BMO joins earned wage access market via DailyPay
BMO Financial Group is the fourth bank to partner with the fintech to enable employers to offer early access to the wages they pay.
It’s not just Taylor Swift: Banks sponsor more concerts and festivals
The banking industry, which has a long history of sponsoring sporting events, is pouring more money into the live-music industry, according to a new report. Music-related events and properties make up 39% of the sector’s sponsorship portfolio, up from 25% two years ago.
Eastern’s call to sell insurance unit, buy Cambridge Trust questioned
Boston-based Eastern Bankshares says its premium on the sale of Eastern Insurance Group will help fund the acquisition of Cambridge Trust and build a wealth management powerhouse. But some analysts point out more revenue is being sacrificed than gained.
FDIC fights suit by Minnesota bankers over NSF fee guidance
The lawsuit takes issue with the agency’s 2022 guidance on nonsufficient funds fees, a hot-button topic in the banking industry. The FDIC is asking a judge to dismiss the case, arguing that the plaintiffs lack standing to sue.
Rate “lock-in” effect is hurting housing and mortgage markets, Powell says
Federal Reserve Chair Jerome Powell said today’s high mortgage rates are dissuading some would-be sellers from putting their homes on the market, further limiting lending opportunities in an environment already constrained by low inventory
Joint Press Release: Agencies Extend Favorable Community Reinvestment Act Consideration of Revitalization Activities in Certain Disaster Areas Affected by Hurricane Maria
JOINT PRESS RELEASE | SEPTEMBER 20, 2023 Board of Governors of the Federal Reserve SystemFederal Deposit Insurance CorporationOffice of the Comptroller of the Currency____________________________________________________________ Agencies Extend Favorable Community Reinvestment Act Consideration of Revitalization Activities in Certain Disaster Areas Affected by Hurricane Maria The federal bank regulatory agencies today announced they are extending the period for […]
Gruenberg calls for tailored FSOC designations, more nonbank reporting
Federal Deposit Insurance Corp. Chairman Martin Gruenberg said Wednesday he wants to see tailored enhanced prudential standards and increased reporting requirements for specific nonbank financial institutions like open-ended mutual funds, hedge funds, and nonbank lenders, citing their potential systemic risks and the need for improved oversight.
African American and Louisiana credit union groups partner to foster talent
The African American Credit Union Coalition is working with the Louisiana Credit Union League to promote programs for recruitment and career advancement.
We have a SAFE banking agreement. But will enough Republicans get on board?
The new text of the cannabis banking bill includes language that has “papered over” an issue about Operation Choke Point .
The AI use cases banks and the Federal Reserve are contemplating
Bank executives at the Sibos conference this week discussed how they are using predictive analytics and other technologies, and the fintech partnerships that move them forward.