Economy

A new report from the Basel, Switzerland-based Financial Stability Board found that nonbank financial institutions grew considerably faster than banks in 2024 and now control more than half of the world's financial assets.

The payments company submitted applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corp. to create PayPal Bank. If approved, Mara McNeill, the former president and CEO of Toyota Financial Savings Bank, will serve as PayPal Bank's president.

The bank is increasing monthly and transaction fees on a business checking account for the first time since 2017.

The National Defense Authorization Act will be voted on by the House without the housing package that passed through the Senate Banking Committee unanimously.

Through a nonprofit called Greater NY, early career analysts at banks can apply their financial skills at charities and other civic-minded organizations. The partnerships give free help to nonprofits, but provide surprising benefits to the banks as well.

A bipartisan housing provision has emerged as a critical negotiating point for passage of an uncommonly bank-relevant defense authorization bill.

For banks, construction projects not only produce new branches and offices, but can build an image with the public — or tear it down.

Comptroller of the Currency Jonathan Gould said in an exclusive interview with American Banker Monday that regulators must bring more new entrants into the banking industry, establish a level playing field between banks and fintechs, and shore up supervision amid mounting legal scrutiny.

Federal Reserve Gov. Stephen Miran reiterated his view that monetary policy has become more restrictive than economists think, but expressed increased urgency that the central bank take strong corrective action.

The economy added an unexpectedly robust 119,000 jobs in September, though unemployment edged up to 4.4%. The report, delayed by the federal government shutdown, continues a trend of sluggish job growth in recent months.

The $22.7 billion-asset company may be interested in buying certain banks that HoldCo Asset Management presses to sell in the future, Chairman and CEO John Allison said. Home is planning to announce its next acquisition in December.

The 170-year-old Salem Five Cent Savings Bank has hired one private banker and could scale the business further if its performance matches management's expectations.

Advances from the Federal Home Loan Banks dipped in the third quarter, but experts do not necessarily see the dip as a sign of ample liquidity in the economy.

The West Reading-based bank has opened three offices in California and two in Nevada, continuing its strategy of establishing a presence in high-growth markets around the country, CEO Sam Sidhu said.

Federal Reserve Board Gov. Stephen Miran said the growth of stablecoins and cryptocurrencies will likely impact monetary policy and could lead to lower interest rates.

Analysts say the fintech must "grow like a fintech, but be profitable like a bank" as its capital base shrinks to its lowest level to date.

Michael Barr said he believes artificial intelligence will have a positive long-term impact on the economy, though it may cause job losses in the short term.

TradFi companies are making strategic investments in infrastructure to support the growth of tokenized assets

Comptroller of the Currency Jonathan Gould said Tuesday that chartering compliant fintechs is "the only way" to level the playing field between banks and nonbanks. His comments come as the Office of the Comptroller of the Currency weighs new trust charters and stablecoin rules.