It’s time to do away with the obsolete currency transaction report
Once a helpful tool for law enforcement, CTRs have become next to useless in the fight against money laundering. It’s time to retire them in favor of more modern and effective measures.
BMO managing director dismissed over SEC mortgage-bond probe
Bank of Montreal dismissed a managing director on its US mortgage-backed bond desk in connection with a regulatory probe into misleading marketing practices.
Biometric payments: A bit uncanny but likely to catch on
Biometric payment terminals were on full display at the National Retail Federation’s Big Show in New York. American Banker tried terminals from Ingenico and JPMorgan Payments. Here’s what we found.
LA fintechs adapt to wildfires’ toll on health and families
Banks and credit unions also extended financial relief to Californians affected by the fires, which have killed 28 people and burned thousands of homes.
New housing subcommittee head promises policy rollbacks
The subcommittee to be chaired by Sen. Katie Britt, R.- Ala. will oversee servicing and HUD at a time when Republicans are resurfacing legislative proposals they now have more power to advance.
Congressional committees to investigate ‘debanking’ of crypto
The Senate Banking Committee and House Oversight Committee will hold hearings next week on banks dropping customers, an issue that has gained currency from crypto enthusiasts in recent months.
First Citizens reels in profits as loans and deposits grow
The Raleigh, North Carolina-based company reported a double-digit increase in net income for the fourth quarter and continues to see upside in its Silicon Valley Bank unit.
SouthState outpaces estimates, buoyed by NII and fees
Just weeks after closing its purchase of Independent Bank Group, SouthState reported higher than expected earnings per share for the fourth quarter.
Stearns Bank acquisition reflects shift in warehouse lending
The acquisition adds mortgage warehouse lending to Minnesota’s Stearns Bank, the latest to offer the service during a multiyear period that has seen several new entrants and exits.
Mufarrige to lead FTC’s Bureau of Consumer Protection
Christopher Mufarrige is named acting director of the FTC’s Bureau of Consumer Protection; TD Bank promotes Andrew Stewart, Nadir Johnes and Jo Jagadish; PayPal’s John Kim is leaving the company; and more in this week’s banking news roundup.