Regulators focus on climate risk, offer few rules: Report
A scorecard from the sustainable finance advocate Ceres found that federal agencies overseeing the financial system have adopted measures to account for climate-related financial risks but have not yet issued enforceable regulations.
A credit union leader on the importance of cultivating talent
Deborah Donnelly, senior program manager of talent and performance at BECU in Washington state, has prioritized training the next generation of professionals in each position she’s held.
Truist prepares to use IBM’s quantum computers for cybersecurity and AI
The Charlotte bank plans to use quantum computing to stiffen cybersecurity, to run more advanced AI applications and to create new commercial use cases alongside IBM engineers.
Wall Street banks reach deal with Illinois over VRDO accusations
The plaintiff that brought the case on behalf of the state says the banks inflated interest rates through a private, invitation-only VRDO index that influenced SIFMA’s weekly index.
Wells Fargo taps rivals Barclays, Citigroup to boost M&A team
Tom Drake is joining Wells from Barclays as a managing director in its mergers-and-acquisitions group focusing on health care services and medical-technology deals. Chris Norman, most recently at Citigroup, is joining as a managing director in M&A focusing on technology in San Francisco.
Hedge fund treasury trade that blew up attracts BOE concern
The Securities and Exchange Commission and the Federal Reserve have questioned prime brokers about the basis trade as well.
Peoples Bancorp in Ohio taps insider to become next CEO
The company said long-time chief executive Chuck Sulerzyski would retire in 2024 and be succeeded by Tyler Wilcox, Peoples’ executive vice president of community banking.
Regulators are aligned on capital reforms. Congress is a different story.
Federal Reserve Vice Chair for Supervision Michael Barr outlined his view for new capital standards this week. But unlike prior reform pushes, this package lacks clear champions in Congress.
Why banks should beware of ‘Bidenomics’
Voters so far are lukewarm on the president’s efforts to change the narrative around his handling of the economy, but the administration’s bid to win the economic messaging war could cause Washington to come down more harshly on banks.
Latest global payments news
This week in global news, Lisbon takes contactless payments to the subway; U.K. politicians say AML actions rules are politically motivated; and more.