Regulators and Congress are still nowhere on regulating crypto
Almost a year since FTX’s implosion set a minor banking crisis in motion, neither Congress nor regulators seem to be anywhere close to issuing comprehensive rules for the crypto road. That’s a missed opportunity, and states are likely to fill the void.
Final settlement reached in Illinois VRDO rate-rigging lawsuit
The whistleblower who brought the case, Minnesota-based municipal advisor Johan Rosenberg, will receive $14.4 million under the deal.
Disappointing bonus season awaits equity underwriting bankers
Equity capital markets deal flow remains tepid, hovering around $101 billion this year. That’s an improvement over the $92.6 billion for all of last year, but still far below the $200 billion average in 2018 and 2019.
Creating phantom assets to assess operational risk capital is madness
Regulators are pushing a scheme that is completely out of touch with international regulatory norms. It would irreparably harm both consumers and the U.S. economy.
Why bank mergers keep falling through
Amid intense regulatory scrutiny, market volatility and economic uncertainty, 10 bank M&A deals have been scrubbed so far this year after 13 were scuttled last year. Deal activity has risen slightly lately, but the new normal is hard to gauge.
Biden’s order marks the beginning of AI regulation for banks
President Joe Biden’s executive order tackling artificial intelligence could reprioritize the Consumer Financial Protection Bureau’s work in fair lending on artificial intelligence algorithms.
NerdWallet explains how its credit card will help vast swath of users
The product-comparison site, which rates and ranks credit cards, is debuting its own secured credit card that it believes will help users improve their credit scores and pursue better offers.
How credit unions are lowering the risk of lending to new college grads
In a pilot it rolled out this year, Nashville-based Vanderbilt Credit Union will lend graduates up to $160,000 if they have a job offer sheet in hand.
SoFi gets a lift from the return of student loan payments
The neobank is also benefiting from its product diversity.
Navy Federal woes, Regions check fraud: Top banking news for October 2023
In October’s roundup of top banking news: Navy Federal’s contract with the Department of Defense remains in limbo, check fraud takes a bite out of Regions Financial’s third-quarter earnings, a Community Reinvestment Act rule gets finalized and more.