BMO reports surge in provisions, higher earnings
The Toronto-based bank’s provisions for credit losses totaled CA$1.5 billion during its fiscal fourth quarter, more than three times what it set aside in the same quarter last year.
New CEO sets path for Carver amid proxy clash
Donald Felix, who spent a quarter century at some of the nation’s largest banks, took the helm at Carver Bancorp last month. Felix is devising a plan to return the 76-year-old Black-managed company to profitability.
How SEC chair nominee Atkins could shape housing policy
Paul Atkins, a noted critic of the Consumer Financial Protection Bureau, will join the Financial Stability Oversight Council, where he will play a role in shaping housing policy.
Trump nominates Fiserv’s Bisignano for Social Security Administration
President-elect Donald Trump is nominating Frank Bisignano, the chief executive officer of fintech and payments company Fiserv Inc., to be the commissioner of the Social Security Administration.
TCH’s real-time payments can be larger; Mastercard to pay $254 million UK settlement
The Clearing House increased its transaction limit from $1 million to $10 million; Mastercard settled a card fee lawsuit; and other news from the world of payments.
Powell dismisses notion of ‘shadow’ Fed chair
The Federal Reserve chair is not concerned about President-elect Trump nominating his successor well in advance of the end of his term in 2026, saying he is “confident” he will have a productive relationship with the next Treasury Secretary.
Regulators remind banks how to fight elder fraud
The FDIC, OCC, NCUA and Fed each signed onto a letter that detailed strategies for mitigating financial crimes against older Americans.
Texas court halts enforcement of Corporate Transparency Act
A federal judge in Texas has blocked the enforcement of the Corporate Transparency Act, a key U.S. anti-money laundering law that would require companies to report ownership details by January.
Patrick McHenry punts AI legislation to next Congress
Rep. French Hill, R-Ark. — one of the leading contenders to chair the House Financial Services Committee next year — focused on ‘debanking’ of crypto and other companies in his questions to the witnesses.
Citigroup faces $26 million in losses on Australian block trade
The U.S. bank was unable to fully sell a block of shares in Australia’s Goodman Group it had underwritten for China’s sovereign wealth fund.