u.s. banking news
- Banking
Biden signs Inflation Reduction Act in major win for climate finance, tax reform
WASHINGTON — President Biden signed the Inflation Reduction Act into law Tuesday afternoon, capping a legislative achievement that will direct…
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Fed warns banks to check legality of crypto-related activity
WASHINGTON — The Federal Reserve is directing banks under its supervision to check in with the regulator before engaging in…
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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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Chime comes in at No. 5 in customer experience survey, despite stumbles
Chime remains popular with consumers despite a misstep last summer. The neobank faced the wrath of customers after a slew…
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M&T hires BofA executive as chief digital officer
M&T Bank has turned to Ishet Dhar, a former Bank of America technology executive, to lead efforts to overlay digital…
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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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U.S. banks get poor marks in global animal cruelty scorecard
Four large U.S. banks — Chase, Bank of America, State Street and Morgan Stanley — all received zero points in…
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Investment fund gathers $115 million from community bank partners
An investment fund with about 100 community banks as limited partners closed its first fund. BankTech Ventures, in Sandy, Utah,…
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Why Jack Henry wanted Payrailz’s P2P tech
Jack Henry & Associates has onboarded more than 200 financial institutions to Early Warning Service’s Zelle peer-to-peer payment service since…
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Where credit unions are beating banks in customer experience
Jennifer Bolivar, senior vice president of business transformation at Suncoast Credit Union in Tampa, Florida, remembers with pride how her…
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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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Humanizing the bank customer experience: who does it best?
With more options for which provider to use for their banking needs than ever before—from retail banks and credit unions…
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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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PNC nixes fees for nonsufficient funds
PNC Financial Services Group is joining the growing list of banks that are no longer charging fees to customers who…
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Sanction all Russian banks, Ukraine’s envoy to the U.S. urges
Ukraine is calling on President Biden’s administration to sanction all Russian private banks to help end President Vladimir Putin’s ability…
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What banks can learn from phishing attacks on Cloudflare, Twilio
Threat actors targeted two major tech firms with nearly identical phishing schemes last week. In one case, attackers gained access…
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For teens struggling to understand money, banks try to teach financial education
When asked what mitochondria are, many high school students will not let a beat go by before they proudly answer,…
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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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Durbin, Whitehouse, Sanders join effort to revoke OCC crypto guidance
WASHINGTON — Three prominent Democratic senators joined an effort to eliminate Trump-era regulatory guidance that cleared national banks to explore…
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Plaid deal lets Wise customers use fintech apps bank-free
Data aggregator Plaid and cross-border payment provider Wise have forged an agreement through which Wise will work directly with the…
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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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Banking groups plead with Biden administration for bigger crypto role
WASHINGTON — The nation’s top banking trade associations told the Biden administration that its cautious approach to digital assets is…
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First Republic names Susie Cranston next COO
First Republic Bank continued the revamp of its senior management team by appointing Susie Cranston its next chief operating officer.…
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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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Why the fintech lender Avant is partnering with Major League Soccer
The fintech lender Avant will have a major presence in Saint Paul, Minnesota, this week amid the hoopla surrounding Major…
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Seacoast Banking deal bets on Miami’s allure for financial, tech workers
Seacoast Banking Corp. of Florida, a prolific acquirer, struck its biggest deal to date on Monday — a $488.6 million…
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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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