BNY enjoys record quarter but sees tariff trouble ahead
Bank of New York Mellon’s earnings blew past Wall Street’s expectations, but CEO Robin Vince said the bank is bracing for long-lasting uncertainty.
Exclusive: Cortez Masto offers bill to reform FHLBs
A bill being introduced by Sen. Catherine Cortez Masto, D-Nev., would compel the Federal Home Loan Bank system to contribute 30%, or a minimum of $200 million, of each bank’s net earnings into affordable housing or other community development programs.
Business group asks Treasury to destroy CTA data
The National Federation of Independent Business calls on the Treasury to delete beneficial ownership data collected under now-paused rule, citing privacy risks and small business burdens.
Trigger lead legislation reintroduced in Congress
Versions of the bill were introduced in the House and Senate, raising odds that a national trigger lead ban could be near.
The 20th-century railroad revolution that 21st-century banking needs
Despite dire warnings of catastrophe, the deregulation of surface transportation in the 1970s delivered huge benefits to consumers. The banking industry is ripe for a similar regulatory restructuring.
Fed’s Kashkari not seeing dislocation that merits intervention
The Minneapolis Fed chief repeated his view that the potential inflationary impact of tariffs make the Fed less likely to lower interest rates, even in the face of a weakening economy.
How Trump’s changing tariffs are upending cross-border payments
The administration’s unpredictable policy has already caused shifts in foreign exchange rates and supply chain payments. Uncertainty about future levies will cause added pressure despite the 90-day pause.
DOGE descends on FDIC in federal downsizing push
A Department of Government Efficiency team is working with FDIC leadership to “increase efficiency,” which could include cuts to contracts and streamlining staff. FDIC says DOGE staffers have “appropriate clearances.”
MoneyLion stockholders approve acquisition by Gen Digital
Gen Digital announced in December it planned to acquire MoneyLion for $82 a share, approximately $1 billion in cash value.
New York fines Block for Cash App anti-money-laundering lapses
Regulators said the payment company did not provide sufficient customer identification and monitoring, increasing risk for its transfer app. This week’s fine follows earlier penalties in other states and the federal government.