First Horizon takes big hit to credit quality
The Tennessee bank said a $72 million charge-off tied to a borrower in bankruptcy shaved 10 cents per share off its earnings. Management downplayed the issue, calling it “idiosyncratic,” and emphasized that it was growing its loan portfolio.
Flagstar latest of 60 banks affected by MoveIt breaches
The bank suffered its third breach in three years, this time by virtue of a vulnerability in Progress Software’s file-transfer system. But Flagstar is only one of many such victims.
Senate votes to nullify CFPB’s small business data collection rule
The Consumer Financial Protection Bureau’s Section 1071 data collection rule challenge will likely not advance past President Joe Biden’s desk, and Republicans don’t have the votes to overturn his veto.
Credit union membership plateaus as competition heats up
Credit unions are seeing tepid growth at best, due in part to banks using online offerings to win over consumers.
Judge sides with bank that said DOJ unfairly linked it to Tulsa massacre
American Bank of Oklahoma agreed to a consent order in August to settle allegations from the Department of Justice over redlining. However, the institution strenuously objected to references to the Tulsa Race Massacre in the agreement and asked that the language be stricken.
Fed’s Waller: Credit card usage, loan defaults show slowing economy
The Federal Reserve governor said consumer credit delinquency is returning to pre-pandemic levels, indicating a potential softening of economic activity.
Fed to consider rules governing debit-card swipe fees
The Federal Reserve, which currently faces a Supreme Court case related to the fees, will vote on a proposal next week that will likely open up a rulemaking process to lower debit card interchange fees.
NCR is now two companies, Revolut adds security pros
NCR has completed the spinoff of its ATM business, Revolut doubles its number of fraud-fighters in two years, China builds a zone for digital yuan users, and more.
Texas launches new review of big banks over energy policies
Texas Attorney General Ken Paxton’s office said it’s reviewing whether 10 financial companies, including Bank of America and JPMorgan Chase, violate a state law that punishes firms for restricting their work with the oil-and-gas industry because of climate-change concerns.
CDFI access to government funds garners bipartisan support
At a Senate Banking subcommittee meeting, Republican and Democratic lawmakers both promoted the mission of Community Development Financial Institutions and warned of upcoming threats to their funding and proposals to revamp the CDFI certification process.