Economy

The unit as of September had 20% more clients than a year earlier. Liu, who is head of North America for Citi Private Bank, explains the changes she’s made to help her group attract and serve millennials, Gen Z, Asian Americans and families.

Cash, Treasurys and other securities effectively guaranteed by the federal government now make up more than 35% of the combined balance sheets of the 25 biggest U.S. banks, according to data compiled by the Fed. That’s the biggest share in records dating to 1985.

Even more so than activist investors, customers and a new generation of employees are driving banks to back environmental, social and governance reforms, executives said during a Women in Banking roundtable hosted by American Banker.

The companies looking to bolster their presence and offer more services are hoping it will lead to greater sustainability and longevity of their platform, says Ding's Rupert Shaw.

Federal Reserve Bank of Boston President Eric Rosengren said the long period of low interest rates before the coronavirus pandemic is contributing to the depth of the current recession.

Organizers of Scottsdale Community Bank must raise $16 million. The goal is to hit that goal and open by early 2021.

During this time of economic disruption that has deep implications for the corporate sector, financial institutions need to make AI a core part of their efforts to adjust to the new normal and take advantage of the enabling technologies that can propel adoption quickly, says Canonical's Kris Sharma.

SaveBetter.com from Deposit Solutions lets consumers shop for different savings products through one portal and provides national exposure for participating banks, which include Ponce Bank in New York and Central Bank of Kansas City.

Many consumers are taking to the highways and the water for safe getaways during the pandemic — powering one of the few bright spots in lending. However, bankers warn that boomlets usually come with distinctive credit risks.

The proposed Multi-Bank shares an address with the Fort Lauderdale, Fla., office of Multi-Bank Securities.

Federal Reserve Chair Jerome Powell said the lack of additional stimulus is creating "unnecessary hardship for households and businesses."

In July, the OCC issued a letter clarifying that federally chartered banks can store cryptocurrency assets for their clients. A recent global survey finds that many are wary of the risks.

Climate First Bank, which would be led by veteran banker Ken LaRoe, would offer loans to help individuals and organizations make environmentally sound decisions.

The coronavirus outbreak has taught community bankers to think on their feet and experiment. Speakers at an industry conference this week advised their peers to stay innovative to ensure they endure in a changing world.

The bar to prove discriminatory patterns is so high that plaintiffs would have slim odds of winning lawsuits against housing providers.

The ongoing pandemic and economic crisis should accelerate the adoption of payments as a service, APIs and open banking, says AFEX Americas' Christian Spaltenstein.

The National Credit Union Administration generally only approves a handful of charters each year, but sustained economic troubles are likely to make launching a new institution even more challenging.

Embedded finance isn't new, but the influence of online payments and banking creates vast new scale, says Kunai's Sandeep Sood.

Several institutions were first-time recipients in the latest round of funding, including $2.75 million for Self-Help FCU.