To compete with fintechs, banks need to radically reimagine themselves
The biggest banks need to get creative about the kinds of products and services they offer, and their efforts to attract a broader customer base.
Joint Press Release: Federal Bank Regulatory Agencies Seek Comment on Interagency Effort to Reduce Regulatory Burden
JOINT PRESS RELEASE | FEBRUARY 6, 2023 Board of Governors of the Federal Reserve SystemFederal Deposit Insurance CorporationOffice of the Comptroller of the Currency____________________________________________________________ Federal Bank Regulatory Agencies Seek Comment on Interagency Effort to Reduce Regulatory Burden The federal bank regulatory agencies today announced their first of a series of requests for comment to reduce […]
Banks’ margin pain likely to linger given Fed caution
Bankers during recent earnings reports predicted lower deposit costs as 2024 wears on. But with inflation still elevated and the jobs market strong, the Federal Reserve probably won’t begin lowering rates — and thus easing the drag on lenders’ profits — until May at the earliest.
Banking groups sue regulators to block CRA revamp
The Independent Community Bankers of America, American Bankers Association and other groups filed a lawsuit arguing that recent reforms to implementing regulations for the Community Reinvestment Act exceeds statutory authority.
Latest DOJ redlining settlement offers warning about M&A
First National Bank of Pennsylvania, a unit of FNB Corp., ran into trouble in connection with North Carolina operations it acquired from Yadkin Financial in 2017.
Bank regulators say SEC rule may undermine custody banking
In correspondence with Rep. Andy Barr, R-Ky., the Federal Reserve and Office of the Comptroller of the Currency said the Securities and Exchange Commission’s proposed safeguarding rule could change banks’ custody businesses.
Fintech group urges FDIC to renew innovation efforts
Republican legislators and the American Fintech Council expressed worries recently over how the FDIC has managed its innovation efforts, highlighting the significant changes to an office established to head those efforts.
Can AI help when a scam is invisible to the bank?
When customers are targeted directly with fake text messages that lead to account takeover, artificial intelligence, and in some cases generative AI, can play a role in fighting the fraud, experts say.
AI is coming for many kinds of jobs in the banking sector
Artificial intelligence promises to replace a large percentage of entry-level analysts, call center workers and others, while leaving most senior managers untouched.
A startup’s plan to disrupt the fuel card industry
Taking aim at a market dominated by decades-old private-network fuel card players, the San Francisco-based firm AtoB is teaming with Mastercard to launch an open-loop payments platform for trucking firms and fleet operators.