Banking
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Some Clover merchants suffering ‘intermittent issues’
Some users of Fiserv’s Clover point of sale system suffered issues accepting payments on Friday, a glitch the company was…
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Bank regulators embark on living will guidance for the largest non-GSIBs
WASHINGTON — Two major banking regulators say they “anticipate” giving the largest regional banks guidance on resolution plans. The move…
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California revises law that played key role in Wells Fargo scandal
California Gov. Gavin Newsom has signed legislation that remedies a problem Los Angeles prosecutors encountered several years ago during their…
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Credit union museum gives women leaders a long overdue spotlight
America’s Credit Union Museum is cementing the legacies of 20 female credit leaders icons who have championed the movement throughout…
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Barclays bankers face possible discipline, pay cuts for paperwork blunder
Barclays said some of its bankers may face disciplinary action and pay cuts after the firm agreed to a $361…
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SocGen picks investment bank head Krupa as next chief executive
Societe Generale will appoint Slawomir Krupa as chief executive officer, favoring the investment bank chief over retail head Sebastien Proto…
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Venture debt, events, APIs: Small-business neobanks get creative
Neobanks once stood out for serving small-business owners with digital tools they couldn’t find at most traditional banks. But the…
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Michigan bank close to putting mortgage lending disaster behind it
It’s not often a $6 million penalty is the light at the end of the tunnel. But for Sterling Bancorp…
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‘Regulation is not cost-free’: Fed’s Bowman urges caution on rule changes
Federal Reserve Gov. Michelle Bowman said the central bank should proceed with caution as it reconsiders various aspects of the…
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Why Silicon Valley Bank is beting on buy now/pay later for businesses
SVB Financial, the parent company of Silicon Valley Bank, has led a $125 million credit facility to a technology company…
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Fed’s Brainard: global rate hikes could threaten financial stability
As central banks around the world work to combat rampant inflation, the tightening of monetary policy could become a threat…
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Powell ducks Warren request for Fed officials’ trading records
Federal Reserve Chair Jerome Powell has deflected requests from a top critic, Sen. Elizabeth Warren, for details of financial transactions…
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JPMorgan Chase is phasing out safe deposit boxes
JPMorgan Chase is starting to phase out an offering far more associated with old-fashioned bank branches than today’s smartphone apps:…
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Inside the CFPB’s case against MoneyLion
The Consumer Financial Protection Bureau has accused challenger bank MoneyLion of a slew of violations of consumer protection rules. MoneyLion…
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Financial firms face difficult choices on ESG compliance
Lately, it feels as if the environmental, social and governance ante is constantly being raised. Across the financial industry, institutions…
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Bank Five Nine in Milwaukee suburb names next CEO
Bank Five Nine in Oconomowoc, Wisconsin, has hired a new president and CEO. The $1.5 billion-asset bank in Milwaukee’s suburbs…
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Can a credit card teach entrepreneurs how to run a business?
Working for the Peace Corps in Bolivia many years ago, Elizabeth Gore saw how groups who lacked access to capital…
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Report: Large banks opened far fewer branches in minority areas since 2010
Large banks have been far more likely over the past decade to open branches in wealthier predominantly white neighborhoods than…
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Federal Home Loan Banks should include nonbank lenders, advocates say
The Federal Home Loan bank system must do more to address the affordable housing crisis and should consider allowing nonbank…
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Amazon partners with Lendistry to expand small-business loan program
Amazon is rolling out a small-business lending platform in partnership with Lendistry, with plans to lend more than $150 million…
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Banks set to do battle in mock cyberwar
The U.S. financial services industry’s largest cybersecurity consortium is set to host a tournament that will pit banks’ cybersecurity teams…
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Mastercard extends small-business inclusion effort to U.S.
One of the surprising outcomes of the pandemic was the sustained surge in small-business startups. A record 5.4 million people…
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GOP-led states sue over Biden’s student loan forgiveness plan
The Biden administration was accused in a lawsuit by six Republican-led states of overstepping its authority with a plan to…
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Bank regulators to provide supervisory relief in wake of hurricanes
State and federal regulators are encouraging banks to work with borrowers hit hardest by Hurricanes Fiona and Ian this month.…
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Watchdog report finds top banks fall short on acting to protect democracy
American Capital Building in Washington DC at Dusk.W.Scott McGill – stock.adobe.com Three of the largest U.S. banks are failing to…
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Judge reverses Trump-era HMDA rule, forcing small mortgage lenders to comply
In a blow to small community banks, a federal judge reversed a rule enacted by the Consumer Financial Protection Bureau…
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As banks shutter branches, credit unions continue to build
The COVID-19 pandemic forced credit unions to rethink the function of branches, but recent data shows that they continue to…
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Fed taps six big banks for climate stress-test pilot
Six global systemically important banks will participate in the Federal Reserve’s pilot climate scenario analysis exercise next year. The Fed…
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CIBC sets goal for cutting emissions intensity for power lending
Canadian Imperial Bank of Commerce set a goal of reducing the carbon-emissions intensity of its lending to power generators, adding…
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SEC says backers of crypto token Hydro ‘airdrop’ broke its rules
The company behind the digital coin Hydro and a crypto market-making firm tried to artificially inflate the token’s price after…
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Deutsche Bank adds Visa’s Cybersource ahead of buy now/pay later launch
Deutsche Bank wants to get in on the trend of banks trying to grab buy now/pay later market share from…
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For community banks, net interest margin pressure looms large
Community bankers are increasingly concerned about the downsides of rising interest rates — notably, weaker economic conditions and upward pressure…
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Bank-fintech partnerships don’t need more regulation
In the aftermath of the global financial crisis, fintech companies burst onto the scene with a dizzying array of exciting…
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Treasury finalizes rule to ID true owners of shell companies
WASHINGTON — The Treasury Department has issued its final beneficial ownership rule requiring corporations that do business in the United…
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Shopify is upping its brick-and-mortar game
Shopify’s name is practically synonymous with digital commerce — which is why it’s well suited to follow tech-savvy consumers back…
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Overdraft fees again land Regions in hot water with CFPB
For the second time in seven years, Regions Bank is being penalized by the Consumer Financial Protection Bureau for charging…
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Fed proposes permanent extension of real estate debt leniency
The Federal Reserve wants lenders to remain patient with commercial real estate borrowers that struggle to service their debts. In…
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Yellen tells White House she’ll stay as Treasury chief past midterms
Janet Yellen, eager to see through crucial projects, has told White House officials she’s prepared to remain Treasury secretary well…
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HSBC deploys tech that helps it bank immigrants
HSBC has begun working with Nova Credit, a fintech whose technology makes credit bureau reports and scores collected in one…
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Democrats unveil bill to restrict trading by lawmakers, presidents
A House proposal to restrict stock ownership and trading by members of Congress, the president and vice president, Supreme Court justices and…
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Dominion Energy Credit Union’s CEO to retire in 2023
Mike Swalley, the longtime president and CEO of Dominion Energy Credit Union in North Chesterfield, Virginia, will retire next year. …
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Fed reverse repo use hits fresh record as investors hide in cash
The amount of money that investors are parking at a major Federal Reserve facility climbed to yet another all-time high…
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The WhatsApp record-keeping violations that brought banks $1.8B in fines
Eleven investment banks and their affiliates will collectively pay historically high penalties after admitting to failures to monitor messages their…
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Madoff victims to get $372 million in new payments from DOJ fund
Victims of Bernard Madoff’s massive Ponzi scheme will soon get another $372 million in payouts, bringing the total amount distributed…
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U.S. Chamber, trade groups sue CFPB over policy to root out discrimination
The U.S. Chamber of Commerce and six trade groups sued the Consumer Financial Protection Bureau on Wednesday for enacting a…
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Scotiabank stock faces worst year since 2008 as new CEO enters
Bank of Nova Scotia shares are on pace for their worst year since 2008 as analysts warn of weakness in…
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New York City comptroller presses U.S. Bank on fake accounts
WASHINGTON — New York City Comptroller Brad Lander said in a recent letter that he’s “gravely disturbed” by U.S. Bank’s…
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Fed’s Bowman: Bank merger reform should consider credit union, nonbank competition
Federal Reserve Board Gov. Michelle Bowman says regulators need to rethink competition when screening bank mergers.Zach Gibson/Bloomberg Federal Reserve Gov.…
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Credit unions step up for Puerto Rico in wake of Hurricane Fiona
Credit unions and their trade groups are helping Puerto Rico rebuild from the devastation of Hurricane Fiona by following a gameplan…
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Cultures of accountability create better teams
A bank CEO approached me after a recent presentation to share that one of the topics I touched on struck…
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