JPMorgan found $1 billion in suspicious Epstein activity, U.S. Virgin Islands says
The USVI says the enormous sum that propped up Epstein’s sex trafficking bolsters key allegations in its suit that JPMorgan knowingly benefited from Epstein’s wrongdoing and ignored red flags.
Bankers suffer from ‘disaster myopia’; regulators shouldn’t ignore
Banking crises always recur. But time and again, bankers have been shown to operate on the assumption that good times are permanent.
Splitit’s CEO on why the BNPL firm wants to go private
In a tough time for buy now/pay later lending, the fintech hopes to pivot its strategy while removing the pressures that come from public shareholders.
The ABCs of how inflation hurts bank profits
When the prices of U.S. goods and services soar, the Federal Reserve tends to raise its benchmark interest rate, and commercial banks are pinched in several fundamental parts of their business.
Administration urges Supreme Court not to hear state preemption cases
Two related cases the Supreme Court is considering hing on whether state laws preempt the National Banking Act on the payment of interest on mortgage escrow accounts.
Average overdraft price hits 19-year low: Survey
Bank customers who overdraw their accounts now face an average fee of $26.61, which is down from a peak of $33.58 in 2021. Consumer advocates contend that tougher regulations are needed to sustain the momentum, while industry groups argue that bank-led innovations are working.
Banks and credit unions assess Hurricane Idalia damage
Financial institutions in several states in the region had braced for impact of the Category 3 hurricane. Bank and credit union executives in Florida and Georgia say their facilities generally weathered the storm but that some communities they serve face substantial recovery efforts.
Top credit union to work for offers endless time off, fully remote work
Southwest Financial Credit Union, which led American Banker’s Best Credit Union to Work For, says employees are taking up to 400 hours more off than before its unlimited PTO policy took effect — but they are happier, and so are the members of the branchless credit union.
Banks offer muted criticism of long-term debt and resolution plan proposals
Banks have offered a more tepid critique of regulatory proposals to expand resolution planning and long-term debt for midsized regional banks, suggesting the industry is intent on curbing July’s Basel III capital proposal instead.
Bank layoffs, trade group mergers: Top banking news for August 2023
In August’s roundup of American Banker favorites: The true cause of Heartland Tri-State Bank’s failure, increased industry-wide frugality among banks, two prominent credit union trade groups announce plans to combine and more.