Biden drops out of race, endorses Harris
Vice President Kamala Harris, the most likely choice to replace President Joe Biden on top of the Democratic presidential ticket in November, has a long and complicated history with the banking industry.
Biden exit leaves markets asking what’s next for ‘Trump Trade’
Investors are set to start the week scrambling to decide if President Joe Biden’s decision to end his reelection campaign and endorse Vice President Kamala Harris increases or decreases Donald Trump’s chances of regaining power.
Bank regulators call for enhanced customer oversight in illicit finance update
The agencies are considering a rule change that would impact their policies on money laundering and terrorism finance. The proposal comes as the Financial Crimes Enforcement Network considers a similar update.
PCI Security Standards Council’s new hire, Landmark CU’s new branch
Deanne Zettler is taking on a newly created role at PCI SSC; Wisconsin’s Landmark Credit Union is opening a new, tech-forward branch; Mo Assomull is named co-head of investment banking at Morgan Stanley; and more in this week’s banking news roundup.
Capital One battles community group skepticism over Discover deal
Community and advocacy groups opposed Capital One’s proposed acquisition of Discover in a hearing held by federal regulators on Friday.
Lower costs, improved credit quality bolster Regions’ profits
The Alabama-based bank also said that its outlook for net interest income is brightening. Several other regional banks have offered similarly upbeat guidance in recent days.
Fed fines Green Dot $44 million over unfair practices
The Federal Reserve says the prepaid debit card issuer failed to make key disclosures to customers and had lackluster money laundering controls. The regulator also censured Jiko Group, a fintech and brokerage, in an unrelated enforcement action.
Joint Press Release: Agencies Request Comment on Anti-Money Laundering/Countering the Financing of Terrorism Proposed Rule
JOINT PRESS RELEASE | JULY 19, 2024 Federal Deposit Insurance CorporationFederal Reserve BoardNational Credit Union AdministrationOffice of the Comptroller of the Currency________________________________________________________________ Agencies Request Comment on Anti-Money Laundering/Countering the Financing of Terrorism Proposed Rule Four federal financial institution regulatory agencies today requested comment on a proposal to update their requirements for supervised institutions to establish, […]
ICE’s Encompass down following CrowdStrike incident
The Department of Housing and Urban Development and the Nationwide Multistate Licensing System also reportedly had disruptions.
Comerica likely won’t be able to renew lucrative Treasury contract
Shares in the Dallas bank fell sharply after it disclosed that it expects to lose its contract for the Direct Express program, which would wipe out more than $3 billion in non-interest bearing deposits. Comerica’s involvement with the Treasury Department’s prepaid card program has been marred by controversy.