JPMorgan drops proxy advisory firms in favor of AI platform
The company’s asset and wealth management business is completely cutting ties with proxy advisors, opting to build its own research and public company voting system. JPMorgan is the first bank to stop using firms such as Glass Lewis and ISS.
Trump backs ban on institutional buyers in housing market
President Trump said he would prohibit large institutional investors from buying single-family homes. While the executive couldn’t bar such investments on its own, a legislative ban could gain bipartisan support.
Ohio bank dials into its area code to create a new identity
The 81-year-old Metamora State Bank renamed itself Bank419 to better align its brand with its business after years of regional expansion.
Credit reporting prices draw more ire from FHFA’s Pulte
A housing official renewed his call for credit bureaus to address lenders’ concerns. Low pull-through magnifies a cost that’s small relative to others.
How non-payments became big business at Visa and Mastercard
With fintechs and legal cases pressuring payment fees, the card companies are leaning more on revenue from other sources.
Restricting industrial loan charters would be bad for the economy
Industrial loan companies play a vital role in local economies across the country, providing liquidity in areas that other banks overlook. Restricting the availability of ILC charters would be bad for business.
Commerce eyes wealth-management gains after sealing M&A deal
The Kansas City, Missouri-based bank completed its first bank acquisition in 12 years on New Year’s Day. Now it’s focused on retaining and growing FineMark Holdings’ high-net-worth clients in markets such as Southwest Florida, South Carolina and Arizona.
Brazilian digital bank PicPay files for U.S. IPO
PicPay is making a second attempt at entering the U.S. market as a profitable digital bank and a competitor to fellow Brazilian fintech Nubank.
Venezuela-focused crypto startup loses $341K in cybertheft
Attackers stole over $340,000 in stablecoin from the Venezuela-focused app. The incident adds to recent troubles including frozen accounts at JPMorganChase.
Yield issue in play as Senate looks to crypto bill markup
As the Senate Banking Committee stands poised to mark up crypto market legislation within days, banks are focused on blocking crypto exchanges from offering rewards on stablecoins, which they fear could siphon deposits away from community banks.