Epstein probe: When must banks report suspicions to feds?
A report released this week by Sen. Ron Wyden, D-Ore., shines a light on what is required of banks when high-net-worth clients engage in suspicious activity.
Why the consumer credit outlook for 2H looks cloudier
The latest consumer conditions study from the American Financial Services Association paints a less-than-rosy picture of how lenders expect the second half of the year to play out.
New professional designation aims to build DAF expertise
The American College of Financial Services is launching a certification program to train financial professionals on the ins and outs of donor-advised funds.
Mortgage rates keep rising, nearing last July’s peak
The 3 basis point gain in the 30-year fixed comes as investors are now pricing in the likelihood of a Federal Reserve short-term rate hike in September.
Analysts: Chime a ‘superior value prop’ compared to banks
The neobank in the second quarter blew past Wall Street’s expectations and posted its second quarter of GAAP profitability as its payments-centric business model continues to resonate with consumers and challenge incumbent banks.
Onity’s 2Q revenues jump, other costs tip scales to a loss
Record lending drove a top-line gain on the year but one-time costs from reverse mortgage servicing sales as negative fair value changes hurt the bottom line.
GOP lawmaker calls for GSEs to buy portable mortgages
The bill, which is meant to free up housing supply locked in by high mortgage rates, does not include assumable mortgages which stick with the property.
Block’s Dorsey evangelizes AI reorganization for financial services
The payment company’s CEO says it’s developing and shipping products faster despite cutting nearly half of its staff. It’s a strategy he says can be replicated at other businesses.
Why a $1.5B wirehouse team considered independence but jumped to Merrill
Although many advisors choose to leave Wall Street mainstays in favor of firms offering greater independence, some find they’re still most at home at another wirehouse. Just ask Todd Hatfield.
The oversight gap: banks must ramp up internal protections in a deregulatory climate
Expanding fintech charters and workforce shrinking across the Fed, OCC, and FDIC require financial services leaders to assume the role of technical auditor to protect against systemic contagion.