Fed proposal would publish full stress test models
The Federal Reserve Friday issued a set of proposed changes to its stress testing program for the largest banks that would disclose the central bank’s back-end stress testing models, a move that the Fed had long opposed out of fear of making the tests easier for banks to pass.
Shares in Mass. bank drop after talk of more potential M&A
Boston-based Eastern Bankshares is focused on organic growth, but it would “evaluate the opportunity” for M&A if a deal presents itself, its CEO said Friday. The comments came four days after an activist investor criticized the bank’s recent M&A transactions.
Evolve Bank CEO arrested on charges of child exploitation
Robert Hartheimer’s arrest comes at a time when the bank is trying to recover from a consent order and the Synapse mess.
Cross-border payments remain vexing for consumers, businesses
There are regulatory and technology efforts to reform international payments, but it’s a multifaceted, long process. Swift, The Federal Reserve, and fintechs like Wise and Revolut are pushing potential solutions. Here’s what banks need to know.
Inflation up modestly in September; Fed on track for cut
The Bureau of Labor Statistics released its latest Consumer Price Index reading Friday morning, showing inflation rose by 0.3% in September, slightly below August’s pace. The report also found core inflation steady at 3.0%, even as shelter costs eased and gasoline prices spiked.
The next Epstein is probably already here, hidden in plain sight
Disgraced financier Jeffrey Epstein continued to receive privileged access to financial services well after his crimes were revealed. This exposes a troubling side of the U.S. banking industry that deserves closer examination.
Flagstar reports another net loss amid ongoing revamp
The Long Island-based bank hasn’t been profitable in eight quarters, but executives maintain that it’s on the right path, citing more loan book diversity, lower expenses and an improved margin.
Three C-suite bankers on how to manage every generation
From baby boomers’ family needs to the fearlessness of Gen Z, three bank executives discussed the work habits of different age groups at American Banker’s Most Powerful Women in Banking conference.
BofA seeks to dismiss COVID-era unemployment fraud claims
The bank asks a federal court to toss claims from five certified classes, arguing victims have been paid and that fraudsters are included in the suit.
BNY sees blockchain as future of finance infrastructure
BNY’s Carolyn Weinberg believes blockchain technology could be the key to an always-on operating system for the New York-based custody bank.