Technology-driven systems aren’t enough to root out anti-money-laundering violations. Congress should consider creating a program that would encourage those with knowledge of illegal behavior to come forward.
Linda Lacewell replaces Maria Vullo as New York’s chief financial regulator; the Swiss bank is reportedly talking to Christian Meissner about a senior role.
Two trends — competition from challenger banks and the emergence of real-time payments — threaten to eat away at the fees banks collect on overdrafts and bounced checks.
The coming year will bring a wave of data-sharing deals between banks and fintechs, increased bank use of automated advice, marked changes to financial jobs as a result of automation, and much more.
Before the financial crisis, federal and state regulators unabashedly pitched their charters to banks as the better choice. That's happening again, despite warnings that such jousting might result in lax oversight.
As the government shutdown enters its third week, mortgage servicers are activating the response plans they normally use during hurricanes and wildfires to assist federal workers who may have trouble paying their mortgages.
As consumers continue to migrate to banking apps, lenders may be tempted to focus solely on improving that channel. But new data suggests consumers aren't abandoning other platforms just yet.
