The Latest
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Banks outpace other industries in cyber investments, defense strategies: report
"Still, we view the banking sector as high risk in terms of cybersecurity, because of how attractive it is as a target for many different types of attackers," said Lesley Ritter, a vice president and senior analyst at Moody's.
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Permission granted by Office of the Comptroller of the Currency
Biden's OCC pick to testify Thursday in front of Senate banking panel
Saule Omarova's views have generated concerns from some moderate Democrats, a development that could jeopardize her chances for confirmation in an evenly divided Senate.
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7 Democratic senators push CFPB to address credit reporting errors
The lawmakers' letter comes about a week after the bureau outlined the prevalence of such errors in nonwhite communities. They suggested the CFPB enlist an ombudsperson to ensure the dispute resolution process's accuracy.
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Chip Somodevilla via Getty Images
OpinionRegulation by enforcement isn't serving CFPB, consumers or banks
Establishing clear and transparent rules of the road, rather than announcing guidance through an enforcement action, will yield greater compliance and strengthen protections for all consumers.
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Megan Quinn/Banking Dive
More than 20 governors urge Congress to add cannabis banking to defense bill
The Senate has never voted on the SAFE Banking Act, and some Democrats could still serve as a roadblock to the measure, favoring more comprehensive legislation.
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Permission granted by U.S. Bank
U.S. Bank pledges net-zero emissions by 2050, in a first among regionals
The bank also aims to put $50 billion by 2030 toward financing customers and projects that have a positive environmental impact. It said it is establishing a framework to more clearly track that figure.
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Crypto creeps into the checkout line
Payments firms are betting on crypto's growth as an asset class to fuel crypto adoption at checkout.
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How neobanks are cashing in on the Gen Z market
While parents' banking habits influence their children, researchers found, the difference in those habits is getting progressively wider.
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First Horizon poaches its next CFO from Truist
First Horizon's CEO said Hope Dmuchowski's merger experience gives her a "unique understanding." Dmuchowski had worked at BB&T before the 2019 Truist merger. First Horizon last year merged with IberiaBank.
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Wikimedia Commons
Dubai bank to pay $100M to NYDFS to settle Sudan sanction violations
The regulator alleges Mashreqbank instructed its employees to omit certain details from SWIFT messages with other banks that could have linked roughly $6.5 billion in payments to the African nation.
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Pablo Blazquez Dominguez via Getty Images
Santander raises overdraft threshold to $100
The $89.5 billion-asset bank's new overdraft program, called Santander Safety Net, follows a recent trend of traditional institutions revamping or doing away with the fee altogether.
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Retrieved from Senate Banking Committee.
Bank boards should press execs on climate risk, OCC says
Acting Comptroller Michael Hsu suggested five lines of questioning directors should pursue to boost banks' preparedness.
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Haugland Bowen, Katie. (2014). "Houston Skyline" [Photograph]. Retrieved from Flickr.
Allegiance, CBTX eye merger to form $11B-asset bank
The all-stock deal between the two largest community banks in Houston is expected to close in the second quarter of 2022, the banks said Monday.
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Permission granted by Current
Why Current built its core technology in-house
Curbing the need for a third-party processor helps money move faster, said the fintech's CTO, Trevor Marshall. "When I think of a checking account, I think of a parking lot," he said. "Current is about movement."
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Michael Nagle via Getty Images
Hiring tech talent a 'major priority' for Chase, CIO says
As competition heats up in the hiring space, some large banks are leveraging flexibility in the form of hybrid work schedules and larger salaries.
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Lintao Zhang via Getty Images
Fed's Quarles to step down at year's end
His resignation allows President Joe Biden to give the central bank's board a 4-3 Democratic majority.
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Justin Sullivan via Getty Images
Citi puts a number to its South Korea wind-down charges
The bank expects to incur between $1.2 billion and $1.5 billion through the end of 2022 — mostly related to employee buyouts — to extricate itself from retail operations in the country, it said Monday in an amended SEC filing.
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Trade group calls for Congress to ease restrictions on hiring ex-offenders
The Bank Policy Institute wants Congress to clarify which people and jobs are covered under Section 19 of the Federal Deposit Insurance Act, which requires that ex-offenders receive FDIC approval to work at a bank.
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Virginia banks delay merger over OCC 'concerns'
Neither Blue Ridge Bank nor the regulator detailed what the issue is. The deal to form a $5 billion-asset bank is now slated to close in the second or third quarter of 2022.
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Opinion
Is finance ready for the super-app revolution?
With a market of specialized fintech offerings and a customer base hungry for streamlined solutions, there's a race to become the provider of all services. The burden lies on the platform provider to deliver an exceptional experience.
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Chip Somodevilla via Getty Images
Toomey cautions against proposal to regulate stablecoin issuers as banks
"I think we have to really think long and hard before we put some onerous regulatory regime on a new technology," the Republican senator from Pennsylvania said.
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Permission granted by Jiko
Digital bank Jiko accelerates banking-as-a-service strategy
The Jiko app is still available for consumers to download, and the company plans to keep enhancing its features, but its main use will serve as a "showroom" for Jiko's technology, CEO Stephane Lintner said.
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Climate, race propel flurry of pledges, findings from regulators
The OCC set a timeline by which it wants to lay out its expectations for banks to manage climate risk. Meanwhile, the CFPB and FDIC focused efforts on racial disparities.
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Chip Somodevilla via Getty Images
Longtime CBA chief Richard Hunt to step down
Hunt, whose 13-year tenure was book-ended by the Dodd-Frank rollout and the COVID-19 pandemic, plans to leave the banking lobby next summer.
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:Weatherman1126. (2007). "Logo of The Goldman Sachs Group, Inc." [Image]. Retrieved from Wikipedia Commons.
ColumnGoldman, Biden and the art of 'not-that-but-this'
The bank's list of new managing directors — and the president's formal nod to Saule Omarova to lead the OCC — serve as reminders of what isn't being announced.
