Press Release: FDIC-Insured Institutions Reported Full-Year 2023 Net Income of $256.9 Billion and Fourth Quarter 2023 Net Income of $38.4 Billion
PRESS RELEASE | MARCH 7, 2024 FDIC-Insured Institutions Reported Full-Year 2023 Net Income of $256.9 Billion and Fourth Quarter 2023 Net Income of $38.4 Billion Full-Year 2023 Net Income Declined But Remained Well Above the Levels Reported Before the Pandemic Net Income Decreased From the Prior Quarter, Driven By Higher Noninterest and Provision Expenses and […]
Attacks on credit unions ignore the sector’s important public purpose
An advocate for the credit union industry pushes back against “tired” and “recycled” criticism from bankers.
How Klarna’s IPO prep got tangled up in a boardroom drama
Klarna in January had appointed a new executive from the venerable venture fund Sequoia Capital to the board: Matthew Miller. Within weeks, though, Miller was looking to make governance changes and sought to oust Klarna’s longtime chairman — and former Sequoia heavyweight — Michael Moritz.
Biden will highlight fight against ‘junk fees’ in State of the Union
President Joe Biden is expected to lean in on banking issues such as credit card late fees and overdraft fees Thursday evening in his annual address to Congress. However, he likely will avoid the topic of financial-sector stability, even amid a private-sector rescue of New York Community Bancorp.
Slimmed-down SEC climate-risk filing rule still likely to face litigation
The Securities and Exchange Commission finalized a pared-down version of rules governing climate-risk disclosure by public companies first proposed in March 2022. Experts say even the weakened rule will likely face challenges in Congress and the courtroom.
Credit Karma embeds generative AI in overhauled app
The personal finance site is rolling out changes to its app that incorporate AI-powered chat and explanatory articles customized to each user.
New York Community lands $1B capital infusion led by Mnuchin, Otting
The troubled bank saw its stock rebound on Wednesday after former Trump administration officials Steven Mnuchin and Joseph Otting announced a major investment. Otting is expected to serve as CEO, and Mnuchin will have a board seat.
Powell: ‘Broad and material changes’ coming to Basel III proposal
In congressional testimony, the Federal Reserve chair said the Board of Governors is processing the comments on its capital reform proposal. Putting forth an entirely new proposal is “very plausible.”
Monzo preps for another U.S. push, Stripe adds iPhone payments in U.K.
Monzo raises a $430 million investment to accelerate its expansion in the U.S.; Stripe adds support for Tap to Pay on iPhone; and more in this week’s global payments news roundup.
Pro football veteran helps small bank tackle new sports niche
Orlando-based Cogent Bancorp’s Brandon Ghee, a former NFL player, has launched a business line focused on providing banking services to professional athletes and the growing number of college standouts earning six- and seven-figure incomes.