Fed’s Barr frames capital reform as final chapter of Dodd-Frank
The Federal Reserve’s top regulator cited the financial crisis of 2008 repeatedly in a speech about the merits of new risk-capital standards — proposals that have drawn unprecedented fire from banking trade groups and members of Congress.
Terry Rasmussen’s long journey to becoming the CEO of Thrivent
Rasmussen, a Minnesota native started, her professional career as a dental hygienist and after a series of twists and turns, she now runs Thrivent, a multibillion-dollar fraternal benefit society.
Finance CEOs who have stuck it out for 11 years eye exit
Finance firms are often more complex and more regulated than their peers, making the pool of candidates smaller and succession harder, while changes at the top can hurt stock prices.
Fed’s Mester says further rate hikes will depend on incoming data
Federal Reserve Bank of Cleveland President Loretta Mester said Friday’s jobs report didn’t change her view that the labor market remains strong, and that further interest-rate hikes will depend on additional incoming data.
Fed’s Waller says FedNow adoption ‘will grow over time’
Federal Reserve Gov. Christopher Waller said during a payments conference at the Brookings Institution Friday that the FedNow payments system has already enlisted “well over 100” depository institutions for the service and expects that number to grow.
CFPB’s Chopra warns of ‘consolidated’ payments market, previews new guidance
Speaking at the Brookings Institution Friday morning, Consumer Financial Protection Bureau director Rohit Chopra warned that, absent intervention, the U.S. payments system could evolve to resemble that of China, where commerce and payments are deeply intertwined.
First Citizens rebrands CIT businesses, Discover launches new campaign
First Citizens extends its brand to CIT business lines, Discover launches TV campaign for debit account, Southern Michigan Bancorp announces leadership transition and more in the weekly banking news roundup.
Banking-as-a-service provider Synapse lays off staff, loses major client
Regulatory scrutiny of bank-fintech partnerships has steadily increased, putting more pressure on companies like Synapse.
Encouraging the opening of new banks is critical
If the industry keeps consolidating at its current rate, there will be roughly 500 banks in 20 years. That will likely mean the loss of competition and choice for customers in some markets.
Credit union credit quality takes a hit
Credit cards and auto loans both showed weakness in the second quarter, leading to an uptick in delinquencies and charge-offs for U.S. credit unions.