Republicans hold their fire on FDIC chair nominee
Christy Goldsmith Romero — the White House’s pick to succeed Martin Gruenberg as chair of the Federal Deposit Insurance Corp. — has generated little pushback from Senate Republicans, though her lack of bank supervisory experience and her record on cryptocurrency are the most likely lines of attack during her confirmation process.
Synapse bankruptcy puts bank-fintech partnerships on notice
Heightened regulatory scrutiny following Synapse Financial’s bankruptcy will likely lead to stricter regulatory oversight of fintech-bank partnerships, potentially putting a damper on those collaborations in general and Banking-as-a-Service offerings in particular.
Citing regulatory challenges, Louisiana banks call off merger
MC Bancshares and Heritage NOLA Bancorp announced plans to combine in 2023, but the companies called off the deal after difficulties securing approvals. It amplified what an analyst called the “ever-present risk” of examiner scrutiny.
It’s time for a more collaborative approach to bank regulation
Economic downturns are inevitable, but regulatory overreaction to them shouldn’t be. We need to rethink the way banks are allowed to recover from economic shocks.
How The Clearing House is using billers to boost real-time payments
The organization says ‘request for pay’ has gotten early traction with billing and account-to account transfers. Now it’s targeting consumer-to-government and digital wallet disbursements.
American Banker news quiz: June 17
In this edition of American Banker’s news quiz, see what you know about the newest delinquency statistics, the best methods for combatting rising Zelle fraud, the ongoing battle between Republicans and Democrats over the head role at the Federal Deposit Insurance Corp. and more.
Turnover time: Why so many banks have CFO vacancies
Due to retirement, burnout, heightened regulatory standards and probability challenges, lots of lenders are looking for new chief financial officers. The wave of departures is giving banks a chance to bring in more highly skilled finance chiefs.
Is the Fed’s tough love approach to housing too tough?
Federal Reserve Chair Jerome Powell says crushing inflation is the most important thing the Fed can do to reduce costs in the housing market. Some economists and policy specialists say higher rates are not the only tool at its disposal.
BNY’s new branding, Virginia credit unions to merge
BNY, the country’s oldest bank, drops “Mellon” from its branding; Apple FCU announces plans to merge with NextMark Credit Union; Moelis probes incident after a video circulated online shows one of its senior bankers appearing to punch a woman; and more in this week’s banking news roundup.
How a Mississippi credit union attracted $8 million in new deposits
Statewide Federal Credit Union in Flowood used its partnerships with Bankjoy and Strum Platforms to identify untapped communities in its field of membership and aggressively market its inaugural high-yield savings account.