How the proposed merger of two Black banks ignited a fight
After two Black banks in the Carolinas announced plans to combine, another lender made a purchase offer that it says is superior.
Visa says you can thank the labor market for strong spending
CEO Ryan McInerney said during the company’s fiscal fourth quarter earnings call that a strong labor market was driving the uptick in consumer spending, despite widespread uncertainty. His comments came as Visa posted its highest rate of annual revenue growth in more than 15 years.
Plenty of red flags, few restrictions: Is FINRA’s Rule 4111 working?
Roughly a dozen brokerages have enough customer complaints and other disclosures to merit preliminary scrutiny for a public “scarlet letter” alerting investors of heightened risks. But only two firms have been deemed restricted by FINRA.
Banks can’t escape liability in app scams, judge rules
A federal judge ruled that consumer protection laws apply to banking-app scams, allowing a couple’s $106,000 fraud lawsuit against Bank of America to move forward
Clients may value certifications more than they understand them
A new study by the Investments & Wealth Institute and Absolute Engagement shows many clients don’t grasp what their financial advisors’ certifications signify. That doesn’t mean those marks are unimportant to them.
SoFi’s Noto offers positive forecast despite ‘haters’
The online bank and lender raised its full-year guidance even after its early estimates mis-estimated the direction of interest rates from the Fed this year.
Attorneys General sue Treasury over ownership reports
A group of 21 Democratic attorneys general filed a lawsuit challenging Treasury’s decision to exempt domestic companies from beneficial ownership reporting requirements “effectively repeal[s]” the 2021 Corporate Transparency Act.
Why upcoming IRS rollover guidance is likely to disappoint advisors
The IRS changes will help with some advisor pain points, but several processes seen as antiquated may remain.
OCC gives final approval to Ripple’s national trust charter
The Office of the Comptroller of the Currency approved Ripple’s application for a national trust charter, a move the company says will bolster its stablecoin ambitions.
PayPal counts on growing its business beyond payments
CEO Enrique Lores has been attempting to overhaul the business since taking the reins in March, and has sought to cut costs while advancing its banking products.