Citi launches commercial client portal in hopes of doubling market share
More than two-thirds of Citi’s U.S. commercial clients are using the platform, and a global rollout is next.
House GOP focuses in on banks and their regulators as part of anti-ESG push
The House Financial Services Committee held a subcommittee hearing with senior staff from banking agencies, while the oversight branch of the panel questioned some large banks on their ESG efforts in asset management units.
Synchrony shrugs off CFPB’s scrutiny of medical credit cards
U.S. regulators are examining how consumers finance health care spending, looking at practices used by Synchrony Financial’s CareCredit unit and its competitors. But Synchrony CEO Brian Doubles said he’s “very proud” of CareCredit, while downplaying the unit’s involvement in the medical sector.
Block’s suit against Visa and Mastercard may have a bigger target
The claims against the card networks’ fee structures may be intended as much for lawmakers as they are for a courtroom judge.
Wall Street banks’ residential mortgages face U.S. mandates exceeding global standards
For large banks, the agencies wanted to go above the global standards for residential mortgages, as well as some business loans, to avoid giving those lenders a competitive advantage over smaller peers, according to another person familiar with the proposal.
After deposit exodus, Schwab forecasts renewed growth by end of year
The brokerage firm reported that during the second quarter bank deposits fell 31% from a year earlier. But executives suggested that the worst is now over.
Fed’s Barr: AI could “perpetuate or even amplify” bias in mortgages
The Federal Reserve vice chair for supervision said regulators will adapt supervisory practices to account for advancements in machine learning.
Lenders need to understand that self-employment is the new employment
Solopreneurs are the new engine of business growth in the U.S., and banks and financial services regulators need to recognize their importance.
BofA leans on Wall Street, not Main Street, for strong earnings
Bank of America’s second-quarter profit soared after its core Wall Street businesses exceeded analysts’ expectations.
Banks tapped to finance small Montessori schools around the U.S.
The Wildflower Foundation is seeking to raise $10 million for its Sunlight Loan Fund, which supports teachers who want to provide broader access to Montessori education. U.S. Bank recently closed on the inaugural commitment to the fund.