Rising interest rates on the part of the Federal Reserve for the past few years hasn’t prompted a lot of banks to raise the rates they pay on deposits account. However, some customers have been making money, thanks to a cutthroat environment in which some...
FinTechs by the dozen. Apps by the dozen. Banks have competitive, operational and communication challenges in place, as Mitch Siegel, National FS Strategy and Transformation Leader at KPMG tells Karen Webster. But huge arrow for FIS remains in the quiver: Trust.
Financial firms have their work cut out for them when battling the bad guys, trying ensure that funds go where they need to go, and that money laundering is not taking place. Easier said than done, and at times the regulators call for reinforcements. Last...
Attorney Jeff Sessions’ strict stance on marijuana companies is facing pushback from the nation’s banks, which are stepping up their lobbying efforts to get more lenient plans. With support from both President Donald Trump and Democrat Senator Elizabeth Warren, Politico reported that the leading banking industry...
Some of the country’s largest banks should soon be handing over more capital to investors than they are generating for the first time since the 2008 financial crisis. According to Financial Times, shareholders in 22 of the country’s biggest listed banks are set to receive...
After receiving preliminary approval for a settlement last July, Wells Fargo said that it has received final approval from a California court to settle a class action suit. The $142 million suit sought to compensate customers impacted by a sales scandal, Reuters reported. Wells Fargo...
The White House’s move to appoint Joseph Otting as the Comptroller of the Currency in November underscores the changing relationship between the nation’s largest banks and the federal government. Otting is the first banker in decades to run the OCC. According to a report in...
As financial institutions grapple with compliance costs, a finance industry organization in Asia wants regulators to allow new technologies that could help them fight money laundering. For example, the Asia Securities Industry and Financial Markets Association (ASIFMA) would like to see more use of know your...
From the beginning, Dodd-Frank has drawn the criticism that instead of doing what it was supposed to and targeting banks that were too big to fail, instead it targeted thousands of community banks and credit unions and rendered them, in effect, too small to survive. It...