FDIC gives banks extra time to comment on governance proposal
Banking advocates claim FDIC’s proposed corporate governance guidelines could undermine their legal duty to shareholders, despite the agency’s claim that the proposal wouldn’t break new ground.
BMO ups Bank of the West cost-savings expectations
The Toronto-based company is now forecasting more than $800 million USD in annual cost savings as a result of its Bank of the West acquisition in February. That’s up nearly 20% from an earlier projection.
House votes to nullify CFPB small-business data rule
Republicans and a handful of Democrats in the House and Senate, which already had passed an identical bill, say the data-collection rule would be too onerous for lenders and small-business borrowers. President Biden is expected to veto the legislation.
Federal Home Loan banks launch opposition to FHFA reforms
The lobbyist for the Home Loan Bank System has asked the Federal Deposit Insurance Corp. to confirm that the private consortium can continue to be a “lender of last resort,” in direct conflict with the recommendations of its regulator, the Federal Housing Finance Agency.
Why TD Bank is cutting 3% of its workforce
Expenses at Canada’s second-biggest bank are higher than they should be, and the layoffs are one part of a plan to control costs going forward, executives say. Other Canadian banks including CIBC, Scotiabank and BMO have also shed workers this year.
Ex-Wells Fargo CEO Sloan sues over $34 million in withheld pay
Sloan is seeking to force Wells Fargo to honor multiple canceled stock awards and a bonus he says he was promised, according to a complaint filed Friday in California state court. He’s also seeking unspecified damages for, among other things, emotional distress.
Wells Fargo’s Hudson Yards expansion, Mastercard’s new shopping tool
Wells Fargo is expanding into New York City’s Hudson Yards, Mastercard launches a new generative AI-powered shopping tool, Banc of California closes PacWest acquisition and more in the weekly banking news roundup.
Is Early Warning’s Paze wallet’s security pitch enough to woo consumers?
Zelle owner Early Warning Services has completed a test of its digital wallet, which it sees as a tool to combat the rising tide of fraud schemes, including those driven by generative AI.
Innovation and Governance at the FHFA
Anne Marie Pippin, associate director in the Federal Housing Finance Agency’s Office of Financial Technology, weighs the forces shaping the industry’s future.
FHFA must be transparent about its plans for the Home Loan banks
The Federal Home Loan Bank System is a crucial element of our financial infrastructure. All stakeholders should be included in discussions about reforming it.