daily banking news
- Banking
Swift aims to be a bridge for digital currencies
With currency becoming digitized in large parts of the world, Swift seeks an opportunity to tackle one of the biggest…
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How leaders can apply Buddhist principles in the workplace
Transcription: Penny Crosman (00:03): Welcome to the American Banker podcast. I’m Penny Crosman. Our topic today is something a little…
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Bankers see pockets of strength amid recession indicators
Business owners and the bankers who lend to them are increasingly concerned about the impacts of rising interest rates and…
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Banks say CFPB’s data access rule ratchets up liability risks
Banks and credit unions are raising concerns about data security risks and oversight of third-party partners as the Consumer Financial…
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No permanent successor in sight as Kansas City Fed president retires
Esther George, president of the Federal Reserve Bank of Kansas City, is poised to leave office this week without a…
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Fourth quarter GDP (advanced estimate) grows 2.9% | ABA Banking Journal
Real GDP increased at a seasonally adjusted annual rate of 2.9% during the fourth quarter of 2022, according to the…
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PacWest to exit two business lines and restructure another
In his first month as chief executive at PacWest Bancorp, Paul Taylor has started charting a new course for the…
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Wall Street giants spy opportunities rising from FTX ashes
It traces its history back to 1784 and Alexander Hamilton. But these days, even venerable Bank of New York Mellon is forging…
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Marqeta makes a $275 million bet on embedded finance
Marqeta is betting that more businesses will demand customized banking and credit in a single location, and is bulking up…
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Winklevoss twins’ Gemini gets new head of finance as crypto exchange faces turmoil
Gemini Trust, the crypto exchange run by the Winklevoss brothers, hired a fintech veteran as new head of finance even…
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There’s a surprising risk lurking in the details of bank mergers
Big mergers don’t get approved today without big Community Benefit Agreements. Big as in $100 billion in the recent U.S.…
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CFPB lawsuit seen as warning shot to subprime auto lenders
A federal lawsuit against the subprime auto lender Credit Acceptance Corp. is making waves, posing existential questions for the company…
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Kansas City Fed rejects Custodia’s master account application
The Federal Reserve Bank of Kansas City has denied Custodia Bank’s application for a master account, according to a U.S.…
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SouthState’s Corbett forecasts another slow year for bank M&A
SouthState CEO John Corbett is forecasting a slow year for M&A in 2023 as banks grapple with uncertainty surrounding the…
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Fed issues guidelines for weighing crypto requests from non-FDIC insured banks | ABA Banking Journal
The Federal Reserve today released guidelines for how it would evaluate requests from state-charted but non-FDIC-insured banks to engage in…
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Yellen says raising debt limit is only solution to avoid fiscal crisis
Treasury Secretary Janet Yellen said the only solution to avoid a U.S. default crisis is for Congress to increase the…
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‘A huge mistake’: Lessons from the JPMorgan-Frank fintech deal
Millions of fake students. An $18,000 payout for concocting synthetic identities. Emails that brushed off the possibility of “orange jumpsuits”…
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Stripe, exploring options, hires JPMorgan and Goldman Sachs
Stripe, one of the world’s most valuable startups, has hired JPMorgan Chase and Goldman Sachs Group as it explores options…
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Fed denies Custodia’s member bid, dealing blow to master account hopes
Custodia Bank had been seeking membership with the Federal Reserve alongside its application for a master account with the Federal…
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How Alipay is supercharging Splitit and Checkout.com
While it’s common for payment companies to partner up to build their audience, Splitit contends its work with Chinese payment…
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Visa’s CEO: Falling fintech valuations a ‘helpful characteristic’
The drop in valuation that many fintechs are experiencing could make companies like Visa more likely to acquire them than…
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Cullen/Frost’s profits jump amid loan growth, Texas expansion
Cullen/Frost Bankers reported soaring profits driven by rising interest rates and loan growth as the company continues to expand in…
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Berkshire Hills says lending outlook ‘remains strong’
Berkshire Hills Bancorp is upbeat about its loan growth opportunities, executives said Thursday, after reporting a 22% jump in its…
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Office loans spark scrutiny at First Citizens, Webster
First Citizens BancShares in Raleigh, North Carolina, is blaming an uptick in problem credit on certain office loans it acquired…
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Most Americans believe inflation will worsen in 2023 | ABA Banking Journal
Two-thirds of U.S. residents believe inflation will be worse in 2023 than it was last year, according to a new…
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Despite headwinds, Mastercard reports strong consumer spending
While Mastercard says consumer spending has held up well, there is pressure that could crimp the card brand’s growth in…
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North Dakota credit unions want a longer leash
North Dakota’s 18 state-chartered credit unions say they operate under one of the strictest field-of-membership statutes in the nation, and…
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Morgan Stanley fines its bankers over messaging breaches
Morgan Stanley fined some of its own bankers more than $1 million each for conducting business on WhatsApp and other…
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Staving off tech litigation with smarter contracts | ABA Banking Journal
Contracts are risk-management tools, especially as millions of dollars in liability—and the bank’s reputation and customer relationships—can be at stake.…
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As Capital One’s deposits climb, interest costs rise sharply
Capital One Financial recorded a healthy increase in deposits last quarter, which led to higher interest expenses and offered a…
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FinCEN issues alert on Russian activity in commercial real estate | ABA Banking Journal
The Financial Crimes Enforcement Network today issued an alert to financial institutions on potential attempts by Russian elites to evade…
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McCarthy’s moderate Republican allies have their own debt-ceiling ideas
Ultraconservatives in the House have dominated the public discussion on the U.S. debt ceiling, but Speaker Kevin McCarthy can’t afford…
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Existing home sales decrease in December | ABA Banking Journal
Existing-home sales fell 1.5% in December to a seasonally adjusted annual rate of 4.02 million, according to the National Association…
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Experts expect ‘stalemate’ on ILC applications
WASHINGTON — After a year when crypto tanked and regulators have become increasingly skeptical of bank-fintech partnerships, observers say the…
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It’s time for banks to get more intelligent about artificial intelligence
Anyone who might have doubts regarding the extent to which technology has changed banking only needs to compare the trading…
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ABA advocates for cautious approach on personal financial data rulemaking | ABA Banking Journal
The American Bankers Association today urged the Consumer Financial Protection Bureau to “tread carefully” as it drafts proposed data-sharing rules…
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As workforces shrink, B2B payment automation could grow
Business payments have traditionally relied on checks more than other transaction types, but a changing workforce and pressure to cut…
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Credit Karma’s $3 million fine for alleged false pre-approvals finalized
The Federal Trade Commission announced Monday it had finalized an order to make Credit Karma pay $3 million for allegedly…
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Bank customers can now become part owners of Lenders Cooperative
A consulting practice for community banks and a group of its bank clients have launched Lenders Cooperative, a stand-alone, client-owned entity…
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Columbia expects loan growth in the low- or mid-single digits this year
Columbia Banking System expects loan growth in the low- or mid-single digits this year, executives said Tuesday. A higher net…
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ABA, trade groups urge FCC to require call authentication for non-IP networks | ABA Banking Journal
ABA on Monday joined the Credit Union National Association and other trade associations in submitting a reply comment that reiterated…
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Los Angeles Police Federal Credit Union hires new CEO
Los Angeles Police Federal Credit Union hired John Roemer as its new president and CEO, effective Jan. 23. Roemer replaces…
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Producer prices decreased 0.5% in December | ABA Banking Journal
The Producer Price Index for final demand declined 0.5 percent in December, seasonally adjusted, the U.S. Bureau of Labor Statistics…
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The economy may not be stalling after all
My son is an early riser. I am not. This morning the little gentleman got me up at 5:45, announcing…
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5 questions with … HSBC USA Head of Global Payments Tom Halpin | Bank Automation News
HSBC USA’s Tom Halpin, head of global payments solutions in North America, is focused on listening to customer needs as…
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Younger consumers seek more digital security measures from banks | ABA Banking Journal
A recent survey found consumers are happy with the banks’ digital security measures, although younger respondents believe financial institutions should…
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Community bank rethinks C-suite tech roles on cusp of merger
Over the past year, Provident Bank in Iselin, New Jersey, has been rethinking how it defines top tech leadership roles…
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Bankers, economists expect ‘shallow’ recession
Bankers and economists worry that festering inflation and rapidly rising interest rates will combine to stall the economy. But new…
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Ex-Mastercard exec to head Early Warning’s digital wallet
James Anderson, a longtime Mastercard executive who left the card network a year ago to pursue other opportunities, will lead…
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Binance acknowledges storing user funds with collateral in error
Binance Holdings Ltd., the world’s largest crypto platform, acknowledged that it mistakenly keeps collateral for some of the tokens it…
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