Canada keeps bank capital requirements steady as economy weakens
The decision means the six largest Canadian banks will enter 2024 with the requirement to hold Common Equity Tier 1 capital of at least 11.5% of risk-weighted assets.
Branches continue to shutter, First Carolina onboards new fintech partner
Banks branches continue to shutter through October; First Carolina onboards fintech partner BM Technologies; ICBA announces its 2024 accelerator companies; and more in the weekly banking news roundup.
Republicans press for more information about ex-OCC fintech czar
Top GOP members of the House Financial Services Committee have asked the Office of the Comptroller of the Currency for details of the hire of Prashant Bhardwaj, who left the agency, and what rulemakings he was involved in.
Block furthers Bitcoin foray with new hardware wallet
Block is offering a new hardware Bitcoin wallet as crypto advocate Jack Dorsey focuses the payments company formerly known as Square more on security and self-governance for the digital-asset sector.
The payment companies making virtual cards big business
Visa, Mastercard, SAP, Circle and many other financial firms are launching digital card accounts with an emphasis on B2B clients.
Are the SEC’s cyber disclosure regulations the new Sarbanes-Oxley?
The deadline for compliance with the Securities and Exchange Commission’s new cyber disclosure regulations is coming. Banks need to be ready.
Operational risk emerging as linchpin of Basel capital debate
A provision to standardize and clarify banks’ operational risk obligations — which opponents say is excessively costly and may not be effective — is emerging as the focal point of the public debate on the broader rule. It may also be the key to taking the rule over the finish line.
Why bank CEOs are growing more optimistic about deposit costs
Top industry executives said this week that price increases are abating, even if they haven’t yet fully abated. Their remarks reflect increased confidence that the Federal Reserve will hold interest rates steady — or perhaps even cut them — in the first half of 2024.
Citizens awaits thaw in private equity-backed M&A
Once the pace of private equity-backed sales of middle-market companies picks up, the Rhode Island-based bank expects to benefit. CEO Bruce Van Saun says that Citizens’ recent expansions in private banking and wealth management will provide opportunities to cross-sell to corporate clients.
Mortgage rates drop closer to 7%
Recent economic data pushed investors toward Treasurys over the past week, driving 10-year yields to as low as $4.10.