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.
Fed’s Barr calls for multiple ‘exploratory’ scenarios in stress tests
The Federal Reserve vice chair for supervision says the failure of Silicon Valley Bank showed the shortcomings of the current stress testing regime.
CFPB open-banking plan would restrict sale or misuse of consumer data
The Consumer Financial Protection Bureau’s proposal would give consumers a legal right to grant third parties access to financial data for a specific use, but firms cannot sell the data or use it for their own benefit — including by feeding it into algorithms or artificial intelligence.
GOP scrutiny on Fed grows as lawmakers fire off letters, legislation
Rep. Andy Barr, R-Ky., again pressed the Federal Reserve for economic analysis of capital proposals, while Rep. French Hill, R-Ark., reintroduced a bill that would limit the Fed’s ability to extend money to the Consumer Financial Protection Bureau.
Truist moves speedily to implement its $750 million cost-cutting plan
Six weeks after unveiling a broad restructuring plan, the North Carolina bank said it has already taken several steps to lower expenses, and that various cost-reduction initiatives are on parallel paths.
Discover sees spending trends shift amid compliance concerns
Consumers with Discover cards spent less on travel and everyday purchases, but more on entertainment, driving loan growth in the third quarter. It also benefited from the Fed’s enforcement of online debit-routing rules, but these boons couldn’t offset investor concerns over its issues with the FDIC and its CEO search.
Estimated waits, virtual lobbies: banks step up virtual assistants
After scrambling to launch bots in the early pandemic, banks including Fifth Third and KeyBank are taking the time to thoughtfully design intelligent digital assistants with better navigation and seamless handoffs to human agents.
FHFA, stakeholders struggle to pin down costs in credit score update
Questions about how it will be implemented and whether the rest of the market will follow the agency’s lead make the expense involved difficult to estimate.
Ameris Bancorp agrees to pay $9 million in redlining settlement with DOJ
The Department of Justice has alleged that Ameris Bancorp in Atlanta failed to open a single bank branch or provide home loans in minority neighborhoods in Jacksonville, Fla. Attorney General Merrick Garland said the Justice Department has many similar redlining investigations currently underway.
Gemini, DCG sued by NY for alleged $1.1 billion crypto fraud
Genesis and DCG were accused in the suit of trying to conceal spiraling losses. The state said it wants to ban Gemini, Genesis and DCG from the financial investment industry in New York.