BankThink

Bank of America takes on payday lenders

10/08/20

Bank of America plans to offer some of its customers access to short-term loans, the latest blow to the payday lending industry.

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Morgan Stanley to purchase Eaton Vance for about $7 billion

10/08/20

Morgan Stanley agreed to purchase Eaton Vance for about $7 billion in CEO James Gorman's second major acquisition this year, both of which tilt the investment bank further toward the steadier business of money management.

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JPMorgan pledges billions in spending to fix racial wealth gap

10/08/20

The company says it plans to originate 40,000 mortgages for Black and Hispanic households and finance 100,000 affordable rental units over five years.

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Citi fined $400M over risk control; Scharf begins year two at Wells under cloud

10/08/20

The Fed and the OCC both came down on the bank for “significant ongoing deficiencies” in risk management; Wells Fargo's CEO begins his second year on the job with more problems than he started with.

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Could Supreme Court fight scuttle NCUA board nomination?

10/08/20

It's increasingly unclear when — or even if — Kyle Hauptman will be confirmed to the board of the National Credit Union Administration.

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The real cost of overdraft fees

10/07/20

The fees have helped banks recoup costs of free or low-cost checking accounts for decades, but they can penalize low-income customers and drive them away from banking. Is there a better way?

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Fed officials vow to alter long-held practices to beat inequity

10/07/20

Federal Reserve officials were challenged Wednesday to make big policy changes to combat economic and racial inequality. In response, the presidents of the Atlanta, Boston and Minneapolis reserve banks pledged to shake up some long-held practices.

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Citi hit with pair of enforcement actions, fined $400M

10/07/20

The company's mistaken payment to Revlon creditors and other lapses are said to have contributed to Citi's recent leadership shake-up. On Wednesday, the OCC and Fed ordered the company to fix its risk management problems.

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U.S. consumer borrowing falls on smaller credit card balances

10/07/20

U.S. consumer borrowing unexpectedly fell in August as credit card balances declined for a sixth consecutive month with the coronavirus pandemic continuing to limit some purchases amid elevated unemployment.

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Small banks turn to German fintech for deposit-gathering help

10/07/20

SaveBetter.com from Deposit Solutions lets consumers shop for different savings products through one portal and provides national exposure for participating banks, which include Ponce Bank in New York and Central Bank of Kansas City.

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