BNY Mellon partners with Black-owned fintech to combat check-cashing stores
The bank and MoCaFi are offering digital disbursements and cards as a cheaper and more accessible alternative for underbanked consumers.
Greater Nevada Credit Union promotes CXO to CEO
Greater Nevada Credit Union in Carson City promoted Danny DeLaRosa to be its next president and CEO. He replaces Wally Murray, who retired in March.
Executive pay clawback bill clears crucial Senate hurdle
The Senate Banking Committee sent the bill led by the panel’s chairman, Sherrod Brown, D-Ohio, and ranking member Tim Scott, R-S.C., to the full Senate in a 21-2 vote.
Money funds see $5.5 trillion pile growing as tool kit expands
The Fed’s aggressive tightening has been a boon for money markets, which have drawn investors seeking a haven from volatility and tiring of the skimpy rates on bank accounts.
Are we totally wrong about which types of deposits are risky?
Data from recent bank failures suggests that prevailing assumptions about which deposits are the most volatile could be dangerously flawed.
Post-pandemic trucking woes cause trouble for banks
Trucking companies saw a boom during COVID as homebound consumers spent big on goods that needed to be shipped. Now comes the bust, with some firms going bankrupt or struggling to pay back their loans.
UBS to face penalties over Credit Suisse’s Archegos fiasco
The Swiss bank inherits its former rival’s entire litigation portfolio, facing hundreds of millions of dollars in regulatory fines over Credit Suisse’s dealings with Archegos Capital.
JPMorgan sued by American Dream mall builder for unpaid work
The construction manager for the beleaguered New Jersey mall is suing JPMorgan Chase & Co. to recover more than $30 million of unpaid work and accrued interest.
Failed-bank CEO pay has scrambled the Senate’s partisanship
Senate Banking Committee Chairman Sen. Sherrod Brown, D-Ohio, and ranking member Sen. Tim Scott, R-S.C., will have to contend with members of their own parties who would prefer a more sweeping executive compensation clawback bill.
Fed’s top regulator says changes to supervision coming later this year
Federal Reserve Vice Chair for Supervision Michael Barr said he is overseeing a six-month project to overall supervisory culture, practices, behavior and tools. He said regulatory changes will also be explored.