News Topic: BankThink

Many banks buy modeling tools from vendors to help detect new areas of risk, fraud and profitability without realizing their existing systems are capable of doing the same. ... Read full article

The FT makes the case for a combination of some of Europe’s worst-performing banks; the privacy watchdog is investigating charges that Barclays is tracking its employees too closely. ... Read full article

The promise, made by the chief executive officers of 27 companies including JPMorgan Chase, Citigroup and Bank of America, is part of a new initiative called the New York Jobs CEO Council. ... Read full article

The agency sought feedback on potential changes to the Equal Credit Opportunity Act. But a coalition of industry and advocacy groups want a longer comment period to afford “a greater opportunity for thoughtful public participation.” ... Read full article

Richard Marotta left the Boston company less than two weeks after a goodwill impairment charge contributed to a large quarterly loss. ... Read full article

Somerset Trust in rural Pennsylvania has partnered with RoamHR, a financial platform that assists the self-employed, to add tax-withholding help for contract and temporary workers to the bank's services. ... Read full article

MatlinPatterson, which once owned more than 60% of the Michigan company, has been paring back its stake in recent years. ... Read full article

The Small Business Administration began accepting applications Monday, but lenders such as JPMorgan Chase are holding off in hopes that Congress will grant blanket forgiveness for smaller Paycheck Protection Program loans. ... Read full article

More than a third fear the fallout from the coronavirus pandemic could drag into 2022 or later, and they are most worried about commercial real estate loans, according to a Promontory Interfinancial Network survey. ... Read full article

Under a rule issued in March, banks will build an additional capital cushion that is determined by their performance in the annual tests. ... Read full article

Facebook Inc. unveiled a new group to pursue payments and commerce opportunities and put David Marcus, co-creator of its Libra cryptocurrency project, in charge of the initiative. ... Read full article

Many will need to ramp up security protocols and reconsider which services require a high-tech versus human touch. ... Read full article

The company said it has concerns about a large amount of accounts receivable it bought in July. ... Read full article

Debt outstanding and loan delinquencies were already at or near record levels before the pandemic hit; the trend toward greater oligopoly has competition watchers worried. ... Read full article

Institutions large and small are either creating new positions or elevating existing diversity heads to C-suite roles. Will the moves help banks improve equality within their ranks and better serve their communities? ... Read full article

A year-old data breach, which earned the company an $80 million OCC penalty this week, continues to offer lessons to banks as they put more sensitive information in the hands of cloud vendors. ... Read full article

At its inaugural hearing, the committee appointed by lawmakers to oversee CARES Act implementation pressed for answers about why the Main Street Lending Program is off to such a slow start. ... Read full article

Why banks want in on Google checking accounts; readying new tech tools to tackle anticipated rise in delinquencies; more institutions opt to sell PPP loans as heavy lifting nears; and more from this week’s most-read stories. ... Read full article