PNC, Wells Fargo take action on card late fees. Will others follow?
PNC has cut its credit card late fees to $8, and Wells Fargo has eliminated the charges on one new card. The moves signal that issuers are already adjusting to a CFPB rule that’s currently on hold amid a court challenge.
Banks, navigating choppy seas, tap their branch networks for cash
As high interest rates continue weighing on banks’ balance sheets, some are selling branches to real estate firms and leasing them back. The strategy is helping lenders that want to restructure their underwater bond portfolios.
Will Apple’s and Google’s on-device AI be useful in banking?
The tech companies are building generative AI into the next generation of their smartphone operating systems.
Chopra sees ‘clear interest’ in data privacy legislation
Consumer Financial Protection Bureau Director Rohit Chopra touted the bureau’s work on data privacy and open banking, and asked that lawmakers on both sides of the aisle pursue legislation to further consumer protections.
Biden taps Goldsmith Romero to lead FDIC
President Joe Biden also nominated fellow Commodity Futures Trade Commission board member Kristin Johnson to a top bank regulatory post at the Treasury Department.
Mortgage rates fall with the cooling pace of inflation
Markets appeared to welcome signs of future rate relief, with the latest Freddie Mac average falling for the fifth time in six weeks.
Fresh off deal closing, Provident in New Jersey to shutter branches
The bank said it would reduce its physical footprint by nearly 15% as part of an effort to reduce overlapping operations, drive cost savings and meet profitability targets tied to its May acquisition of Lakeland Bancorp.
Community banks are oddly silent on the looming stablecoin threat
Legislation enabling new banklike stablecoin issuers would create direct competition for deposits, with small U.S. banks in the most danger. Where is the pushback from the industry?
Regime change at JPMorgan Payments: What to expect
Long-time payments chief Takis Georgakopoulos is leaving the bank. New co-heads Umar Farooq and Max Neurkirchen are inheriting a powerhouse, but they face lots of challenges.
Citi’s wealth ambitions take shape with new hires, promotions
Like its Wall Street rival Morgan Stanley, Citi sees a path to trillions in client assets in its workplace division.