Michigan-based credit union to acquire Florida bank
ELGA Credit Union said it plans to acquire Marine Bank & Trust in an all-cash deal. The combination marks the 12th of the year involving a credit union buying a bank, keeping the industry on pace to establish a new record for such deals.
CFPB finalizes standard-setting body rules for open banking
The Consumer Financial Protection Bureau issued a final rule pursuant to its broader open banking proposal Wednesday that would require standard-setting bodies to include public interest consumer groups and others to receive bureau recognition.
eBay to block American Express cards, citing high swipe fees
The e-commerce firm will no longer accept Amex credit cards globally beginning in August, citing the card network’s higher-than-average cost of acceptance.
Overly formulaic AML compliance is bad for immigrants, and for banks
For a country that relies on the energy and drive of immigrants to the extent that the U.S. does, it’s surprisingly hard for them to get bank accounts. It’s time to reassess what we mean by money-laundering risks.
Mastercard expands palm checkout, ‘King’s cash’ gets slow rollout
Mastercard launches palm checkout in Uruguay, the U.K. commits to a gradual rollout of King Charles banknotes starting this week, and more.
CEO pay went down at most banks last year. These five were outliers.
The compensation committees at PNC, BOK Financial and a few other banks decided that their top leaders performed well amid industry challenges, and rewarded them for it.
Regulators are laying the groundwork to rein in private credit
As the private credit market swells, federal regulators and lawmakers continue to debate how and whether to apply oversight and heightened scrutiny to the market. But whether anything happens depends on whether President Biden wins a second term.
Otting takes on NYCB’s chair role as turnaround proceeds
Sandro DiNello, who briefly led New York Community Bancorp amid turmoil earlier this year, is staying on the company’s board. But Joseph Otting, the company’s recently installed CEO, is taking on the executive chairman position.
CFPB renews warnings about ‘fine print’ violations
The Consumer Financial Protection Bureau said in a new circular that it’s still watching for attempts to get borrowers to sign away rights that can’t be waived.
Is the CFPB reining in buy now, pay later loans too soon?
A proposal from the Consumer Financial Protection Bureau to extend the same protections as credit cards to the fast-growing BNPL industry aims to protect consumers, but it could also stunt the nascent industry’s growth, experts say.