What banks stand to gain from the U.S. Cyber Trust Mark
Modeled after Energy Star, the Cyber Trust Mark will label smart devices that pass federal cybersecurity standards.
Bank branches close as wildfires spread across Los Angeles
JPMorgan Chase, U.S. Bancorp and others shut some branches as wildfires tore through the suburbs of Los Angeles.
Index provider ICE buys AFX and its Ameribor rate
The financial data firm Intercontinental Exchange is buying the firm that runs the Ameribor interest rate benchmark, which some community and regional banks back as a LIBOR alternative.
CFPB sued for exceeding its authority on medical debt rule
Two trade groups filed a lawsuit against the Consumer Financial Protection Bureau claiming it exceeded its authority and ignored the legislative history on medical debts.
CFPB to regulate large participants in personal loan market
The Consumer Financial Protection Bureau said it would undertake a rule to regulate large participants in the personal loan market and consider a joint rulemaking with the Federal Reserve on check and ATM hold times.
Europe pushes real-time transactions; Dutch bathrooms boost mobile pay
A new EU law that requires interoperability and universal support for instant processing goes into effect this week, providing clarity that the U.S. lacks, while ABN Amro says restrooms generate transaction revenue. That and more news in this week’s global payments roundup.
Meet four new lawmakers likely to have an impact on banking
Several crypto-friendly voices join the Senate Banking Committee from Nebraska and Ohio, while Democrats leave a banking policy expert off the House Financial Services Committee.
Ally to end mortgage originations, cut jobs
Ally Financial Inc. will cut jobs, end mortgage originations and consider strategic alternatives for its credit-card business as borrowers have struggled to pay down costly debt.
Fed’s Waller unconcerned about ‘draconian’ tariff policy
In a Wednesday morning speech, the Federal Reserve Gov. Christopher Waller said President-elect Donald Trump’s nascent trade policy will likely lead to a one-time jump in prices rather than broader inflationary pressure. He also said he expects further interest rate cuts in 2025.
Change in DC bolsters business owner sentiment, bank surveys show
Heightened expectations for increased economic activity could boost loan demand after a soft 2024.