Impostors got past First Horizon’s help desk, suits allege
Business customers in two lawsuits say callers posing as them got past First Horizon’s phone identity checks, and more than $23 million in wires followed.
Public perceptions shaped banks’ client decisions: OCC report
A review of nine large banks found that subjective reputation-risk assessments influenced decisions to serve certain customers and industries, but the OCC could not quantify the extent of debanking.
Crypto spending big but thinking small on the campaign trail
The crypto industry is still playing the traditional campaign-donation game; BofA’s billion-dollar AML fine shows the benefits of a fortress balance sheet.
FDIC’s Hill cites ‘more work to do’ on tokenized deposits
Federal Deposit Insurance Corp. Chair Travis Hill said regulators will have “more work to do” on tokenized deposits beyond implementing last year’s stablecoin law, including thinking through how 24-hour settlement would impact failed bank resolutions.
Inflation uptick puts pressure on Fed to hike again
The consumer price index increased 3.7% in September, potentially dashing market hopes that the Federal Reserve might delay raising interest rates later this month.
As Treasury overhauls AML rules, banks need a new measure of success
As regulators rewrite the rules for anti-money-laundering compliance, they have an opportunity to create standards that will actually prevent financial crime rather than just documenting suspicious activity.
Crypto comes to rescue vulnerable House banking Republicans
Crypto campaign arm Fairshake is spending millions to protect lawmakers who have helped advance the industry’s agenda as political headwinds threaten several key Republican lawmakers.
BofA gets $1.21B penalty for money laundering
The Treasury Department and Office of the Comptroller of the Currency Tuesday announced that they had found the bank had processed over $5 billion in unreported suspicious transactions and committed hundreds of sanctions violations.
Citi doubles asset inflows, edging closer to profit goals
With rising assets and improved ROTCE — return on tangible common equity — Citi checks off goals for its wealth management unit.
What 2 RIAs get right about training new advisors as shortages loom
OpenArc and SageSpring have created internal pipelines of next-generation talent through mentors and team-based approaches, rather than instructing the firms’ early career advisors to “eat what you kill.”