Amex boosts its Swiss footprint; UK tightens BNPL rules
The card lender took full control of Swisscard from UBS; the Financial Conduct Authority is bringing installment lending regulations in line with other consumer financial products; and more payments news from around the world.
CFPB’s Chopra: 1033 will stop ‘incumbents’ who ‘exploit’ data
Consumer Financial Protection Bureau Director Rohit Chopra said opposition to the bureau’s recently finalized open banking rule should be viewed as banks and other large firms attempting to quash competition and stymie consumer data protection.
‘Enough already’: Analysts question banks’ $650 billion tech spend
McKinsey published a report Wednesday that found banks’ technology investments equate to the gross domestic product of Sweden. But this spending is not leading to revenue growth, they and others say.
East West Bank faces margin squeeze, but investors like its plan
The Southern California company beat analysts’ expectations, partly by steadily paying less for deposits, as it navigates a classic net interest margin pickle.
CFPB hits Apple, Goldman Sachs over Apple Card failures
The Consumer Financial Protection Bureau said Goldman Sachs failed to investigate tens of thousands of disputes, while Apple misled iPhone purchasers about interest-free payment options. The two companies were ordered to pay $89 million.
Record run for CU-bank deals extends with Kentucky acquisition
Y-12 Federal Credit Union in Oak Ridge, Tennessee, said it would acquire First State Bank of the Southeast in Middlesboro, Kentucky. It was the 19th such deal announced this year.
Bank of America CEO urges Fed to not go too hard on rates
The danger for the central bankers is that “they go too fast or too slow and that risk is higher now than it was six months ago,” BofA Chief Executive Brian Moynihan said.
Technology is the catalyst for a global expansion of financial inclusion
Government, private companies and civil society must continue pushing the kinds of partnerships that put mobile financial technology into the hands of marginalized people around the world.
Bank of America expands AI and machine learning patents 94% over two years
BofA had nearly 1,100 artificial intelligence and machine learning patents and pending applications within its portfolio at midyear, and more than half have been granted already.
Why bankers predict a Harris win despite favoring Trump
Recently polled banking professionals held that Vice President Kamala Harris is the likely frontrunner for the White House, but former President Donald Trump would be better for the industry.