Private data has a bigger role in reading inflation, Fed official says
Federal Reserve Board Gov. Adriana Kugler said traditional data sets are slow and sometimes outdated. She pointed to housing services as a price category that can benefit from private data.
Call centers and bank branches are major fraud liabilities
Banks reported that they have far more protections against fraud in digital channels versus branches or call centers, according to survey research.
A third term for Powell as Fed chair is unlikely — but not impossible
Federal Reserve Chair Jerome Powell’s term expires in 2026, and the chances are good that he will ride off into the sunset. But there is a path for him to be renominated for a third term, and he’s defied long political odds before.
CFO shuffle continues as Webster, Eastern name new finance chiefs
Two Northeast banks will get new CFOs next month. Webster Financial hired Neal Holland, the former CFO of the failed First Republic Bank, and Eastern Bankshares hired David Rosato, who left Berkshire Hills Bancorp last month.
Senate Banking member Menendez convicted
Should senior Senate Banking Committee member Bob Menendez, D-N.J., resign or be expelled from the Senate, it could derail key nominations — including that of Christy Goldsmith Romero for Federal Deposit Insurance Corp. chair.
Zelle owner will testify at Senate Investigations hearing
Early Warning Services CEO Cameron Fowler will join bank executives at an upcoming hearing in the Senate Permanent Subcommittee on Investigations to discuss fraud on the Zelle payments network.
How Apple’s iPhone payments update could hurt banks
The tech giant is enabling users to pay by holding smartphones together, potentially cutting into the market for Zelle, PayPal and Venmo.
State Street profit rebounds as fees and interest income show gains
CEO Ron O’Hanley touted an “encouraging financial performance” at the $326 billion-asset custody giant due to asset inflows and a jump in income from securities and loans.
The EU leads the way in implementing comprehensive digital wallets
Bankers and financial services professionals should be monitoring the rollout of the EU Digital Identity Wallet initiative, as it signals changes likely to arrive in the U.S.
FIS launches small-business lending tool, first in planned portfolio
The core services provider partnered with Lendio to devise a cloud-native tool that will automate small business loan decisioning and onboarding for banks.