Banks targeted by activist investors brace for proxy season
Each spring during the rush of annual meetings, a handful of financial institutions take heat from shareholders who demand new strategies, management shakeups and, at times, even a sale of the company.
Appraisal group bucks regulators, hires new leader from within
Despite pressure from the Consumer Financial Protection Bureau, the embattled Appraisal Foundation tapped its longtime second-in-command to be its next president.
Industry groups sue over Colorado’s crackdown on high-cost lending
A lawsuit filed by the American Fintech Council and two other trade groups has implications for other states that also want to keep out high-cost consumer lenders.
Visa, Mastercard agree to lower credit interchange fees
The potential deal between the major card networks and merchants would see swipe fees reduced and capped for at least three years, pending approval by the U.S. District Court for the Eastern District of New York.
CFPB will offer unbiased data for comparing credit cards, Chopra says
The Consumer Financial Protection Bureau plans to release neutral credit card pricing data in the coming months to help consumers get the best deal, according to Director Rohit Chopra. Deceptive reward programs, late fees and data portability remain concerns, too, he says.
Capital One seeks community plan on Discover deal, even as some activists balk
The credit card giant says that it is “proactively meeting” with advocacy organizations to gather feedback that would help with the creation of a community benefits plan. The National Community Reinvestment Coalition, which has negotiated 21 such deals since 2016, opposes Capital One’s proposed acquisition of Discover.
PNC faces setbacks in fraud lawsuit
Preliminary rulings by a Pennsylvania judge will allow a jewelry company that claimed it lost $1.1 million to fraud to move forward with suing individual bank employees.
SBF faces decades in jail as prosecutors plug crypto loophole
A month after the collapse of FTX, federal prosecutors filed eight charges against crypto mogul Sam Bankman-Fried. Four of them involved wire fraud.
The Fed is listening. More policymakers should be listening, too.
The Federal Reserve has engaged in a yearslong series of “Fed Listens” events to sharpen their understanding of the intricacies of the modern economy. Those with the maneuverability to help struggling industries should do some listening of their own.
Virginia banks merging in $47 million deal
First National has agreed to buy Touchstone Bankshares. The combined company would have more than $500 million each of deposits and loans.