Labor market rebounds, but all eyes are on inflation for Fed
The U.S. economy added 162,000 jobs in August, bouncing back from a surprise decline in July. The Fed’s next interest rate decision will still hinge on next week’s inflation reading.
The Clarity Act would create some much-needed certainty for banks
One of the benefits of the Clarity Act is that it would codify much of digital asset firms’ anti-money-laundering responsibilities. This is good news for banks that have been understandably nervous about counterparty risk.
Private-sector deposit insurance is reemerging. Can it work?
A new consortium of community banks plans to offer deposit insurance above the FDIC’s $250,000 limit. But skeptics say such private-sector efforts have a spotty history.
The Fed is facing the exact dilemma it least wants to see
The Federal Reserve is committed to fighting inflation, but it also has to keep an eye on a jobs market that is slowly and steadily losing steam.
RIA referrals, tech and service: How TradePMR by Robinhood pitches advisors
One year after $300M deal, referrals through Robinhood that put younger investors in the pipeline and an ongoing clearing relationship with Wells Fargo reflect how TradePMR is a growing rival to the giants of the custody channel.
Revolut wins US charter with limits on four products
The agency approved a full-service national bank but gated four product lines behind separate sign-offs, a condition advisors say is unlike other approvals.
Kansas community bank says merger will enable big Iowa push
Equity Bancshares in Wichita, Kansas, had been looking for a way to establish a significant Iowa presence. By acquiring Lincoln Bancorp, which has 16 branches in the state, it’s found a way in.
M&T upgrades as banks seek closer ties to corporate clients
The institution is among the first users of an embedded banking platform from FIS that places financial services and payments inside of the business software.
Managed accounts linked to higher retirement savings rates: Morningstar
Managed accounts are associated with higher employee contributions in defined-contribution retirement plans, the research firm found. Advisors working on employer plans might want to take note.
Colorado AG takes on EWA provider EarnIn
Colorado’s Attorney General Phil Weiser is suing direct-to-consumer earned wage access provider EarnIn, alleging that the company violated the state’s lending laws and challenging its claim that its product is nonrecourse. It is a sign of regulators’ continued interest in EWA.