Banks say core provider power needs to be checked
Banking trade associations told the Office of the Comptroller of the Currency that regulators should reform rules around third-party risk, saying concentration and limited choice of core service providers places an undue burden on banks.
Columbia in New Jersey to enter New York City in $597M deal
Acquiring the $5.8 billion Northfield Bancorp would give Columbia a presence in both Brooklyn and Staten Island. The deal provides a window into the impact of New York Mayor Zohran Mamdani’s plan to freeze rents on the city’s multifamily real estate market.
Congress must act to bring real accountability to proxy advisory firms
Two large proxy advisory firms exert extraordinary and pernicious influence on public companies in the U.S. Congress must act to protect American businesses and the investors whose future relies on them.
Thread Bank’s Chris Black sees opening in bank charter boom
Some traditional bankers are unsettled by the wave of crypto and fintech banks getting bank charters. This Nashville bank CEO sees opportunity.
CFPB accused of siding with credit bureaus on complaints
The National Consumer Law Center is claiming the Credit Data Industry Association wants to suppress Consumer Financial Protection Bureau complaint filings.
PayPal fires CEO Alex Chriss as branded checkout falters
HP CEO and current PayPal board chair Enrique Lores will take over March 1, following a deep slump in the payment company’s key metric.
The AI prompt that could wipe out banks’ net interest income
It won’t be long before bank customers can ask an AI agent to optimize their returns on idle cash. When it happens, banks’ net interest income is going to come under direct threat.
Rate cap debate sidesteps big unknowns in credit card pricing
President Donald Trump’s support of legislation that would cap credit card interest rates at 10% has flagged in recent weeks, but experts say that the debate has highlighted significant gaps in regulators’ understanding of the credit card market and how its risks are priced.
UBS seeks to prevent reopening of Nazi-accounts settlement
The Swiss banking giant will come under the spotlight Tuesday at a Senate hearing.where the question of whether a 1999 settlement over Holocaust-looted funds should be reopened is expected to be discussed.
Varo raises $124 million despite widening net losses
The digital bank added two new board members and raised $123.9 million as it continues to manage regulatory costs amid its push for profitability.