FDIC Inspector General gives thumbs-up to economic inclusion strategy
A recent report by the Office of the Inspector General for the Federal Deposit Insurance Corp. suggests that while the FDIC’s strategic plan for economic inclusion is satisfactory, it could be improved by formalizing procedures, self-evaluations, and gathering more input from banks.
Trillion-dollar industry powering Chicago at risk of leaving
The commitment of derivatives firms headquartered in Chicago is being tested by some $800 million in taxes proposed by the new mayor.
VC firm Blockchain Capital raises $580 million for crypto gaming, DeFi bets
The firm’s investors include Visa and PayPal, as well as the Teacher Retirement System of Texas
Rakuten backpedals on plan for credit union charter
The Japanese technology conglomerate withdrew its application to the National Credit Union Administration on Sept. 5, marking its fourth failed attempt to establish a financial intuition in the U.S.
Inside the ongoing cyber attacks on MGM and Caesars
Ongoing disruptions and a reported ransom payment highlight the complexity of cybercrime networks and the pitfalls of paying ransoms.
Loan shark freed by Trump ordered to repay thousands of victims
The ruling comes in a lawsuit New York Attorney General Letitia James filed in 2020, claiming Jonathan Braun and others made thousands of merchant cash advances to small businesses, charged annualized interest that sometimes exceeded 1,000% and defrauded and harassed borrowers.
Fincen issues small business guide to beneficial ownership rules
Treasury’s Financial Crimes Enforcement Network said most small businesses will need to report information about their beneficial owners at the start of next year; certain financial and government entities are exempt because of their pre-existing regulatory requirements.
Why banks are closing so many branches
Banks have steadily winnowed their physical footprints since 2010, when digital services came to the fore. The pandemic — and social distancing — hastened the trend this decade. In 2009, there were nearly 100,000 branches in the U.S. Today, there are fewer than 80,000.
Bank of Montreal to close indirect retail auto finance unit amid refocus
BMO says the shutdown will result in job losses as it shifts its resources to other areas.
Card issuers, payment processors should brace for a downturn: Report
Payments revenue growth is slowing from economic headwinds, lower-cost digital transactions and upstarts cutting into incumbents’ profit margins, according to a Boston Consulting Group report. Here’s what to expect.