A new report from McKinsey says that cost-cutting alone won’t make up for the steep revenue declines brought on by low interest rates and sluggish loan demand. “For some banks,” argues the report’s author, “mergers might be the best way out.”
Federal banking agencies want to give the industry a hard deadline for notifying their regulators about serious security breaches and failed system upgrades.
Fifth Third is partnering with Provide and Panacea Financial works with Sonabank in Virginia to meet the specialized needs of medical professionals who own their own practices.
The revamp of the brokered deposits framework offers relief to banks and their partners that saw the prior rule as outdated. Meanwhile, new standards for industrial loan company parents aim to clarify the bank chartering process for fintechs and other nontraditional firms.
Cardtronics has benefited from a wave of branch closings during the pandemic by partnering with lenders looking to offer their customers access to cash even when a full-scale branch isn’t available.
The Federal Reserve said Tuesday that it had joined the Network of Central Banks and Supervisors for Greening the Financial System after participating in discussions with the group for over a year.
Treasury Secretary Steven Mnuchin has all but ruled out letting Fannie Mae and Freddie Mac exit U.S. control before he steps down, leaving it to the Biden administration to decide the fates of the mortgage giants.
