Trump should scrap his plan to make bank customers prove citizenship
A rumored executive order that would require banks to verify the citizenship of their account holders would be incredibly burdensome for banks. It would also result in the “debanking” of untold numbers of Americans.
‘I did not call myself a dictator:’ Credit-union CEO
Todd Lane, the CEO of California Coast Credit Union, described an allegation by an executive at San Diego County Credit Union as “categorically inaccurate.” The two institutions are locked in a legal fight after their agreement to merge turned contentious.
Formerly ‘troubled’ bank reaches truce with activist investor
Lake Shore Bancorp in Western New York has reached a “standstill agreement” with the Stilwell Group, which has promised not to force a merger or sale in the next three years.
The case for banks to offer digital asset custody
Financial institutions that delay or fail to take this leap risk losing customers and revenue, said speakers at the inaugural On-Chain Executive Summit.
Fed Basel rules offer upside for banks, but impact unclear
Early industry reaction to the Federal Reserve’s Basel III proposals points to potential capital relief for banks, though stakeholders say the complexity of the changes makes their overall impact unclear.
UBS gets OCC approval for national bank charter
Swiss banking giant UBS Group AG received federal approval from the Office of the Comptroller of the Currency to convert its $1.6 trillion-asset UBS Bank USA from a Utah-chartered industrial bank to a national charter.
Iran-linked cyberattack prompts Microsoft Intune warnings
CISA and Microsoft urge organizations to secure endpoint management systems as threat actors increasingly seek to disrupt operations with wiper malware.
Experts celebrate White House reversal on bank citizenship EO
The reported reversal comes after the industry worried verifying citizenship would strain banks and push customers out of the system.
Piermont hires Day, ABA’s fraud directory goes global
Piermont Bank hired Dennis Day for a new executive role focused on payments; the American Bankers Association announced the global expansion of its widely used Fraud Contact Directory; MC Bankshares moved one step closer to finalizing its sale to an investor group; and more in this week’s banking news roundup.
How community banks can get in on stablecoins
Some of the country’s largest financial institutions are rolling out stablecoins. With the right strategy, community and mid-tier banks can also reap the benefits of the new payment rail.