New York bank fined $30 million over pandemic-era unemployment fraud
The New York State Department of Financial Services and the Federal Reserve Board penalized Metropolitan Commercial Bank for failing to prevent $300 million in fraud in a prepaid card program. It is the latest example of a bank being sanctioned in connection with rampant fraud during the COVID-19 pandemic.
Comerica foreshadows cost cuts
“We’ll be taking steps to offset expense pressures,” CEO Curtis Farmer told analysts after the company reported an 11% year-over-year jump in costs and falling profits.
Regulators extend comment period on Basel III endgame proposal
Regulators will now accept feedback until Jan 16, 2024 — a six-week extension — concurrent with a Federal Reserve effort to gather additional information about the potential implications of the proposed capital changes.
American Express CEO brushes off Delta’s controversial rewards shift
Steve Squeri said the outcry over the airline’s changes to its loyalty program has not hurt spending on co-branded Amex cards.
OCC’s Hsu: ‘Lending has to go up’ under new CRA rule
Acting Comptroller of the Currency Michael Hsu said Friday morning that regulators’ forthcoming Community Reinvestment Act implementation final rule “has to be better and it’s got to be faster” than the status quo.
Joint Press Release: Agencies Extend Comment Period on Proposed Rules to Strengthen Large Bank Capital Requirements
JOINT PRESS RELEASE | OCTOBER 20, 2023 Board of Governors of the Federal Reserve SystemFederal Deposit Insurance CorporationOffice of the Comptroller of the Currency____________________________________________________________ Agencies Extend Comment Period on Proposed Rules to Strengthen Large Bank Capital Requirements Federal bank regulatory agencies announced today that they will extend until January 16, 2024, the comment period on […]
Banking and community advocacy groups trade accusations of dirty pool
The National Community Reinvestment Coalition and the American Bankers Association have sent dueling letters to the Federal Reserve over whether NCRC advocates pressured ABA member banks to denounce the ABA’s litigation against the Consumer Financial Protection Bureau.
The Credit Card Competition Act is the right answer to fix a broken market
An advocate for retail merchants takes issue with a BankThink article criticizing the Credit Card Competition Act.
Fifth Third eyes loan growth following strong 3Q credit performance
Executives say the $213 billion-asset company’s strong credit performance in the third quarter positions it to pursue loan growth next year.
KeyCorp reports its lowest net interest income in more than six years
High deposit costs and low-yielding assets weighed on the company’s net interest income, which fell to its weakest level since the first quarter of 2017. But Key executives predicted that a turnaround is coming soon.