German payment startup is close to launching US bank
Augustus National Bank, which is working to fulfill the conditions for its de novo OCC charter, was approved for federal deposit insurance by the FDIC.
CRA proposal may strain banks’ relationships with nonprofits
A proposal issued last week by the Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. could lead banks to limit grants they give to nonprofits in exchange for Community Reinvestment Act credit.
How better understanding brain science can boost advisors’ business
From showing up authentically to understanding oxytocin, a session at this week’s CAAFP held by The American College of Financial Services called into question some traditional industry approaches to planning.
Epstein probe: When must banks report suspicions to feds?
A report released this week by Sen. Ron Wyden, D-Ore., shines a light on what is required of banks when high-net-worth clients engage in suspicious activity.
Why the consumer credit outlook for 2H looks cloudier
The latest consumer conditions study from the American Financial Services Association paints a less-than-rosy picture of how lenders expect the second half of the year to play out.
New professional designation aims to build DAF expertise
The American College of Financial Services is launching a certification program to train financial professionals on the ins and outs of donor-advised funds.
Mortgage rates keep rising, nearing last July’s peak
The 3 basis point gain in the 30-year fixed comes as investors are now pricing in the likelihood of a Federal Reserve short-term rate hike in September.
Analysts: Chime a ‘superior value prop’ compared to banks
The neobank in the second quarter blew past Wall Street’s expectations and posted its second quarter of GAAP profitability as its payments-centric business model continues to resonate with consumers and challenge incumbent banks.
Onity’s 2Q revenues jump, other costs tip scales to a loss
Record lending drove a top-line gain on the year but one-time costs from reverse mortgage servicing sales as negative fair value changes hurt the bottom line.
GOP lawmaker calls for GSEs to buy portable mortgages
The bill, which is meant to free up housing supply locked in by high mortgage rates, does not include assumable mortgages which stick with the property.