Banks spend heavily on marketing to win deposits, push digital; Wells Fargo bends to critics in its latest response to scandals; FDIC review of brokered deposits has big implications for branches; and more from this week's most-read stories.
Bigger banks complained that a two-tier system would force them to rethink their models, while smaller banks raised concerns about adding more complexity to an already burdensome process.
Rep. Patrick McHenry, R-N.C., the ranking member of the House Financial Services Committee, urged Chairwoman Maxine Waters, D-Calif., to prioritize certain "critical areas" in the new Congress.
Problems with the new accounting standard could be solved by modifying how reserves are calculated so that changes are more in line with industry growth.
The SEC and FASB control the process now, but Congress should give banking regulators a more central role in overseeing the creation of accounting rules.
Detractors are suddenly hopeful that the controversial accounting standard could be delayed or altered after FSOC's longer-than-expected closed session on the issue.
Brad Sherman of California and Gregory Meeks of New York are worried the proposed accounting standard for recording loan losses will reduce access to credit for small businesses and low- and moderate-income communities.
