‘Kamalanomics’ presents a major growth opportunity for US banks
Banks should embrace Kamala Harris’ effort to drive sustainable, equitable economic growth. Doing so will open them up to underserved communities where they can build customer loyalty among a population primed for rapid development.
Experts debate the possible benefits of DSIB designation
Acting Comptroller of the Currency Michael Hsu’s suggestion that regulators designate certain midsize regional banks as domestic systemically important banks could boost oversight but may also complicate the regulatory landscape, observers say.
Is U.S. Bancorp ready to turn the corner after years of rising costs?
Executives at the super-regional bank told investors Thursday that years of investments are poised to start paying off in rising profits. But the market seemed skeptical about the company’s plan forward.
How AI can raise morale for employees and ‘break them free’
The Treasury department’s chief AI officer said on a panel on Thursday that AI can relieve the burden of mind-numbing activities such as anomaly detection and spur employees to think more creatively.
Despite M&A lull, United Community still seeking deals
The South Carolina-based bank considers itself a buyer, but has put the 17 months since announcing its last acquisition to good use, reassessing multiple business lines and upgrading technology.
Senate Democrats take on fintechs and their partner banks
A letter led by Sen. Elizabeth Warren, D-Mass., urges bank regulators to crack down on banking as a service, while another led by Sen. Jack Reed, D-R.I., asks that the Consumer Financial Protection Bureau more closely monitor buy now, pay later companies.
Wells Fargo gets hit with new AML consent order
The enforcement action by the Office of the Comptroller of the Currency is a major setback for the San Francisco bank, which was freed from a separate anti-money-laundering order in 2021. Its stock price fell sharply after the release of the news.
Inside Mastercard’s $2.65 billion bet on digital security
As the toll of financial crime rises, the card network is attempting to boost its fraud-fighting game by buying threat intelligence firm Recorded Future.
CFPB bans Navient federal student loan servicing, issues $120M fine
Consumer Financial Protection Bureau director Rohit Chopra said the action would “close the book” on the agency’s investigation into the Sallie Mae spinout.
Mortgage rates move as FOMC cut looms
The 30-year fixed rate mortgage fell week-to-week by the largest amount since the start of August and are now almost a percentage point lower than a year ago, according to Freddie Mac.