FHFA gives more flexibility to credit modernization timeline
The Federal Housing Finance Agency also is offering more opportunities for public dialogue as stakeholders debate how fast the process should move forward.
Do gift cards need to be plastic? Hallmark, Blackhawk test paper options
Blackhawk Network now offers Visa gift cards made of paper, while Venmo and Hallmark are putting QR codes in standard greeting cards. Both initiatives address the environmental harms of first-use plastic.
CFPB’s Chopra defends the agency’s mortgage rules in high court case
The head of the Consumer Financial Protection Bureau defended the agency and its mortgage rules in particular on the 15th anniversary of the collapse of Lehman Brothers.
For banks, cannabis rescheduling would change little
The Department of Health and Human Services’ recommendation to reclassify cannabis as a Schedule III substance has sparked renewed interest in cannabis banking reforms in Congress, but in itself will do little to make banking cannabis businesses easier.
U.S. will likely avert recession in 2024, bank economists say
The avoidance of one of the harsher economic scenarios is good news for banks, which are also contending with tighter profit margins and increasing competition for customers. But loan growth and credit quality could be at risk.
Citizens previews the launch of a nationwide private bank
After taking incremental steps to bolster its wealth management business, the Rhode Island bank is preparing to roll out a broader strategy focused on high net-worth clients.
Truist vows to cut costs by $750 million. Critics wonder: Is it enough?
The North Carolina bank, which has been facing pressure to curb spending, rolled out a plan that includes job cuts, the consolidation of businesses and lower technology spending. Analysts wonder whether it will soothe investor frustration over Truist’s sagging stock price.
Why Bank of America, TD Bank use virtual reality for onboarding
Bank of America and TD Bank are finding that new employees and interns respond well to onboarding and training that takes place in the magical worlds of virtual reality.
CEOs of small credit unions weigh in on CUNA-NAFCU merger
Amid concerns that the combination of the National Association of Federally-Insured Credit Unions and the Credit Union National Association could amplify the voices of only the biggest institutions, the heads of smaller ones see two clear advantages: cost and consistency.
How U.S. credit unions can support counterparts in war-torn Ukraine
The CU Relief Fund for Ukraine, which launched in late 2022, now takes public donations and is working to recruit more institutions to its cause.