Why Checkout.com is seeking a Georgia state bank charter
The London-based firm is seeking a license that would provide a direct connection between merchants and card networks, reducing reliance on third parties and brandishing the London company’s image as a player in America.
Fifth Third’s Comerica deal: ‘The biggest thing we’ve ever done’
Fifth Third announced it plans to buy the Dallas bank in a $10.9 billion transaction.
Sanctions on Russia were just a warm-up for a future crisis with China
As the likelihood of conflict in the Taiwan Strait grows, banks ought to be beefing up their sanctions compliance teams to deal with a huge increase in activity. Unfortunately, they are doing exactly the opposite.
Banks move quickly to cut deposit costs after Fed rate cut
Many banks lowered the interest rates they pay on certificates of deposits and high-yield savings accounts in September, capitalizing on the Fed’s 25-basis-point cut.
TD creates $25 million fund to boost Philly neighborhoods
The fund is designed to generate a financial return, as well as Community Reinvestment Act credit, for TD. Its inaugural investment is in a mixed-use project that will include 49 affordable housing units.
Key cybersecurity law expires, leaving banks exposed
A government shutdown and a single senator’s hold prevented the renewal this week of a bipartisan law that helped banks and other firms defend against hackers.
Jefferson signals cautionary stance on tariffs, labor and rate path
Federal Reserve Vice Chair Philip Jefferson said Friday that the economic outlook is uncertain and that he was adopting a cautious approach to gauging whether slowing growth and a softening labor market outweigh inflation pressures from tariffs.
Inside Merrick Bank’s relaunch of Ally’s former credit card portfolio
The CardWorks subsidiary has officially taken over Ally Financial’s Ollo credit card portfolio, ending a five-year dance between the two companies that first had Ally buying CardWorks for $2.7 billion.
Maria Tedesco appointed CBA board chair
The Consumer Bankers Association elected Atlantic Union Bank’s Maria Tedesco as its 2025 board chair; Banco Santander’s Steffen Doyle is leaving the firm; Commerzbank’s lawyers allege an ex-analyst made up sexual harassment claims against a colleague after he lost his job; and more in this week’s banking news roundup.
Even as shutdown halts BLS data, hiring appears to be slowing
The ongoing government shutdown prevented the Bureau of Labor Statistics from releasing its September jobs report Friday, but job growth appears to be softening. The lack of reliable government data comes as the Federal Reserve mulls further interest rate cuts.