How payment firms are responding to CFPB pressure
As the Consumer Financial Protection Bureau increases scrutiny of earned wage access, cash back fees and airline rewards, industry lobbyists are pushing back, while some groups cheer the move.
Ally’s stock drops 15% as its credit challenges grow
A top executive at the auto lender said that more borrowers struggled to repay their loans over the summer amid inflation and a tougher job market. Late payments on auto loans rose by more than Ally expected in July and August.
Freddie Mac names Diana Reid as permanent CEO
The successor to Michael Hutchins, who filled the role on an interim basis, guided a well-known bank’s real estate business through the financial crisis.
Regulators ready to narrow scope, lower capital in Basel III re-proposal
Federal Reserve Vice Chair for Supervision Michael Barr outlined the changes he and other regulators would like to see to the capital reform plan, including largely excluding banks with less than $250 billion of assets.
The FDIC should avoid a fact-free debate on brokered deposits
The agency’s recent proposal to redefine “brokered deposits” requires a debate over the performance of different kinds of bank deposits. The problem is that the necessary data isn’t available yet.
Bank of America raises minimum wage to $24 an hour
BofA is taking the next step toward a 7-year-old goal of paying $25 an hour by 2025.
Huntington to provide corporate mortgage asset financing
The bank has brought about mortgage industry veteran Ken Logan as senior managing director to head this new business line
The top 20 banks by reputation
After a turbulent 2023, regional banks are gradually restoring public trust in 2024, with confidence in financial stability rising alongside calls for stronger government regulation, ethical practices, and capital reforms to prevent future crises.
The public is regaining trust in regional banks
The banking industry’s public reputation recovered moderately in 2024 after a string of regional bank failures depressed confidence in the industry the year prior.
It’s time for the US to withdraw from the Basel capital accords
The Basel capital rules long ago proved themselves to be ineffective and unwieldy. A former FDIC chairman said that history offers us a better alternative in the form of a regulator-centric model rooted in a pre-Basel approach to oversight.