CFPB’s new reporting rule creates major compliance challenges
Many small-business lenders have less than 18 months to figure out how to gather and report on an extensive array of data.
Why cross-border P2P transfers aren’t instant—yet
Despite faster payments’ momentum, fragmented systems and cash’s resilience continue to hobble cross-border peer-to-peer remittance speed, says MoneyGram CEO Alex Holmes.
Wells Fargo, BNP to pay millions in U.S. fines in WhatsApp probes
Under settlements with the SEC, Wells Fargo and BNP Paribas will pay millions of dollars in penalties for employees using unofficial communications like WhatsApp. In all 11 firms agreed to pay penalties, while the CFTC took separate actions.
Moody’s cuts U.S. banks on mounting funding costs, office risk
Firms that had ratings cut included M&T Bank, Webster Financial, BOK Financial, Old National Bancorp, Pinnacle Financial Partners and Fulton Financial.
Judge’s CFPB data rule pause could open a lane for late fee rule opponents
A federal judge’s decision to bar the Consumer Financial Protection Bureau from enforcing a small business data collection rule pending the outcome of a Supreme Court case could give banks an opening to block a pending $8 late fee rule as well.
Acquisition would move fast-growing Texas bank into public finance
Texas State Bankshares has agreed to buy Estrada Hinojosa & Co., one of the nation’s biggest municipal underwriting and advisory firms.
Goldman Sachs sells $2.75 billion of bonds ahead of CPI
Activity in the primary market kicked off with a number of banks announcing debt deals overnight, including BNP Paribas, which became the first European bank to sell additional tier 1 notes in U.S. dollars since the writedown of Credit Suisse securities.
Citigroup is working on a plan to fill Paco Ybarra’s big shoes
Ybarra, who leads the megabank’s sprawling institutional clients group, plans to depart in the first half of next year. Citi says it’s assessing how to allocate his responsibilities.
How PayPal’s stablecoin revitalizes crypto competition
The payment company’s sizable audience and existing technology differentiate it in a market that is otherwise dominated by startups.
Riverview Bancorp places CEO on administrative leave
The Vancouver, Washington, company disclosed in a regulatory filing that Kevin Lycklama was under investigation. It elaborated only to say that the matter did not involve the bank’s financial condition.