With the Office of the Comptroller of the Currency considering a special charter for payments firms, a state regulator group said large money transmitters can opt for the “one company, one exam” program next year.
“What COVID has done for us is it has showed us where to prioritize investments,” William Demchak said at an industry conference in discussing the Pittsburgh company's plans to speed up the shift to digital banking.
The Credit Union Cherry Blossom Run, the industry's biggest annual philanthropic event, saw a nearly 10% increase in giving this year despite being canceled.
The reductions will affect less than 1% of Citi's global workforce, and with recent hiring the overall headcount probably won’t decline, the company said.
The pandemic has changed Americans’ tolerance for germ-laden cash transactions. Aaron Klein, the Economic Studies Policy Director at the Brookings Institution is worried about how the latest stride toward a cashless society is impacting lower-income communities.
A public rebuke on the bank’s risk management may have expedited Corbat’s retirement; a deal would create a Swiss champion in wealth management and investment banking.
Legislation favorable to the industry would be unlikely to pass in a divided Congress, but the biggest benefit for banks and credit unions of Republicans retaining control of the chamber would be defending against the disruption of a Democratic blue wave.
Fraud of all kinds has been spiking during the pandemic. Krista Tedder, head of payments, Javelin Strategy & Research, says there are many steps banks could be taking to detect and deter it.
