MoneyGram’s CEO on cross-border payments: ‘This is an expensive business.’
Alex Holmes talks about money transfers, the tough economy, and the role of crypto wallets in the firm’s future.
In fighting credit card proposals, GOP focuses on impact to consumers
Rep. Andy Barr, R-Ky., is urging the Government Accountability Office to examine the Consumer Financial Protection Bureau’s credit card late fee proposal.
84% of banks are missing a ‘mass’-ive wealth market opportunity
A new Cerulli report suggests that one of banks’ best opportunities to grow in the coming years is right under their nose, with a client segment they often ignore.
PNC, U.S. Bank closed roughly one in 10 branches in 2023
Across the industry, the pace of branch shutdowns slowed this year. Still, large financial institutions continued to trim their physical footprints, with two super-regional banks taking the most aggressive actions.
Webster Bank makes deal for more medical-related deposits
The Connecticut bank agreed to pay $350 million to acquire Ametros Financial, a custodian and administrator of medical funds from insurance claim settlements. Some analysts see the deal as a signal that Webster does not plan to sell its health savings account business, which has been the subject of recent speculation.
Don’t blame banks for CFPB’s flawed data collection rule
Banks are perfectly willing to comply with a reasonable data collection standard. The problem is that the Consumer Financial Protection Bureau’s final rule makes demands far in excess of what the law requires.
Citi’s exit carries costs for issuers, market liquidity, but industry expected to weather it
The muni market finances the “fabric of our nation, and now, because of Citi’s exit, the cost of financing for state and local governments is going to go up,” a sell-side source said.
New York’s Financial Institutions cuts jobs, shakes up management
The changes include elevating several recently hired executives while eliminating nearly two dozen jobs and trimming annual operating expenses by $6 million.
NY Gov. Hochul signs medical-debt bill, PayPal ex-CEO will exit board
New York Gov. Kathy Hochul signs a law banning medical debt on credit reports; PayPal’s former CEO Dan Schulman will exit the board; community banks boost small-business loan approvals; and more in the weekly banking news roundup.
Bank stocks emerge from shadow of Silicon Valley Bank’s collapse
The KBW Bank Index soared 9% over two days on the heels of the Wednesday afternoon meeting, its best such rally in nearly three years.