The product — a special class of shares in JPMorgan's Empower money market fund — will initially be distributed by the Harbor Bank of Maryland, Liberty Bank & Trust, M&F Bank and Unity National Bank, according to a statement.
Wells Fargo plans to sell its asset management business to two private equity firms, part of Chief Executive Charlie Scharf's efforts to dump nonessential operations and help the bank emerge from years of scandals.
Yellen says the tests probably won’t lead to imposing capital requirements or limit dividends; the big banks want a global convergence in financial standards to do business in other countries.
It would ignore technical glitches plaguing the entire Paycheck Protection Program and could end up delaying loans to larger borrowers who also need relief, bank executives and their trade groups say.
Some in the industry are beefing up online educational offerings and enlisting social media ambassadors on college campuses to help recruit younger consumers.
Treasury Secretary Janet Yellen said a digital version of the dollar could help address hurdles to financial inclusion in the U.S. among low-income households.
From delivering water door to door to turning offices into shelters, bankers in the state have adapted their hurricane-response plans to offer customers and employees relief from the past week's snow emergency and power outages.
