Activist investor drops recent proxy battle threats
HoldCo Asset Management drops its pursuit of proxy battles with Columbia Banking System and First Interstate; Cape Cod’s Mutual Bancorp prepares to acquire Bluestone Bank; Servbank HoldCo announces plans to acquire IF Bancorp; and more in this week’s banking news roundup.
US treasuries stall as conflicting jobs data cloud Fed outlook
Treasury market bulls and bears fought to a draw this week as conflicting private-sector data on the health of the US labor market left expectations for another Federal Reserve interest-rate cut in December in limbo.
Judge rejects $425M settlement in Capital One class action
Capital One must reengage in settlement talks with lawyers for savings-account holders after a judge found that an agreement between the two sides wouldn’t provide adequate compensation to customers who were allegedly victimized by the bank.
What KeyBank’s new embedded banking boss has planned
Eric Girard, who became the bank’s head of embedded banking and co-head of commercial product in October, is aiming to make the technology more accessible.
CFPB makes early exit from consent order against TransUnion
The Consumer Financial Protection Bureau ended a consent order earlier than expected against the credit bureau TransUnion, saying the company already paid a $5 million fine and $3 million to consumers.
Crypto’s real adoption curve begins when it disappears
Crypto is slowly but surely being integrated into the banking applications consumers trust and use every day. It’s not the crypto revolution purists imagined, but it’s very good news for consumers and bankers alike.
Wells Fargo, PNC tell Trustly to stop screen scraping customer data
The banks want the pay-by-bank provider to use application programming interfaces to protect consumers, they say.
Fed’s Jefferson urges proceeding ‘slowly’ with monetary policy
Federal Reserve Vice Chair Philip Jefferson said that as interest rates have moved toward a more neutral level, “it makes sense” now to proceed with caution.
Regulators are holding back secure digital identity verification
Existing law already provides the tools that would allow an across-the-board upgrade in digital identity verification, with benefits to banks and consumers alike. Regulators are the roadblock.
Banks are losing share in rapidly growing HELOC market
The volume of home equity lines of credit expanded for the 14th consecutive quarter, driven largely by fintechs and other nonbanks that are accounting for more and more of the business.