Why Elon Musk’s X narrowed its focus to peer-to-peer payments
Scrambling to generate revenue, the social media app sees P2P payments as the easiest way to offer its vast base of enrolled consumers other financial services.
20 banks and thrifts with the largest home equity loan portfolios
The top five banks and thrifts have nearly $96 billion in combined home equity loan portfolios as of September 30, 2023.
Hiding consumers’ medical debt from lenders is a terrible idea
The CFPB’s plan to block medical debt from appearing on credit reports will have damaging unintended consequences, limiting consumer access to both credit and health care.
Where have all the bankers (in Congress) gone?
With the retirement of Rep. Blaine Luetkemeyer, R-Mo., the number of Congressional representatives with direct banking experience is becoming increasingly rare.
California law targeting small-business loan fees takes effect
The legislation is the latest step in California’s effort to crack down on high-cost small-business loans.
Bank of America takes temporary $1.6B hit over use of short-lived rate
The megabank will report a hit to its earnings this Friday from what one analyst called an “accounting nuisance.” The charge, which BofA will make up over time, is due to the bank’s use of a Bloomberg-developed interest rate index that gained little traction.
Fincen business ownership registry receives over 100,000 filings
Treasury Secretary Janet Yellen said Monday the agency’s Financial Crimes Enforcement Network has received over 100,000 entries for its beneficial ownership information registry, and said additional regulations to address money-laundering risks in real estate transactions early this year.
6 of the biggest threats banks faced in 2023
Many of the attack vectors, including ransomware and phishing, will likely continue to plague the industry through 2024.
JPMorgan Chase leads as banks seek to shrug off blues: Earnings week ahead
The company is poised to report quarterly earnings this week that are expected to reveal revenue growth at seven times the average pace of its peers.
Fed’s Logan: Pump the brakes on quantitative tightening
The president of the Federal Reserve Bank of Dallas and former manager of the central bank’s open market account said a slower approach to balance sheet reduction may be warranted sooner rather than later.