Former Discover executive says she was ‘scapegoat’ for legal troubles
Diane Offereins retired from a top job last year amid scrutiny of the card network’s charges to merchants. Now she’s suing Discover over its decision to cancel unvested stock worth $7 million.
Visa, Mastercard and Google go big in India; U.K. interchange suit moves forward
he card brands and tech giants are expanding their payments reach in one of the world’s largest markets, while facing a multi-billion-dollar class action complaint by British businesses over fees. That and more in American Banker’s weekly global roundup.
TD CEO says the bank’s size helps explain risk management failures
The Canadian bank expects to spend more than $3 billion on U.S. regulatory penalties in connection with its anti-money-laundering problems. “It’s easy in a bank of our size to sometimes not look at accountabilities as clearly as we should,” CEO Bharat Masrani said.
Earnings recap: Citigroup’s OCC plan, First Guaranty layoffs
From Citigroup’s positive earnings butting up against fines from the Office of the Comptroller of the Currency, to First Guaranty’s 15% layoff, here are earnings highlights to be mindful of.
Press Release: FDIC Board Selects Boston Consulting Group to Advise on Workplace Culture Initiatives
PRESS RELEASE | SEPTEMBER 4, 2024 FDIC Board Selects Boston Consulting Group to Advise on Workplace Culture Initiatives WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors (the Board) today selected Boston Consulting Group (BCG) Federal Corporation to advise and assist the agency as it implements its Action Plan for a Safe, Fair, […]
Credit unions rarely engage in BaaS. North Bay is an exception.
Membership requirements, expense and the c non-profit ethos largely keep credit unions from participating in the banking-as-a-service space. But a few, such as North Bay Credit Union in California, have carved out a niche.
Philadelphia Fed president Harker to step down next year
Patrick Harker, the longest serving regional reserve bank president, will leave office in June 2025. Directors at the Fed bank have started the search for his replacement.
Credit union-bank mergers approach all-time high
REV Federal Credit Union in suburban Charleston, South Carolina, plans to acquire First Neighborhood Bank in West Virginia. It marks the 15th deal this year involving a credit union buying a bank, closing in on 2022’s record of 16 deals.
Bostic says risks to Fed’s jobs, inflation goals now in balance
The Federal Reserve Bank of Atlanta president said the two mandates are in balance for the first time since 2021, although he is “not quite prepared” to declare victory over inflation.
Fed hits two community banks with enforcement actions
The Federal Reserve fined a Montana bank for violating the National Flood Insurance Act and issued a cease-and-desist order against a Dallas bank over money-laundering concerns.