Wells Fargo ousted from Texas muni deal over energy policy probe
The move shows Texas governments, major issuers of municipal bonds, are wary of working with banks that state Attorney General Ken Paxton put under review last week in connection with their climate change policies.
A $500 million cash pile at Argentina’s main airport unnerves banks
The country’s top lenders were due to receive the greenbacks from the U.S. Federal Reserve after importing them through Bank of America, according to people familiar with the situation.
The benefits and drawbacks for banks in buying fintechs
American Banker’s latest innovation report found that strategic corporate transactions are important for most banks. One such way forward, fintech acquisition, can stoke friction if the bank doesn’t approach the process thoughtfully.
Airline CEOs predict doom for card loyalty perks under proposed legislation
The bipartisan proposal aims to save consumers money by forcing more competition in the lucrative credit card payments processing business. If enacted, it would result in “unbelievable” consumer backlash from its effect on rewards programs, Delta Chief Executive Officer Ed Bastian said.
CRA rule gives smallish banks a kick in the pants — and that’s good
The final Community Reinvestment Act rule notably expands the definition of “large” banks to include banks with at least $2 billion of assets, requiring more banks to comply with the updated rules. That expanded scope is a feature, not a bug.
Banc of California sees deposits unexpectedly drop in quarter
Total deposits dropped 8.8% to $6.64 billion in the three months ending September 30 despite an influx of non-interest bearing funds, according to a statement.
Mastercard adds open banking partners as it preps for CFPB rules
The card network integrated its data-sharing technology into products from Zip, FIS and JPMorgan Chase as potential regulations loom on the horizon.
FTX is negotiating with three bidders to restart crypto exchange
FTX Trading is considering proposals from three bidders to restart trading on what had been one of the world’s biggest crypto exchanges before the company sank into bankruptcy amid fraud allegations.
Community Reinvestment Act rule finally crosses the finish line
After years of discussion among regulators, the Federal Reserve Board has approved changes to its CRA rules that will base compliance exams on where lending occurs rather than branch locations. The updates — set to take effect in January 2026 — also emphasize lending in lower-income areas as well as community development loans and investments.
20 banks with the most subservicing in Q2
The top five servicers that are depositories have a combined unpaid principal balance of more than $1.89 trillion at the end of Q2 2023.