Bitcoin has more than doubled this year in unforeseen resurgence
Growing expectations that the U.S. Securities and Exchange Commission will authorize exchange-traded funds that invest directly in the cryptocurrency after a decade of deliberation has fueled a more than 25% rally over the past two weeks.
Federal regulators finalize guidance on climate risks
The guidelines from the Fed, FDIC and OCC resemble proposals issued in recent years by each of the agencies, and they do not prohibit any specific activities. But the broadness of the directives and the singling out of climate risk drew criticism from banks and some policymakers.
Real-time surcharging could boost credit card competition
Giving merchants the option of passing on the rewards-related element of credit card swipe fees to consumers would radically rewrite the rules of payments competition.
Visa sees no effects so far from Fed debit-routing enforcement
A Federal Reserve rule that kicked in during July altering how debit cards are routed online hasn’t yet hurt Visa’s U.S. transaction volume, which surged across consumer, commercial and cross-border channels during the quarter that ended Sept. 30.
Navy Federal, NCUA deadlocked over Department of Defense contract
The National Credit Union Administration says it cannot provide deposit insurance for accounts covered under the $165 billion-asset institution’s agreement to offer financial services to members of the military serving abroad. The credit union accuses the regulator of undermining its mission.
Old National expects loan growth to outpace industry
The $49 million-asset bank loaded up on deposits in the third quarter, making sure it has enough on hand to fund the loan growth it has forecast for the coming quarters.
Cadence Bank says insurance unit’s sale should help capital, efficiency
The Southeast regional bank plans to use the deal’s sizable proceeds to pay down wholesale borrowings and restructure its securities portfolio. Numerous banks have made similar moves in recent months.
Bank of Montreal is exploring sale of RV loan portfolio
In September, BMO said it was shutting its indirect retail auto finance business as the bank shifted its resources to other areas.
FDIC Board of Directors Meeting
BOARD MATERIALS | OCTOBER 24, 2023 FDIC BOARD OF DIRECTORS MEETING Today the Federal Deposit Insurance Corporation’s Board of Directors met in open session. The agenda items included: a Final Rule on Community Reinvestment Act Regulations; Interagency Guidance on Principles for Climate-Related Financial Risk Management for Large Financial Institutions; and a Notice of Proposed Rulemaking […]
Synchrony says economy is slowing, but consumers are showing resilience
The credit-card issuer is tightening its lending standards and bracing for the potential effects of a cap on card late fees. Charge-offs are rising, but company executives say that customers are showing surprising strength.