Goldman CEO Says proposed bank rules could impact airfares, pensions
The proposed rules — which the Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency unveiled in July — would require the biggest US banks to set aside more capital for a variety of different businesses.
RIP BSBY: Bloomberg to shut down its lagging Libor replacement
The BSBY interest rate benchmark was originally envisioned as a successor to the once-ubiquitous Libor rate. But it failed to gain much traction, and Bloomberg now plans to shut it down next year.
First Busey strikes deal to expand in Chicago
The Champaign, Illinois-based company said it would pay $41.6 million to acquire Merchants and Manufacturers Bank Corp., which has five branches in the Greater Chicago area.
How gen AI is assisting payment scams
Cybercrime-as-a-service tools are using generative artificial intelligence in new ways to crack payment card security, according to a new report from Arkose Labs.
True Digital’s banker-funded vendor review network is now free to access
The move by the company’s new CEO is designed to promote greater network effects and benefits for paying members. Bank CEOs say the network helps smaller banks compete.
Companies are dropping carbon offsets, but still buying the worst ones
Purchases by banks, airlines, industrial heavyweights and other businesses fell for the first time last year, according to Bloomberg Green’s analysis of data in three public registries covering more than 260,000 transactions since 2010. Yet corporate buyers increased purchases of offsets derived from a particularly controversial source — wind, hydro and solar projects.
Sumitomo Mitsui CEO Ohta, who pushed Asia growth, dies at 65
Sumitomo Mitsui Financial Group’s Chief Executive Officer Jun Ohta, who pursued an aggressive expansion abroad during his four years at the helm of Japan’s second-largest bank, has died. He was 65.
Why does the CFPB want to undermine a key tool of law enforcement?
The Consumer Financial Protection Bureau wants to limit law enforcement access to a tool that has proven vital in many criminal investigations.
This company wants to buy your insurance business
Arthur J. Gallagher & Co. has been a prolific acquirer, purchasing the insurance brokerages from multiple banks over the last year. Its management has indicated it has another $3.5 billion that it can use for more deals.
Did the OCC hire a con artist to oversee fintech?
An investigation uncovered the fact that Prashant Bhardjwan, whom the Office of the Comptroller of the Currency hired to be Deputy Comptroller and Chief Financial Technology Officer in March, had a resume full of lies.