New Calif. laws cover debt collection, credit unions’ overdraft fees
Democratic Gov. Gavin Newsom signed various measures designed to bolster consumer protection rules. The bills target several issues that have also been percolating at the federal level.
Oportun to sell credit card business, aims to boost performance
The company has signed an agreement to sell Continental Finance its entire card portfolio.
DOJ’s Visa debit suit threatens to upend revenue models
Interchange fees and financial incentives for merchants, banks and mobile wallets could come under pressure if the government forces the card brand to alter its policies.
Bank M&A set to take off after Fed rate cuts; deal values soar
Dealmakers say the Federal Reserve’s decision to reduce interest rates this month will lower borrowing costs and support banks’ credit quality, making it easier for buyers to assess sellers’ balance sheets and agree on sale terms.
FTC takes action against five companies using AI in fraudulent ways
Three of the companies that were part of the FTC’s sweep, Operation AI Comply, charged consumers to open online storefronts that generated little money compared to what was promised.
Wells Fargo sends Fed a crucial review for lifting asset cap
The San Francisco-based bank has submitted a third-party review of its risk and control overhauls for the central bank’s analysis and sign-off, according to people familiar with the matter.
Fed’s Barr previews mandatory collateral prepositioning, liquidity reforms
Federal Reserve Vice Chair Michael Barr announced upcoming regulations requiring large banks to preposition collateral at the Fed’s discount window and maintain minimum reserves based on uninsured deposit levels.
Marqeta, Rippling join Canada’s small business banking battle
The workforce management platform and payment company launched a card to pay company expenses, which the country’s large banks often do not reach.
Top bankers chase a big payday by defecting to private credit
Goldman Sachs Group Inc.’s Luke Gillam and Bank of America Corp.’s Murad Khaled, set to join AlbaCore Capital and Apollo Global Management, are the latest in a growing list of top bankers to make the leap.
Stop undermining your direct reports by going around them
As a leader, just because you have the authority to make a decision doesn’t mean you should always be the one making it. A good manager allows subordinates to make choices and assume responsibility.