The ‘poignant American drama’ of the Home Loan Bank System
The failures of Silicon Valley Bank, Signature Bank and First Republic brought to light the Federal Home Loan Banks’ role as a ‘lender of next-to-last resort.’ Some critics say that the review from the Federal Housing Finance Agency should bring the system back to its original purpose of oiling the mortgage finance market.
Mint: A surprising lesson in security
Intuit is shutting down one of the most popular personal financial management sites of its time — which attracted millions of users despite its counterintuitive approach to accessing consumer data.
Financial firms are taking a hit due to lack of digital accessibility
Investing in website accessibility isn’t just the right thing to do. It also makes good business sense.
PayPal CEO: company’s focus ‘has not been clear’
Alex Chriss, the new chief executive, says the firm aims to reverse its stock slump by assessing its business to favor its best-performing products.
Mastercard removes some ads for customer transaction data
The card network sells aggregate information about customer spending habits, which data-privacy advocates say goes past Mastercard’s role as a payment processor. Mastercard explained the recent removal of certain advertisements as a business decision.
Virginia bank extends dividend pause amid ongoing regulatory issues
Citing the need to conserve capital, Blue Ridge Bankshares indefinitely extended a dividend suspension that it announced in July. The bank remains well-capitalized, but it saw its ratios shrink in the third quarter.
Powell says Fed will pursue ‘consensus’ on capital reform
Federal Reserve chair Jerome Powell said he expects the final version of the Basel III endgame reforms to garner “broad support” after comments are received and addressed.
As Maui reopens, Hawaii’s leading banks brace for post-fire challenges
The island state’s biggest banks — which reported lower profits in the third quarter — say it is too soon to fully assess the economic fallout from the deadly August wildfires. The rebuilding effort could boost near-term deposit growth and long-term loan demand, they said.
N.J. banker arrested in drug money laundering scheme
U.S. Attorney Philip R. Sellinger said Oscar Marcelo Nunez-Flores, a New Jersey bank staffer of a bank unnamed in case documents, was arrested Wednesday after he allegedly took bribes to launder millions in drug money to Colombia.
Why fintechs that help older adults are fundraising now
Charlie, a neobank marketed to people 62+, and Carefull, which partners with financial institutions, recently raised their Series A’s. A third, called EverSafe, is embarking on its first fundraise.