Senate confirms Jefferson as Fed vice chair
Philip Jefferson was the Biden administration’s pick for the Fed’s number two position following the departure of Lael Brainard earlier this year. Two more Fed nominees are expected to get confirmation votes this week.
PayPal stablecoin draws pushback, Santander warns of ‘love scams’
A member of the European Central Bank’s board said private sector digital coins like PayPal’s could harm competitive balance, Santander makes candy harts with romance scam slogans, and more.
Mastercard, Western Union prep for CBDCs’ uncertain future
Central bank digital currencies may be years away in larger countries, but payment companies are building international networks now. Here’s why.
Bankers, be honest with small businesses about international payments
From hidden fees to misleading marketing, small businesses face too many challenges when making and receiving cross-border payments.
15 steps in the unionization of banks, credit unions
Employees across the financial services industry are organizing in the hopes of obtaining better wages and other workplace improvements.
NatWest names Rick Haythornthwaite to replace Davies as chairman
NatWest Group has picked former Mastercard chairman Rick Haythornthwaite to replace its chair Howard Davies next year.
Capital rules may have ‘poisoned the well’ for bank policy on the Hill
Cannabis banking, the Durbin-Marshall credit card bill and executive compensation legislation could be on the agenda this fall, but banking regulators’ Basel III endgame proposal has made bipartisan compromise more complicated.
Prosecutors: Ex-Wells Fargo executive deserves one year in prison
The Department of Justice is recommending a sentence of 12 months behind bars for Carrie Tolstedt, a former Wells executive who has pleaded guilty to obstructing a bank examination. That’s harsher than the recommendation of the U.S. Probation Office.
FDIC to market $33 billion of Signature’s commercial real estate loans
The FDIC is launching joint ventures to market $33 billion of commercial real estate loans from the failed Signature Bank, prioritizing its statutory obligation to preserve low-income housing availability.
How big should the Fed’s balance sheet be?
The Federal Reserve has been reducing its liabilities steadily since last March, and those effects are starting to be felt. But how low it should ultimately go — and how long it can stay low — is a tricky question.