The Federal Deposit Insurance Corp. said the Deposit Insurance Fund is projected to reach 1.35% of insured deposits next year, well ahead of a 2020 deadline.
Strong rebounds in consumer activity produce strongest overall reading in nearly a year. Consumer loan application activity accelerates in all regions except the West.
Banking regulators on Tuesday called for a raft of regulatory changes, including streamlining capital, reporting and appraisal rules in order to reduce compliance burden.
Profit and loss accounting is the least customer-centric process in the entire banking system. Overhauling it would improve banks’ culture and approach to digital banking.
The scandal involving Wells Fargo that surfaced last year shows the U.S. banking industry still has work to do on improving its culture, Federal Reserve Bank of New York President William Dudley said.
The underbanked rely on mobile access more than online or in-person contact. Therefore, the U.S. must follow developing countries’ leads and let consumers sign up for mobile-only accounts.
The German lender says that the Justice Department closed a criminal inquiry into its currency-trading activities without action, but regulators are said to be in the final stages of their own reviews of that conduct to determine if any fines are in order.
Jim Rosenthal previously served as chief operating officer at the Wall Street investment bank. He joins the board of an online lender that has recorded losses in five straight quarters.
The grandson of the oil titan and the former head of Chase Manhattan passes away at 101; Wells reports biggest drop in new account openings since the scandal.
