The ‘de-risking’ trend is harming countries that rely on remittances
There are three concrete steps policymakers and industry can pursue that will limit the damage that is being done by cutting vulnerable populations off from remittance payments.
Taylor Swift mania sparks jump in Singapore bank’s card revenue
Taylor Swift’s tie-up with the third-largest bank in Singapore propelled the lender’s credit card fees to a record in the third quarter, the latest example of the pop star’s extraordinary economic heft.
As banks face Congressional subpoenas, a House Democrat objects
Rep. Jamie Raskin, D-Md., said that House Republican subpoenas seeking information about the finances of the Biden family cross a line in bank data privacy.
Morgan Stanley’s Ted Pick will succeed James Gorman as CEO
Pick, 54, a co-president and three-decade veteran of the firm, will be elevated to the top role in January and join the board, the bank said. Gorman, 65, will stay on as executive chairman.
Will banks sue over the Community Reinvestment Act rule?
Banks and dissenting policymakers have raised the possibility of challenging regulators’ Community Reinvestment Act overhaul in court, but it remains unclear whether they intend to walk the walk.
Amid soaring interest rates, bankers are downbeat on loan demand: Survey
Banking executives anticipate that loan demand will remain muted over the next 12 months, according to a new survey by the financial services firm IntraFi. That finding lines up with bankers’ expectation that rates won’t start declining until at least the second half of 2024.
Banks put bond-sale spree on pause as market volatility ramps up
Truist Financial Corp. has been the lone lender to test investor appetite for new bonds in the U.S. this week, marking a sharp slowdown after a $24.5 billion rush of fresh, post-earnings issuance last week. Bank of America Corp., Citigroup Inc. and Morgan Stanley have all held off selling debt.
BOK forecasts solid loan growth, rising expenses
The Oklahoma-based bank is projecting a modest uptick in spending alongside continuing loan growth. Many other banks are tightening the purse strings amid weaker loan demand.
How a new CUSO is addressing financial literacy
Greenlight Financial is expanding access to its family banking app and teaching resources through a new credit union service organization.
UK data watchdog says ex-NatWest CEO infringed on Farage’s rights
The U.K. Information Commissioner’s Office concluded that the former chief executive officer of NatWest Group breached data-protection laws when she discussed the closure of former British politician Nigel Farage’s bank account with a reporter.