Banks should help people returning from prison gain financial literacy
Hundreds of thousands of Americans leave prison each year with little or no financial literacy. It’s in the interest of banks and the communities they serve to educate them.
Five ways the Chevron deference’s demise will reshape bank regulation
Agencies must now provide clearer justifications for their interpretations, while Congress needs to draft more precise legislation. The decision could empower banks to challenge agency rules more frequently and potentially prolong regulatory processes, with courts giving less deference to agency interpretations.
TD CEO Bharat Masrani to retire amid AML compliance woes
Masrani, who’s been at the helm of the Toronto-based bank for a decade, will pass the torch to Raymond Chun next spring. Chun currently serves as TD’s head of Canadian personal banking.
Welcome to the crypto election
A huge amount of money has flowed into the election from cryptocurrency interests, setting up a different financial policy scene, including for bankers, next year.
Lawsuit claims BMO fired whistleblower who called out overcharging
In a new lawsuit, a former BMO employee says he was fired because he reported his concern that the bank was intentionally charging too much to clients who used a foreign-exchange product. BMO denies the allegations.
Powell: regulators will ‘move as a group’ on Basel re-proposal
The Federal Reserve chair said he supports the revised proposal outlined by Vice Chair for Supervision Michael Barr last week, and said the new proposal would get a vote by the full Board of Governors early next year.
Silvergate executive blames Fed, FDIC and OCC for bank’s collapse
As Silvergate Capital filed for Chapter 11 bankruptcy protection on Wednesday, an executive argued that the company’s crypto-friendly bank went down last year because regulators soured on its business model.
Bank stocks rise after Fed cuts benchmark rate by half point
Policymakers signaled more reductions lie ahead, a development that could curb lenders’ net interest income in the near term but support economic growth and credit quality.
Where have all the new banks gone?
Only one de novo has opened in 2024, while more than 100 launched annually prior to the 2008 financial crisis. Experts don’t agree on how to solve the problem.
UK, Sweden plan to protect cash; Canada loves contactless pay
Regulators in two countries are strengthening rules requiring banks and merchants to accept paper, while a majority of Canadian payments are now tap to pay.