OCC approves first CEBA credit card bank in 20 years
The federal banking agency has conditionally approved Mission Lane’s request for a limited-purpose credit card bank charter.
Fed & FDIC cite ‘significant uncertainty’ in Amex living will
The Federal Reserve and Federal Deposit Insurance Corp. said they have doubts about the feasibility of American Express’ resolution plan, yet issued no formal deficiencies with theirs or any of the other 14 other large banks’ resolution plans reviewed.
Home prices lag inflation; eastern metros build equity
Home value fell in real terms, as inflation ran 1.5 percentage points above price growth, down slightly from 3.5% in June, according to the Case-Shiller index.
Fed finalizes stress test reforms, takes comment on scenarios
The Federal Reserve voted 6-1 to finalize its proposed stress test reforms, including seeking input on stress test scenarios and models annually and averaging results over two years.
A penny saved is now just a penny sitting in a cup somewhere
After Congress passed a bill speeding up its demise, the penny will be more curiosity than currency.
August PCE inflation comes in lower, but with a twist
The Federal Reserve’s preferred measure of inflation came in lower for August than it had in earlier months, but a recent methodology change raises questions about the strength of the signal.
CFPB’s removal of customer complaint data is a major mistake
The Consumer Financial Protection Bureau’s recent decision to make it more difficult to see customer complaint narratives is depriving the financial services industry of a vital source of business intelligence.
Check fraud ring stole $7M from nine banks, credit unions
A federal indictment names Bank of America, M&T and seven other banks and credit unions, and quotes the texts that got deposits past their fraud controls.
ESG is out of fashion. The risks remain
Amid political pushback around ESG, Climate Week panelists say firm leaders should focus less on the label and more on the risks that matter to clients.
U.S. Bank launches full-court press to attract manufacturers
The Minneapolis-based superregional bank is leaning into a sector that has been at the center of the Trump administration’s economic policies.