighed in on Powell’s job security.

The tech giants have been working with an industry group, the EDM Council, to craft a set of data governance best practices that companies can apply internally. An assessment and certification program will ensure that vendors abide by the same principles.