Banking

Sen. John Kennedy, R-La., has proposed a bill to bar companies such as Rakuten from using industrial loan companies to access the banking system.

Google has partnered with Citigroup and a California credit union to offer consumer checking accounts, a person familiar with the matter said.

The issue, tied to how the company reconciles corporate accounts to its general ledger, is not expected to impact past financial statements.

Tech giant takes will work with Citi; the bank reportedly asked IT providers to return some of the money it paid them in 2018.

Veem locks in exchange rates; Chargebacks911 sub centralizes Thomas Cook claims; and other information you need to start your day, from PaymentsSource and around the web.

Large brands such as Barclays and Amazon recently reversed course and allowed cash to accompany clearly digital strategies, moves that made more sense politically than economically. The question is how long public policy can be the main factor in slowing cash’s decline.

So far farm loans are holding up well, but bankers gathered at an industry conference this week said they are growing increasingly concerned that credit quality will weaken if the U.S. and China don’t reach a deal soon.

The Louisiana company's willingness to combine with First Horizon without a big initial payday is fueling talk that other banks could be keen on selling at relatively inexpensive prices.

A group has filed paperwork with the FDIC to form Legacy Bank in Temecula.

The Pennsylvania company gained $67 million in assets under management as part of the acquisition.

The Veterans and Consumers Fair Credit Act would extend Military Lending Act protections to all consumers.

The company, which plans to become Altabancorp, said the initiative removes brand confusion and puts its size and scale on display.

New data analytics could help provide more comfort to banks in doing business with the cannabis industry, despite restrictive federal laws.

Goldman may abandon its revenue goal; in an attempt to boost revenue, Credit Suisse picks new leaders for its investment banking and capital markets unit.

BIS appoints a stablecoin expert to a top position; Goldman responds to Apple Card gender bias claims; and other information you need to start your day, from PaymentsSource and around the web.

Many in the industry have cheered regulators’ interest in improving the supervisory rating system, but they may shy from commenting publicly about their experiences in a confidential process.

Dealmaking through early November is slightly ahead of last year's clip thanks to a recent flurry of merger announcements. However, excluding BB&T-SunTrust, values and multiples are shrinking.

The tech company’s card seems to be raising consumers’ expectations that they should be able to get and use a card instantly and receive useful notifications.

Community bank leaders at an ABA-hosted meeting questioned the timing for a new accounting standard for loan losses and discussed their struggles to keep pace with new technology.

Credit union leaders can't truly understand how consumers interact with their institution until they've walked through those processes themselves and dealt with the same pain points members face.