Why a commercial real estate doomsday now looks unlikely
Data suggests that the beleaguered commercial real estate market isn’t going to get worse. And now that banks have had time to build reserves, any losses they do take shouldn’t be disastrous, analysts say.
Chase formally reenters HELOC business after five years
The bank “temporarily” paused home equity line of credit lending in April 2020, over concerns regarding the economic impact of the Covid-19 pandemic.
Fintech lobby pushes for AI expertise in California DOJ
The American Fintech Council publicly declared support for California SB 69, which would require “internal expertise” for artificial intelligence regulation.
Can $200M fund for mission-driven banks create a blueprint?
Four years after its launch, the Mission Driven Bank Fund has ended its fundraising well short of its original $500 million target. Still, organizers are hopeful that the fund’s performance will attract other investors to the sector.
U.S. Bank’s Elavon launches revenue-based financing
U.S. Bank’s merchant acquiring unit has expanded its partnership with embedded finance fintech Liberis to offer its small business clients working capital loans.The two companies previously offered loans in the U.K., Ireland and Poland.
BMO unveils plan to invest in its U.S. branches, technology
Aron Levine, the Canadian bank’s new U.S. president, said BMO intends to invest in technology and spend more on branches. The company’s moves, which also include the recent combination of its U.S. businesses, are part of a plan to boost its return on equity.
Cook firing takes the Fed into the unknown
Legal experts say President Trump’s unprecedented move to fire Cook over alleged past misconduct will likely be hashed out in court, but there is little precedent to determine whether a sitting board governor can be removed for past actions.
CFPB to further curb its ability to supervise nonbanks
A proposed rule published Tuesday in the Federal Register would limit the Consumer Financial Protection Bureau’s ability to designate nonbank entities for supervision.
Bank profits dip, FDIC fund restored in second quarter
The Federal Deposit Insurance Corp. said Tuesday that bank profits slipped slightly in the second quarter as the Capital One-Discover merger drove provisions higher. Loan growth, deposits and insurance fund reserves showed positive signs despite ongoing credit issues.
The fallout from Visa’s U.S. open banking retreat
The card brand is reportedly focusing on other markets amid uncertainty in U.S. regulations and as banks consider fees for data sharing.