Despite missing asset goal, LPL points to silver linings in Commonwealth deal
Although acknowledging that they won’t hit their goal of retaining 90% of the assets Commonwealth Financial Network had at the time of its acquisition, LPL executives say the deal is living up to its promise in most other ways.
OCC, FDIC part ways on forcing banks to fix cyber gaps
At FDIC-supervised banks, a cyber weakness examiners can’t tie to the balance sheet may draw only an informal note under a rule taking effect Nov. 2.
Understanding the banking industry’s reaction to AI agents
The introduction of AI agents capable of transacting on behalf of their customers has many banks placing restrictions on their use. But the reason for banks’ caution is not well understood, and is sometimes misrepresented.
For Fed, politics impossible to avoid in pre-midterm FOMC
The Federal Open Market Committee’s voting history heading into previous elections might shed light on how it approaches this week’s decision.
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.