White House sets deadline for agency-downsizing plans
Federal agencies have a little more than two weeks to devise plans for achieving significant staff reductions and cost savings.
Citi hires head of North America private bank from BofA
The hiring comes roughly a month after Ida Liu resigned and the firm embarked on a regional restructuring.
American Express removes a hurdle for Chinese travel
The company’s cards will combine with the Alipay digital wallet, enabling foreign travelers to use local currency while reducing fees and processing steps. That and more in the American Banker global payments roundup.
Great wage divide: How earned wage access sparks controversy
Earned wage access is shaping up to be the most divisive financial product in decades as industry trade groups and consumer advocates spar over whether EWA should be classified as credit in order to protect consumers. Is there a middle ground?
Stablecoin regs needed for banks to adopt DeFi: S&P study
The lack of government clarity on stablecoins has prevented traditional financial institutions like large banks from entering the space.
Synovus offers fraud, scam protections with Carefull
The bank is partnering with the fraud protection platform to offer tools to help clients — especially older adults — avoid scams and financial mistakes.
Community bank group opposes regulator consolidation
The Independent Community Bankers of America issued a statement supporting agency independence and called for “careful study” before the administration pursues merging bank regulatory agencies.
Lender groups want SBA to increase fees, tighten underwriting rules
Changes are needed to shore up the agency’s finances and guarantee the integrity of its flagship 7(a) lending program, according to a leading trade group
Earned wage access is growing. Here’s what banks need to know.
More consumers and small business clients are clamoring for earned wage access, as states step up regulation and a CFPB interpretive rule hangs in the balance.
Exclusive: Waters presses big banks on CFPB oversight gap
House Financial Services Committee ranking member Maxine Waters, D-Calif., asked trade groups representing large banks to detail how their members’ compliance regimes have changed since the Consumer Financial Protection Bureau was effectively shuttered.