Tag: financial institutions

May 9, 2024

A trio of U.S. financial regulators have resumed work on a long-delayed rule-writing project to make executive compensation plans at financial firms more sensitive to risk. The Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and Federal […]

February 14, 2024

Beginning May 11, 2024, non-banking financial institutions regulated by the Federal Trade Commission (FTC) will be required to submit notifications of data breaches or other security events that impact 500+ consumers. The FTC issued a final rule (the Rule) amending […]

October 10, 2023

This year there are 38 categories to choose from, including the Project Awards for banks and financial institutions, the Excellence in Tech Awards for software and services providers and the Leadership Awards for individuals and teams. The awards are a […]

January 31, 2023

Ambiguity is a given in the environment many financial institutions find themselves in, as neither stability nor significant growth can be guaranteed. With rising inflation, uninspiring GDP growth, tightening central bank interest rates, turbulent geopolitics, and numerous COVID-19 variants, bankers […]

January 18, 2023

In recent years, there has been an increase in the number of job positions for chief customer experience officers across financial institutions (FI) of all sizes. Those roles were created to help an FI focus outwardly and represent the customers’ […]

December 1, 2021

As open banking evolves, it creates more opportunities for those whose job it is to develop propositions and the customer experience. Technology managers will have a lot more to consider too, and the most successful organisations will be those able […]

September 29, 2021

The SAFE Banking Act passed in the U.S. House of Representatives for the fifth time on September 23, 2021. This landmark legislation would pave the way for more financial institutions to serve the state-legal cannabis industry by removing some of […]

September 20, 2021

Research by Accenture predicts that between 2019 and 2023, the banking sector is at risk of losing $347 billion as a result of direct and indirect cyberattacks. The issue has further been exacerbated by the COVID-19 pandemic. Bank of America’s […]

March 19, 2021

The banking industry has largely been reluctant to service the cannabis sector because of pot’s classification as a Schedule 1 drug, forcing many marijuana- related businesses to deal primarily in cash. Cannabis reform advocates say the cash-only nature of the […]

February 9, 2021

The six banks that received equity from Wells Fargo are Broadway Federal Bank in Los Angeles; Carver Federal Savings Bank in New York City; Citizens Savings Bank & Trust in Nashville, Tennessee; Commonwealth National Bank in Mobile, Alabama; M&F Bank […]

September 9, 2020

Rachel Woolley, global director of Financial Crime at Fenergo, tells FinTech Futures that penalties have come “fast and furious” over the past few years. Fenergo data shows that fines against financial institutions through July 2020 have reached $5.6 billion. The […]

September 1, 2020

Banks may need to share information with other financial institutions sooner than they thought. That will cause companies to finally embrace the cloud. At some point over the next few years, banks will be required to relinquish control of the […]

August 25, 2020

Lloyd’s of London does not have to pay the U.S. government’s Federal Deposit Insurance Corp. $3 million in judgment interest because the FDIC waited too long —18 months after a final judgment — to try to collect it. The action […]

May 30, 2019

Banks should not wait on lawmakers taking action on the myriad of proposed cannabis banking bills to make important strategic decisions about servicing marijuana-related business. It is unclear if any of the proposed cannabis banking bills will gain enough traction […]

June 18, 2018

The Federal Reserve Board approved a rule to prevent concentrations of risk between large banking organizations and their counterparties from undermining financial stability. As demonstrated during the financial crisis, excessive exposure between the largest financial institutions spread contagion and eroded […]