banking current events 2020
- Banking
First Internet Bank launches a small-business checking account
First Internet Bank is ramping up its small-business banking capabilities. The online-only bank in Fishers, Indiana, launched its Do More…
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Banks should tread carefully in fraught political environment
Etiquette experts have long advised that you should not discuss politics at Thanksgiving dinner. This advice makes good sense. Politics…
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American Express to offer fintechs credit cards via WebBank
WebBank — which already helps fintechs launch credit and debit cards on the Visa and Mastercard networks — now has…
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Futures: Home Depot And Walmart Earnings Up Next
Dow Jones futures were lower after Monday’s stock market action. Dow Jones stocks Home Depot (HD) and Walmart (WMT) will…
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CDFIs are starting to flex their post-pandemic clout
WASHINGTON — The federal government’s response to the COVID-19 pandemic catapulted a niche sector of specialized community development lenders to…
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Wells Fargo plans major retreat from mortgage business it long dominated
Wells Fargo & Co. plans to shrink its vast mortgage empire, which once churned out one of every three home loans…
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Refugees offer untapped banking talent in tight labor market, BMO says
BMO Financial Group has launched an initiative to recruit talent from a group of unemployed professionals in desperate need of…
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Inflation Reduction Act heads to Biden’s desk
The House has passed the Inflation Reduction Act of 2022, a sweeping legislative package that looks to lower healthcare costs,…
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Warren renews push for SEC to crack down on insider stock sales
A group of Democratic senators led by Elizabeth Warren is redoubling efforts to get Wall Street’s main regulator to clamp…
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Regime change is underway at Republic First
Harry Madonna, the founder of Republic First Bancorp in Philadelphia, is once again steering the company after a messy power…
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MoneyGram accuses CFPB of ‘venue shopping’ in lawsuit
When the Consumer Financial Protection Bureau sued MoneyGram International in April, the lawsuit was filed in New York because New…
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Payments billionaire found to have knowingly deceived customers
FleetCor Technologies Chief Executive Ron Clarke successfully pitched small businesses on “a better way to pay” for gas, making himself…
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Fannie, Freddie both pass 2022 stress test despite misalignment on risk rating
Fannie Mae and Freddie Mac, the government-backed mortgage companies, would face a combined credit loss of more than $17 billion…
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A ‘behind the scenes’ BNPL firm seeks to bring banks to the market
The buy now/pay later market has a big gap that needs to be bridged between fintechs on one side and…
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BlackRock offers bitcoin investing to big institutional clients
BlackRock is offering its first-ever investment product directly in bitcoin, marking a significant move into crypto markets by the world’s…
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Native American CDFIs want bankers to see them as partners, not rivals
Native community development financial institutions want banks to provide them with access to capital to help them meet the high…
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JPMorgan gold traders found guilty in Chicago spoofing trial
The former head of the JPMorgan Chase precious-metals business and his top gold trader were convicted by a federal jury…
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CFPB says Big Tech digital marketers are liable for unfair, deceptive practices
The Consumer Financial Protection Bureau said that digital marketing firms that use algorithms or other analytics to target specific customers…
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CFPB warns of risk from data-hungry payment apps and lenders
The Consumer Financial Protection Bureau warns in a new report that rapidly evolving buy now/pay later services, embedded commerce and…
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Fed blasted by GOP for ‘obstructionism’ over Bloom Raskin files
Republicans on the Senate Banking Committee are vowing to pursue legislation mandating more transparency from the Federal Reserve after learning…
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Top community banks: How SBA lending and expansion lifted one winner
The top-performing community banks this year were connected by two common threads: specialization and expansion. Banks that specialized in certain…
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Virginia Credit Union’s three-year bid for expansion is shut down
State regulators have shot down a bid by Virginia Credit Union to expand its membership to include a statewide medical…
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Upstart seeks more stable funding after ‘unacceptable’ revenue drop
The online consumer lender Upstart Holdings projected a steep decline in revenue Monday, but also expressed confidence that its artificial…
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Regions promotes executive to head strategy, corporate development
Regions Financial in Birmingham, Alabama, has promoted Tom Speir to head of strategy and corporate development, where he is responsible…
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How Washington can protect U.S. dollar hegemony with stablecoins
With the U.S. dollar hitting parity with the euro for the first time in over 20 years, headlines would have…
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Banks hint at legal challenges to CRA rewrite
WASHINGTON — Banking groups asked for a longer timeframe and significant changes to the rewrite of the Community Reinvestment Act,…
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MetaBank’s Nancy Schempp champions the underbanked in a tough economy
A two-year-long pandemic, a volatile market and a war in Europe create a lot of trepidation for the future. And…
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CEO of Mid Minnesota Federal Credit Union retiring
Chuck Albrecht, longtime president and chief executive of Mid Minnesota Federal Credit Union in Baxter, is retiring. The $650 million-asset…
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City National banker died in White House lightning strike
A City National Bank vice president was one of three people who died in a lightning strike outside of the…
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