Asked about the political uncertainty surrounding the undecided presidential race, Federal Reserve Chair Jerome Powell said the central bank isn’t wavering from its duty “to support the economy during this difficult time.” ... Read full article
“The asset management industry in particular has found it is quite productive to work from home,” says Mary Erdoes, who runs asset and wealth management at JPMorgan Chase. ... Read full article
The U.S. Justice Department sued to block Visa’s $5.3 billion deal for the data aggregator over concerns that it would harm competition in the global payments market. ... Read full article
Founder Caitlin Long says the blockchain bank plans to issue a virtual currency and help hedge funds and family offices trade digital assets now that it has a special-purpose banking charter in Wyoming. ... Read full article
In its lawsuit against Visa, the Justice Department alleges the card network's $5.3 billion deal to buy Plaid is meant to neutralize a competitive threat — even though Visa and Plaid do not see themselves as competing with each other. ... Read full article
One of the top banking regulators during the 2008 financial crisis could have a hand in nudging Fannie Mae out of conservatorship. ... Read full article
As challenger banks threaten Green Dot Corp.'s status among the underbanked, the prepaid card issuer is diving into their market by unveiling a challenger bank of its own. ... Read full article
If the deal is approved, the $6.4 million-asset credit union would drop its federal share insurance upon joining Towpath Credit Union. ... Read full article
Wells Fargo plans to freeze raises for top earners as the bank's new leadership team retools compensation practices with a close eye on costs, according to people briefed on the plans. ... Read full article
As lawmakers look for ways to plug budget gaps, credit union groups are preparing for a possible assault on the industry's tax exemption at the state and federal level. ... Read full article
Bank shares fell about 5% on concerns that the election results militate against more government stimulus; even U.S. regulators need to address the differences between fintechs and banks. ... Read full article
A Federal Reserve-issued digital dollar could speed up payments, expand financial access and reduce financial crime. But it also brings trade-offs that policymakers are only just beginning to consider. ... Read full article
Some customer fraud and a lack of cooperation from partners Huntington Bank and Dwolla prevented Beam Financial from returning funds to savers, says Aaron Du, the fintech's CEO. He says he’s trying to make things right, but Huntington and Dwolla are ... Read full article
One area of certainty in the 2020 election is the momentum for legalizing cannabis, as a string of ballot box victories makes it harder for banks to avoid working with dispensaries and other legal marijuana businesses. ... Read full article
The Pittsburgh-based institution can now serve more than a dozen municipalities in the Keystone State. ... Read full article
Referendums that legalized marijuana and sports wagering in several states could incentivize banks to do business with companies in these sectors. Payday loan and privacy measures that passed Tuesday also have implications for the industry. ... Read full article
The agency said customers of SMART Payment Plan LLC could receive up to $7.5 million for statements that created a false impression about the service used for auto loans, but in a twist the bureau said it may pay most of the restitution. ... Read full article
Despite tougher privacy regulations, further safeguards are needed that require consumers' clear consent before personal information is exchanged. ... Read full article
The trade group supported 11 incumbents running for re-election, including the embattled Maine Sen. Susan Collins, and may have helped Republicans maintain control of the Senate. ... Read full article
The last-minute suspension appears to be a move by Chinese regulators to trim Jack Ma’s sails; the penalty, reportedly from the OCC, would address “historical deficiencies” at the bank. ... Read full article
