‘Trusted contacts’ provide banks new fraud bulwark
How can lenders stop elder fraud when a scam is already underway? One approach, allowed by a growing number of state laws, is to contact someone the client trusts. It’s a tactic that can work quickly — or backfire.
Banks warn of risks as critical cyber law nears expiration
A critical U.S. cybersecurity law sunsets Sept. 30, and banks say losing it would weaken defenses against hackers.
JPMorgan’s latest step to create ‘Pan-European’ retail bank
The megabank will continue its international retail strategy by opening business in Germany next year, starting by offering savings accounts to consumers.
CFPB’s deregulatory agenda aims to rewrite Biden-era rules
The Consumer Financial Protection Bureau has released a packed agenda centered on rewriting rules ranging from small business lending to open banking while rescinding several rules finalized under the Biden Administration last year.
U.K. fintech leaders seek to start a digital private bank
A cohort of U.K.-based fintech founders are fundraising to launch a digital bank for high net worth individuals, known internally as “Project Arnaud.”
Kansas bank strikes 4th M&A deal in 2 years
Equity Bancshares is expanding into Nebraska with the proposed acquisition of Omaha-based Frontier Holdings; Valley National Bancorp taps Patrick Smith as its new president of consumer banking; Northern Trust in Chicago promoted Michael Hunstad to president of asset management; and more in this week’s banking news roundup.
FINRA has charged Synapse Brokerage leaders with misconduct
Jeffrey Stanley and Mark Paverman have been charged with mismanaging Synapse Brokerage accounts and failing to preserve emails and instant messages, among other things.
Must-pass defense bill could mean fewer BSA reports
A Republican-led effort to raise Bank Secrecy Act reporting thresholds gains momentum amid debanking rhetoric as lawmakers eye must-pass defense authorization as vehicle for financial regulatory reform.
Community banks should see stablecoins as an opportunity, not a threat
There is conclusive evidence that stablecoin adoption does not lead to deposit runoff at community banks. This should give bankers the confidence to grow their businesses by offering stablecoin-related services.
How VersaBank’s battling stablecoin deposit drain
The Canadian institution plans a U.S. tokenized deposit, contending that it can help banks keep and grow deposits amid threats from fintech-issued cryptocurrency. Founder and president David Taylor is encouraging others to do the same.