Banks beware: Why one ransomware victim decided to pay up
In a Wednesday Congressional hearing, an assistant superintendent explained why her school district decided to pay a ransom to cyber criminals. It’s a cautionary tale for banks, which are often targets.
Absolute zero: Lessons learned from the Fed’s zero interest rate experiment
Federal Reserve Chair Jerome Powell said the central bank would not hesitate to take rates to their lower bound again, despite the challenges that rising rates have posed to banks. Economists and policy experts say other parts of the crisis playbook warrant reconsideration.
Former CFPB Director Kraninger named to lead Florida Bankers Association
Kathy Kraninger, who served as director of the Consumer Financial Protection Bureau from 2018 to 2021, has been named to lead the bank trade group in Florida.
SCOTUS will hear case challenging Fed’s interchange fee cap
The Supreme Court said Friday it would grant North Dakota convenience store Corner Post Inc.’s appeal to a lower court ruling as to when the statute of limitations for challenging a Federal Reserve interchange fee rule begins under the Administrative Procedure Act.
What bankers need to know about the government shutdown
Flood insurance could hold up some home sales and lending, while major bank regulatory agencies will remain funded even if the government is unable to pass a funding bill before funding runs out Sept. 30.
Citi says it’s time to play offense on hard-hit regional bank stocks
Investors should start snapping up some regional bank stocks that were battered by this year’s selloff, Citigroup analyst Keith Horowitz said.
9 companies investing more in small-business payments
With worries about inflation and the economy, fintechs and banks sense an opportunity for new technology that speeds transactions and slices overhead.
Press Release: FDIC Assesses Civil Money Penalty Against Shinhan Bank America, New York, NY
PRESS RELEASE | SEPTEMBER 29, 2023 FDIC Assesses Civil Money Penalty Against Shinhan Bank America, New York, NY WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) today announced the assessment of a civil money penalty of $5 million against Shinhan Bank America, New York, New York, for violations of the Bank Secrecy Act (BSA) and […]
MGM cyber attacks, VR onboarding: Top banking news for September 2023
In September’s roundup of top banking news: Truist Financial promises to cut costs by roughly $750 million, former Wells Fargo exec Carrie Tolstedt is sentenced to three years probation and more.
MidWestOne acquires Denver Bankshares, leadership changes at JPMorgan
MidWestOne will reinvest proceeds of branch sales into Denver Bankshares; promotions are afoot in JPMorgan’s investment banking unit; Bethpage Federal Credit Union expands into Queens and New Jersey; and more in the weekly banking news roundup.