Bessent says CDFI Fund ‘had lost its way’
Treasury Secretary Scott Bessent on Wednesday defended cuts to the Community Development Financial Institution Fund in the president’s 2027 budget, telling the Senate Appropriations Committee that the program had pursued a “partisan wish list.”
KeyCorp bulks up investment banking with purchase of UK firm
The Cleveland-based regional bank plans to acquire Clearwater UK, a middle-market investment banking advisory firm. The transaction marks Key’s first entry into the Western European market.
Visa deepens outreach to content creators with TikTok collaboration
The card network and the video platform are issuing a credit card in the U.K. to address irregular compensation patterns for creators.
Tether, Rain, MoneyGram expand stablecoin game
Tether launches a wallet, Rain issues a crypto card and MoneyGram extends stablecoin services in El Salvador. That and more in American Banker’s global payments and fintech roundup.
CFPB finalizes new ECOA rule in major fair lending pivot
The Consumer Financial Protection Bureau has finalized changes to Regulation B, which implements the Equal Credit Opportunity Act, to eliminate any liability for indirect discrimination by lenders. The change represents a major shift in how the agency polices lending discrimination.
With no ownership prospects, bank advisors leave to form RIA
Adam Cox led the wealth management division of a regional bank for 10 years. His lack of an ownership stake in the business he’d spent so much time building eventually drove him to seek independence.
Easing capital rules will require banks to rediscover self-discipline
As capital requirements on U.S. banks are relaxed, and regulatory oversight is pulled back, bankers remain ultimately responsible for managing the risk on their books. This will require drawing clear, internal lines of accountability.
Iran-related risks manageable for banks, but duration is key
Economists and policy analysts say a prolonged disruption in the Strait of Hormuz — and uncertainty about the duration of the conflict — could drive up inflation and further weaken consumer sentiment, which could weigh on bank earnings.
What’s in a name? Or a ticker symbol?
LendingClub has decided to rebrand itself as Happen Bank. What will happen to its ticker symbol?
Fed’s Waller calls for consolidating regional bank operations
Federal Reserve Gov. Christopher Waller said certain corporate functions at the 12 regional banks, including information technology and human resources, could be consolidated under one structure to increase standardization and reduce costs.