Trade associations and other industry groups are partnering with universities and colleges to create more degree programs and special courses that prepare young people to work for banks — especially small ones.
Federal "Opportunity Zones" that reduce exposure on capital gains could draw rich investors — and commercial lenders along with them — into economic development projects in thousands of troubled communities around the country.
The pledge comes as Fifth Third, which had previously committed $30 billion to community development, looks to close on its acquisition of MB Financial in Chicago.
Before the rule was issued, banks and money transfer companies acknowledged that better disclosures and other steps were necessary in light of higher costs for international money transfers.
The bank, one of the few that do business with digital currency exchanges like Coinbase, has developed methods for monitoring all customers’ digital currency purchases.
Despite improvements in the proportion of consumers without a bank account, there is still work to do to bring more Americans into the banking system, argues FDIC Chairman Jelena McWilliams.
