Comerica says deposit drop will be steeper than expected
The Dallas-based company, which saw $3.7 billion of deposits withdrawn after Silicon Valley Bank failed, now predicts average deposits will fall 14% to 15% compared with last year. However, the pace of outflow is slowing, say the bank’s executives.
Amazon expands ‘palm payment’, Toast reverses a 99-cent fee and more
Amazon expands “palm payment” at Whole Foods, Toast reverses 99-cent restaurant-order fee, Plaid expands open-banking reach and more in the weekly banking news roundup.
Amex’s growth rate slows, but leadership sees no immediate downturn
The company says young consumers, steady credit quality and a robust travel recovery will offset a weaker economy for small businesses.
Goldman Sachs, DTCC and rest of Wall Street prep tech for T+1 settlement
Broker-dealers, investors and clearing companies, among others, will have to upgrade their operations and technology to meet SEC regulations.
NLRB rules TruStage violated federal labor law
The National Labor Relations Board has found that the Wisconsin-based insurance provider withheld certain employment information during the collective bargaining process. The company and its workers’ union have been locked in contentious contract negotiations.
Momentum continues for Huntington, but slower pace ahead
The Ohio-based regional bank continued to drive loan and deposit growth in the second quarter. But lending activity is expected to ease while funding costs remain high, tempering net interest income expectations for the full year.
Fed to hold open meeting on Basel III endgame proposal
The Federal Reserve Board of governors will discuss the much anticipated capital changes on Thursday afternoon.
Minnesota Bankers Association challenges FDIC’s NSF rule
The Minnesota Bankers Association and Lake Central Bank jointly filed a lawsuit against the Federal Deposit Insurance Corp. over its non-sufficient funds fee rules’ inclusion of an Unfair or Deceptive Acts or Practices violations in its policy.
Michigan State University FCU will follow its members to Chicago
Michigan State University Federal Credit Union will open five branches in the Windy City to serve the more than 10,000 members and potential members living there. This marks the first time that the institution has expanded beyond its home state.
Congress must weigh the consequences of giving regulators more power
A U.S. senator claims that proposed new rules would allow bank supervisors to oust bank executives over things as vague as “climate risk” standards.