Wells Fargo illegally restricted union activism, U.S. officials allege
A regional director of the National Labor Relations Board has determined that the bank illegally imposed a rule prohibiting employees from distributing pro-union literature unless management first approved it, according to agency spokesperson.
High credit costs prompt businesses to seek BNPL loans
The product, which is both popular and controversial in consumer financial services, is attracting interest from merchants that don’t want to pay high interest for a traditional loan.
Federal Home Loan banks’ profit hits high note in second quarter
Profit in the first half of the year at the 11 Home Loan banks already exceeds 2022’s total.
Regulators’ first step to avert bank failures is to close the information gap
Through the power of digital technology and artificial intelligence, regulators around the world could revolutionize the way banks’ call reports are filed, providing them with real-time information.
UBS ends $10 billion state backstop that helped seal merger
UBS Group AG decided to end an agreement with the Swiss government to cover losses it could incur from the rescue of Credit Suisse, a sign that the mammoth integration is on track and the stricken lender’s assets might be less troublesome than initially feared.
Why executives need to rethink how they manage their employees
In his new book, “The Song of Significance,” Seth Godin, a business management author, dives into how executives can rethink being profit driven and help create meaning in the work for employees.
When outsourcing fails: One bank’s travails after a vendor bolted
UMB Financial hired an outside company to provide customer service in connection with some of its credit cards and debit cards. In a lawsuit, the Missouri bank alleges that the vendor suddenly stopped performing its duties, and that the bank’s own employees had to step into the void.
How blockchain is helping Northern Trust self-execute contracts
“Smart” contracts enable the Chicago-based trust bank to carry out deals without intermediaries, while archiving details on transactions that can be useful later. Experts say other banks could follow despite the complexities of cutting-edge technology and the risk of being hacked.
Wells Fargo offers down-payment grants to boost minority homeownership
The company is rolling out a special-purpose credit program to help address what it describes as “the biggest barriers to achieving homeownership.” Such programs are gaining popularity among banks.
Credit unions’ expansion in California fuels bankers’ ire
Critics slam their proposed reach as unfair competition.