‘Mac’ McQuown, banker behind first index fund, dies at 90
McQuown is credited with kicking off a financial revolution with the creation of the first index fund.
Capital One-Discover deal faces New York antitrust probe
New York Attorney General Letitia James asked a state court for permission to issue subpoenas to Capital One as part of an ongoing antitrust probe by the state,
A unified standard for QR codes is the next step in real-time payments
With two excellent real-time payments rails now available in the U.S., enabling QR code transactions is essential. The financial services industry needs to come together and establish uniform standards.
Bread Financial beats on revenue, misses on earnings
Repurchase agreements for $262 million of convertible notes weighed on the credit card company’s third-quarter earnings.
Credit quality issues weigh on Live Oak
The Wilmington, North Carolina company reported a breakout quarter for loan production, but profits fell as an increase in nonperforming loans led to higher provisioning.
First Citizens misses expectations, SVB business muted
The Raleigh, North Carolina-based bank lowered full-year guidance for 2024. Costly deposits are outpacing its yield on loans amid tepid borrowing demand.
The Fed’s big test: Shrink its balance sheet without shocking banks
The Federal Reserve is attempting to achieve its own soft landing through quantitative tightening without creating a liquidity crunch for banks. Last year’s bank failures could make the process more complicated.
Rising women executives honored at American Banker’s Most Powerful Women in Banking Next awards
The award ceremony, which celebrated 15 women honorees 40 years old and younger nominated for having c-suite potential by an executive at their institution, took place at The Glasshouse in New York City.
Unlikely allies support stricter federal oversight of ILCs
Industry groups and consumer advocates are joining forces in support of proposed regulatory changes.
Basel head urges capital rule finalization ‘as soon as possible’
The new chair of the Basel Committee on Banking Supervision called for member nations to finish the job of implementing post-financial crisis regulations. He also warned them not to put economic goals over safety considerations.