Banking

A top global financial watchdog says the “shadow banking” sector needs more regulation. Writing Monday (July 22) to a group of finance ministers and central bank governors, Financial Stability Board (FSB) Chair Klaas Knot said ...

A U.S. banking regulator has reportedly determined that many lenders aren’t prepared for risks. As Bloomberg News reported Sunday (July 21), a confidential assessment by the Office of the Comptroller of ...

If there ever was a day that needed a Plan B, it was Friday, July 19. Banks, airlines, hospitals, fast food chains, retailers, even the Paris Olympics, and nearly any ...

This quarter’s bank earnings, like the macro environment, have been mixed and unpredictable. And the ongoing theme of controlling for what’s controllable held true for Fifth Third Bancorp executives, who told investors during a ...

Congresswoman Maxine Waters (D-Calif.) reiterated her opposition to the proposed Capital One–Discover merger. Waters, the top Democrat on the House Financial Services Committee (HFSC), testified against the proposed merger Friday (July ...

Open banking, as it emerges more fully in the United States, promises to bring personalized services and products to customers, expanding financial access. Data underpins the joint efforts of traditional financial ...

Regions Financial saw average loans remain stable during the second quarter, with some signs that demand for business loans may pick up. Average balances for total loans were down 0.1% compared ...

The outage that continued to snarl systems from airports to stock exchanges Friday morning started when it struck users of Microsoft’s Windows operating system late Thursday (July 18) and early ...

Anniversaries are a time to reflect, evaluate and to anticipate what lies ahead. And so it is with the FedNow® Service, which celebrates a year in the marketplace on July ...

The outage at Swift that affected the Bank of England also impacted the European Central Bank. The outage, which lasted for several hours on Thursday (July 18), disrupted high-value transactions across ...

London-based FinTech wamo has raised $5 million to develop small to medium-sized business (SMB)-focused banking solutions. In addition to the growth investment, CEO and founder Yanki Onen said on the company blog Thursday (July 18), wamo has ...

Artificial intelligence (AI) is set to revolutionize finance and housing, bringing both game-changing benefits and thorny new risks that demand vigilant oversight, a bipartisan House panel has concluded. The House Financial ...

Lloyds Bank and Oaktree Capital Management have teamed to support U.K. “middle-market sponsor-backed borrowers.” The collaboration, announced Thursday (July 18), will see Lloyds’ structured debt finance team work with Oaktree’s European ...

Commerce Bancshares saw its net income increase 9% year over year, driven in part by expanding net interest margin. For the quarter ended June 30, the Missouri-based regional bank holding company ...

Political polarization presents a long-term risk to banking, Acting Comptroller of the Currency Michael J. Hsu said Wednesday (July 17). The Office of the Comptroller of the Currency (OCC) has seen a risk ...

Barclays US Consumer Bank has launched a savings product that provides higher rates on higher balances. The new Barclays Tiered Savings product aims to offer customers additional value and bolster the ...

Today’s digital landscape has transformed the operational calculus for financial institutions (FIs) and corporations. And with the news Thursday (July 17) that the U.S. Department of the Treasury and the Financial ...

The banking industry wants more time to comply with a new rule governing consumer financial data. The open banking regulation in question is the Consumer Financial Protection Bureau (CFPB)’s “Proposed Required ...

Bank earnings continue to show credit remains a key payments choice. U.S. Bancorp’s earnings, released Wednesday (July 17) indicated that within the company’s payment services segment, credit card payment volumes came ...

British multinational banking group HSBC has a new chief executive officer. Georges Elhedery, who became HSBC’s chief financial officer (CFO) last year, will move into the chief executive role (CEO) September ...

As online scams and financial crimes continue to surge at the halfway point of 2024, banks and payment companies are ramping up efforts to protect consumers and their own bottom ...

When the U.S. Supreme Court overturned its own 40-year-old ruling in the LoperBright Enterprises v. Raimondo case on June 28 — in what has come to being popularly tagged SCOTUS ...

Famed for its vibrant tulips and ubiquitous bicycles, the Netherlands is proving innovation isn’t limited to pedal power. This nation, boasting the world’s largest flower export industry and more bicycles ...

PNC Financial Services Group saw expected increases in total nonperforming loans and net loan charge-offs in the second quarter. The increases were primarily due to high commercial nonperforming loans and higher ...

For Bank of America, digital channels have represented avenues of continued growth, making inroads with credit card spending in particular. According to management, there’s still room left for consumers to keep ...

Federal agencies are warning financial institutions about timeshare fraud schemes associated with Mexico-based transnational criminal organizations. The Financial Crimes Enforcement Network (FinCEN), jointly with the Department of Treasury’s Office of Foreign ...

FIS launched a solution designed to help banks source, underwrite and fund loans to small- to medium-sized businesses (SMBs). The new SMB Digital Lending solution was created in partnership with small ...

Get enough data points in place, and you have a trend. As bank earnings have started to roll in — thus far, from JPMorgan, Wells Fargo and Citigroup — management commentary ...

The Connected Economy (CE) 100 Stock Index was launched in February 2022. It was introduced as an equity index of 100 publicly traded companies across 11 categories, aiming to track the digital ...

Lloyds is reportedly telling staff to reduce their use of taxis and business class flights. It’s part of the British banking giant’s attempt to cut costs amid a $5 billion strategic ...

Boutique investment bank Ardea Partners is reportedly planning to expand in the U.K. As the Financial Times (FT) reported Monday (July 15), the New York-based Ardea is growing its London office ...

Goldman Sachs’ GreenSky sale is in the rearview mirror and its pivot from Main Street banking is ongoing. Its latest earnings results, released Monday (July 15), show that “substantially all” of the ...

Citi has a new head of commercial banking (CCB) for the United Kingdom. James Morris, a 25-year veteran of British banking giant Barclays, is expected to take on that role Sept. ...

Banks in Australia are issuing $19 million in refunds to low-income customers. The move follows an investigation by the Australian Securities and Investment Commission, which said in a Monday (July 15) ...

Earnings season is in full swing, as big banks – specifically, JPMorgan and Citigroup – helped sway the fortunes of the CE 100 Index. The Index was up 1.3% for the ...

British consumers have more complaints about the banking sector across the board than they did a year ago. Complaints about the sector reached their highest level in at least a decade, ...

Prudent regulation is needed in helping to define the risks and rewards in emerging partnerships between financial institutions and banks — but current regulatory efforts may be too vague, critics ...

German financial regulator BaFin said Friday (July 12) that Solaris SE faces financial penalties if it doesn’t improve its controls. Solaris, which has a banking license in Germany but focuses on providing white-label services ...

Banks today are caught between an ongoing digital shift and a challenging macro environment. With the release of Wells Fargo’s second quarter 2024 earnings on Friday (July 12), deftly navigating the ...

JPMorgan’s latest results, released Friday (July 12), showed that consumers continued to use their cards in full force, for both debit and credit payments. And though there are pockets of weakness ...

Past performance doesn’t always guarantee future results, but it can inform them. That’s particularly evident when it comes to the payments and commerce landscape, which has witnessed a sea of change ...

Wealth technology platform Envestnet plans to go private in a deal with Bain Capital. The company entered into a definitive agreement to be acquired by Bain Capital in a transaction that ...

Alacriti and Lumin Digital partnered to enable financial institutions to offer a seamless loan payment experience. The collaboration includes the integration of Alacriti’s Orbipay loan payment solution with Lumin’s digital banking ...

Bank of America has added a transaction search engine to its CashPro banking platform. “When it comes to finding, analyzing and acting on their company’s financial information, corporate finance departments, treasurers ...

Billtrust extended its collaboration with Visa, meaning Visa will continue to offer its financial institution clients access to Billtrust’s Business Payments Network (BPN). The two companies teamed up to launch BPN ...

Banks connected to the collapse of Synapse are reportedly close to recovering customers’ frozen funds. These banks have made progress in putting together account information for those customers, which could mean their funds ...

Fifth Third Bank says it has introduced tools to make changing financial institutions easier. “Switching banks has historically been stressful — scheduling an appointment at a bank to fill out applications, figuring out HR ...

The interconnected nature of financial systems can have cascading consequences when data is compromised. And with the recent news that the June cyber breach at Evolve Bank & Trust has reportedly ...

J.P. Morgan Chase is reportedly enhancing its competitive capabilities to remain the biggest bank in the United States. The bank is modernizing its infrastructure and data and using artificial intelligence and ...

How do you really know a business? The credit score can be misleading, especially for a small business that has weathered the pandemic. A profit and loss statement shows the cold ...

They say there are no guarantees in life. That sentiment applies to financial services — at least depending on where you look, or what promises are made by nonbanks. With traditional financial ...

Banks can help combat fraud targeting consumers by verifying the accuracy of transactions, educating the public, and maintaining strong controls and fraud monitoring capabilities, Acting Comptroller of the Currency Michael ...

French banking group BNP Paribas has formed a partnership with AI firm Mistral. The agreement, announced Wednesday (July 10), is a multiyear partnership that provides access to Mistral’s current and future ...

A European Central Bank board member is warning of threats tied to shadow banking. In an interview with the Financial Times published Wednesday (July 10), Elizabeth McCaul said the growth of hedge funds, private credit providers and ...

Credit union (CU) members tend to value benefits such as personal service and a sense of community associated with CUs. Data reveals, however, that CU members increasingly show interest in ...

Toronto-based lender Fig Financial says its personal loan service is now open to all Canadians. “We are providing a true alternative to banks for every Canadian who needs better lending options. ...

Fifth Third Bank must pay $20 million to resolve litigation in its auto lending practices. The settlement followed an investigation by the Consumer Financial Protection Bureau, which accused the bank of ...

As regulators draw a bead on neobanks, traditional financial institutions are acting more like neobanks. Open banking looks set to transform financial services in the United States, and the approach, in ...

European Banking Authority Chairman Jose Manuel Campa said the watchdog organization may make reporting requirements for nonbank financial institutions a “next step.” Campa said the rapid expansion of the “shadow banking” ...

A top global banking regulator wants financial institutions to take more responsibility in outsourcing services. “Ongoing digitalisation has led to rapid adoption of innovative approaches in the banking sector,” the Basel Committee ...

Australian Banking Association (ABA) CEO Anna Bligh said its “time to go back to the drawing board” when it comes to the country’s open banking rules. Bligh said this in a Wednesday ...

Bain Capital is reportedly close to acquiring financial software provider Envestnet. If a deal is reached, it could be announced this week, Reuters reported Monday (July 8), citing unnamed sources. Reached by ...

The big banks will kick off earnings season Friday (July 12), as is the case quarter after quarter. In addition to the usual metrics that will be closely watched by investors, ...

As the banking and payments business cross into the second half of 2024, many executives say we’re at a pivotal juncture — one that will require a steady hand on ...

There’s the payment and then there’s everything that happens around it. That’s why financial services companies, from insurance to FinTechs to enterprise-grade banks, add services to protect, analyze and optimize ...

TD Bank’s chief compliance officer, Monica Kowal, has reportedly left the bank. Kowal left the bank during the past week, and an internal memo that announced the move in late June did not ...

Payments processor NCR Voyix is reportedly considering the sale of its digital banking operation. That sale could bring in as much as $3 billion, Reuters reported Friday (July 5), citing sources ...

Now that the Labour Party’s been ushered into power in the U.K. — in a landslide vote — what’s next for open banking in the United Kingdom? New Prime Minister Keir ...

The arguably natural consequences of fee caps and limits on debit interchange — and the uncertainty of the regulatory climate — are now showing up with an anticipated pullback by ...

When Bill Gates recently declared that self-aware AI represents the future of computing, he wasn’t just making a bold prediction. The Microsoft co-founder was spotlighting a concept that could change how ...

July 4th is one of the 11 bank holidays observed in the United States. And yet: Though the branches may be closed, the digital channels still are accessible, which means that ...

JPMorgan Chase’s chief global market strategist Marko Kolanovic is reportedly stepping down. That’s according to a Wednesday (July 3) report by Bloomberg News, citing an internal memo. That memo says that ...

As artificial intelligence revolutionizes the banking sector, industry leaders from UBS and McKinsey highlighted the potential and challenges facing financial institutions. Concerns range from return on tech investments to the future ...

Revolut’s chair is not ready to commit to an initial public offering (IPO) in London. Speaking to the Financial Times (FT) Tuesday (July 2), Martin Gilbert praised pending changes to the rules for listing on ...

Unlocking operational leverage is the name of the game for today’s businesses. In the face of ongoing macroeconomic uncertainty, controlling for what is controllable while making the most of available resources ...