Top

Tag: banking


News

Top Cryptocurrency Investment Picks for 2024

January 2, 2024

Via: TechBullion

The world of cryptocurrency is in a constant state of flux, with the appeal and market value of various digital currencies undergoing frequent fluctuations. As we approach 2024, many investors are grappling with the question of which cryptocurrency holds the […]


Regulations

The Collapse of Central Bank Forward Guidance

December 28, 2023

Via: DailyFX

2023 was a year that lessened the stature of central bank forward guidance. Forward guidance is a tool used by central banks to communicate monetary policy projections. Historically, markets viewed this messaging in high regard as it often tied into […]


Regulations

U.S. Bank fined $36M over freezes of COVID-era unemployment benefits

December 20, 2023

Via: Banking Dive

U.S. Bank will pay nearly $36 million in connection with customers’ inability to access unemployment benefits during the COVID-19 pandemic, two regulators said Tuesday, announcing separate penalties. The Consumer Financial Protection Bureau ordered the Minneapolis-based lender to pay $20.7 million […]


Capital and Risk, Operational

Neobank Dave’s new chatbot achieves 89% resolution rate, CEO says

December 13, 2023

Via: Banking Dive

While Dave, a neobank and personal finance app, has been using artificial intelligence to underwrite its products since the company’s inception in 2017, the fintech’s latest use of generative AI is producing promising results on the platform’s customer service side, […]


Capital and Risk, Trading

U.S. Bancorp (USB) Falls More Steeply Than Broader Market: What Investors Need to Know

December 7, 2023

Via: Yahoo

U.S. Bancorp (USB) ended the recent trading session at $39.08, demonstrating a -0.81% swing from the preceding day’s closing price. This change lagged the S&P 500’s daily loss of 0.39%. Elsewhere, the Dow lost 0.19%, while the tech-heavy Nasdaq lost […]


News

The future of financial wellness: banks need to do more to support Gen Z in 2024

December 6, 2023

Via: FinTech Futures

As the first generation to be pure digital natives, Gen Z have huge parts of their life influenced and shaped by the data that they themselves create – on social media, through their app use on their smartphones and through […]


Regulations

CFPB Fines Bank $12 Million for HMDA Reporting Violations

December 1, 2023

Via: JD Supra

The CFPB recently issued a consent order and a $12 million fine against a large national bank for failing to accurately collect and report HMDA data. According to the CFPB, instead of asking applicants for their race, ethnicity, and sex, […]


Activity, Corporate Banking

US fintech start-up CapitalOS emerges from stealth with $39m in equity and debt financing

November 30, 2023

Via: FinTech Futures

The equity round was led by Group 11 with participation from Upper90, Vera Equity, Slow Ventures and angel investors from other fintech companies. Founded by former employees of Microsoft, Stripe, Lyft and Tipalti in 2022, CapitalOS says its software enables […]


Activity, Corporate Banking

HSBC launches $150m venture debt product for high-growth scale-ups in Australia

November 28, 2023

Via: FinTech Futures

Launching this month, the bank has allocated $150 million (AUD 227 million) to lend between $6.6 million and $19.8 million to late stage venture capital-backed companies operating in the technology and new economy sectors. Venture debt forms an attractive alternative […]


Activity, Investment Banking

Shareholders give Metro Bank refinancing deal the green light

November 28, 2023

Via: FinTech Futures

The £925 million refinancing plan, compiled by Morgan Stanley and Moelis, comprises a £325 million equity capital raise and £600 million in debt financing. It also raises the stake of the bank’s largest shareholder, Colombian billionaire Jaime Gilinski Bacal’s Spaldy […]


Regulations

European Central Bank highlights continued sector-wide risk in latest Financial Stability Review

November 27, 2023

Via: FinTech Futures

The review reveals how “downside surprises” inspired by the current macro-financial environment are weighing heavily on residential and commercial real estate markets in the euro area. This is primarily in the form of rising debt service costs. For residential real […]


News

Mitigating Banking’s Headwinds

November 22, 2023

Via: Bank Director

The events of 2023, both within the banking industry and beyond, are chilling traditional growth opportunities and providing new challenges for banks. We are seeing adverse trends in the areas of asset quality, litigation, liquidity, third-party relationships and compliance that […]


Regulations

US lender Enova fined $15m by CFPB for “widespread illegal conduct”

November 20, 2023

Via: FinTech Futures

The regulator says the company has been charged for withdrawing funds from customers’ bank accounts without their permission, making deceptive statements about loans, and cancelling loan extensions. In 2019, Enova paid a $3.2 million penalty to the CFPB with orders […]


News

The irony of incumbent core banking vendors

November 17, 2023

Via: FinTech Futures

I’ve previously covered the evolution of banking technology and why almost every bank has multiple cores. So, analogies of “changing a plane’s engine whilst in flight” or “heart surgery with the patient watching” don’t really get across the full complexity […]


Activity, Retail Banking

Small business card debt has risen: Bank of America

November 17, 2023

Via: Payments Dive

Bank of America attributes the rise in small business credit card balances in part to increased spending in 2021 and the first half of 2022. The report focused on small businesses noted that credit card spending has remained at about […]


Regulations

What’s in Your (Digital) Wallet? The CFPB Seeks to Supervise Digital Wallets and Payment Applications

November 14, 2023

Via: JD Supra

There are certain nonbank markets that the Consumer Financial Protection Bureau (“CFPB”) has the statutory right to supervise irrespective of size (e.g., mortgage, private education loan, payday lending). Then, there are other consumer finance markets to which Congress gave the […]


Regulations

FTC Requires Non-Bank Financial Institutions to Report Data Security Breaches Under Amended Safeguards Rule

November 13, 2023

Via: JD Supra

The Gramm-Leach-Bliley Act, enacted in 1999, requires financial institutions, broadly defined, to establish administrative, technical, and physical safeguards to protect customer information, but does not impose obligations to notify regulators of data breaches. It also tasked certain administrative agencies with […]


News

2024 Bank M&A Survey: On the Hunt for Deposits

November 13, 2023

Via: Bank Director

Bank leaders’ enthusiasm for M&A appears muted going into 2024, but an appetite for sticky, low cost deposits could motivate some financial institutions to make a deal in the year ahead. Bank Director’s 2024 Bank M&A Survey, sponsored by Crowe […]


Capital and Risk, Operational

Chinese banking giant’s US arm hit by ransomware attack

November 10, 2023

Via: Banking Dive

“Immediately upon discovering the incident, ICBC FS disconnected and isolated impacted systems to contain the incident,” the bank said in a statement. The firm, whose clients include hedge funds, broker-dealers and global banks, said it is investigating the attack and […]


News

U.S. Bank No. 3 on Military Times Ranking of Best Employers for Veterans

November 10, 2023

Via: Yahoo

The Military Times named U.S. Bank number No. 3 on its annual Best for Vets: Employers list, which rates the best employers for veterans in the United States. U.S. Bank has appeared on the list each year since the Military […]