Economy

After six years, a bill from Rep. Ed Perlmutter to allow banks and credit unions to serve legal marijuana businesses is finally getting some traction.

Readers weigh legislative proposals on pot banking, consider JPMorgan's new digital coin, debate the Federal Deposit Insurance Corp.'s brokered deposit rules and more.

After six years, Rep. Ed Perlmutter tells American Banker he is finally seeing some traction on his legislation to allow banks to serve legal marijuana businesses.

The company disclosed that it paid $146 million for servicing rights associated with $13 billion in mortgages.

Bankers are eager to expand there through M&A, de novos or other means, encouraged by strong employment and disruption created by recent consolidation.

More than three dozen organizations are asking the FDIC to reject Square’s pending application to become an industrial loan company, according to a letter filed Tuesday.

Credit card issuers would have to set aside more in reserves because of higher loss histories, according to research by Keefe, Bruyette & Woods on the impact of the new loan-loss standard.

Dan Schulman predicts digital payments market may reach $100 trillion; the bank exiting Estonia, Latvia, Lithuania and Russia.

The administration is sending conflicting signals on whether it has a plan to overhaul the housing finance system, further complicating an already complex debate.

The Rhode Island bank is one of several regionals that have snapped up dealmaking boutiques in recent years to bolster noninterest income.

The rise of Uber, Lyft, Etsy, Kaggle and other forms of freelance work has sparked a new generation of specialist fintechs.

The rise of Uber, Lyft, Etsy, Kaggle and other forms of freelance work has sparked a new generation of specialist fintechs.

Year to date Sep. 30, 2018. Dollars in thousands.

The Small Business Administration should consider partnering with fintechs, which have the capacity to approve loans quickly, to help avoid the kind of application backlog the agency faced after the last government shutdown.

They all agree that legislation is needed, but the two approaches being offered are exposing tensions.

The government-sponsored enterprises are going through a transition period. From proposals for rebuilding their capital cushions to tackling shortages in affordable housing, Fannie Mae and Freddie Mac face a number of key challenges with wide-ranging consequences this year.

The company has appointed President Gaye Erkan to its board of directors, potentially positioning her to replace longtime CEO James Herbert when he eventually retires.

While proponents contend the model could help reach the underbanked, there remain many arguments against it.

Rep. Blaine Luetkemeyer, R-Mo., told the mortgage giants' chief federal regulator that the Financial Accounting Standards Board’s new model for estimating loan losses could pose risk across the mortgage market.

Now the organizers of American Bank & Trust must raise $20 million to open the state's first new bank since the financial crisis.