ICE’s Encompass down following CrowdStrike incident
The Department of Housing and Urban Development and the Nationwide Multistate Licensing System also reportedly had disruptions.
Comerica likely won’t be able to renew lucrative Treasury contract
Shares in the Dallas bank fell sharply after it disclosed that it expects to lose its contract for the Direct Express program, which would wipe out more than $3 billion in non-interest bearing deposits. Comerica’s involvement with the Treasury Department’s prepaid card program has been marred by controversy.
Bank customers report tech issues amid CrowdStrike, Microsoft problems
Customer reports of technical issues with many U.S. banks have spiked as a buggy software update from CrowdStrike disrupts multiple sectors.
Consumer-permissioned data could be a game-changer for borrowers
Lenders and financial institutions should allow consumers to report nontraditional financial activities in an effort to adopt and validate newer, more inclusive credit scoring models.
Bankers go home after outages sweep globe
A global IT outage left some unable to log on to computer systems and prevented others from making trades.
American Express boosts 2024 outlook as card spending stays strong
The financial institution’s high-end customer base has held up amid higher inflation and interest rates.
Huntington boosts earnings on growth in deposits and loans
Net interest income at the Columbus, Ohio-based bank rose by 2% from the first-quarter result, and CEO Steve Steinour said he expects growth to continue throughout the second half of the year.
What banks should take away from this week’s whirlwind political drama
The week of the Republican National Convention brought with it some of the biggest political moments the country has seen for decades, some of which center on the rise of economic populism in the Republican party. Here’s some of the biggest moments that matter for bankers.
Earned wage access providers rebuke CFPB, plan to sue over proposal
The $22 billion-dollar earned wage access industry is vigorously opposing the Consumer Financial Protection Bureau’s plan to classify paycheck advances as consumer loans requiring disclosures of fees and costs, and says it will fight the rule in court.
Regulators finalize guidelines for challenging property appraisals
The guidance is largely unchanged from what the agencies proposed last year. It directs institutions to craft policies that consider a wide array of potential shortcomings.