A peek into the future of payments
How the next generation of payments technology is being developed in fields such as public transit, sports and long-haul trucking.
Charlie Munger’s Berkshire legacy mixed banking critique with investments
The Berkshire Hathaway legacy of Warren Buffett’s longtime business partner includes large checks written to national banks as well as curt remarks about the industry’s shortcomings. Munger died on Tuesday, a few weeks before of his 100th birthday.
Justices sound skeptical about agencies’ use of in-house judges
The U.S. Supreme Court heard oral arguments in a case that has large stakes for bankers who get into hot water with their regulators. Conservative justices asked tough questions of a Biden administration lawyer who defended agencies’ reliance on administrative law judges.
FDIC reports falling bank profits, warns of CRE and other risks ahead
Net income at banks fell 4.6% year over year in the third quarter, though it remained above pre-pandemic levels, according to the latest Quarterly Banking Profile. FDIC Chairman Gruenberg cautioned about deteriorating commercial real estate loans and unrealized losses on securities in a high interest rate enviroment.
GOP and CFPB’s Chopra find rare moment of agreement
While House Republicans and Consumer Financial Protection Bureau Director Rohit Chopra normally clash, Republicans offered unusual praise for Chopra’s efforts around data privacy for consumers.
KKR, Apollo to pay rainmakers less from fees and more from gains
The move gives stockholders a greater portion of recurring, predictable income as private equity asset sales stagnate due to higher interest rates and jitters over a potential recession. In exchange, the firms’ dealmakers will get a bigger slice of the gains when their investments pay off.
Deutsche Bank scores big win on Lehman Brothers’ debts
A London court handed a big win to Deutsche Bank and other creditors holding obscure notes issued by Lehman Brothers before its collapse.
FDIC order against First Fed Bank is latest example of third-party scrutiny
The Port Angeles, Washington-based bank said it has already invested “significant resources” into enhancing its compliance management for fintech partnerships, after self-reporting a problem last year.
Community bankers eke out loan growth. Will it continue?
Total loans at U.S. banks with less than $10 billion of assets grew by 1.9% in the third quarter, according to S&P Global Market Intelligence data. That was a slowdown from the previous quarter, and concerns about the viability of commercial real estate lending could dampen activity further.
Diane Morais to exit Ally amid transition to new CEO
Morais, who leads the auto lender’s consumer and commercial banking divisions, is preparing to leave as Ally Financial conducts a search for its next chief executive officer. She had been seen as a potential candidate to replace outgoing CEO Jeffrey Brown.