Consumer banking

States sue FDIC over 'rent-a-bank' partnerships

08/20/20

A group of eight Attorneys General filed suit against an FDIC final rule related to ‘rent-a-bank’ partnerships, mirroring a similar suit filed against the Office of the Comptroller of the Currency last month.

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Pandemic has put a premium on speed, Citizens CEO says

08/20/20

The slowdown in branch traffic brought on by the coronavirus outbreak has accelerated consumers’ adoption of online banking and other tech, meaning banks have no time to waste in digitizing their customer-facing applications, says Bruce Van Saun.

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Refi fee will wipe out millions in mortgage profits

08/20/20

Lenders initally won't be able to pass on the cost of the Federal Housing Finance Agency's "adverse market fee" to borrowers whose rates on GSE-backed mortgages and refinances are already locked in.

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Wells Fargo consumer chief may testify of 'fear' her predecessor inspired

08/17/20

Mary Mack is expected to say that other employees were scared of Carrie Tolstedt, according to the bank’s regulators. Tolstedt, one of five former Wells executives facing civil charges in connection with the bank’s phony-accounts scandal, could be fined as much as $25 million.

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Have banks, fintechs compete to bring banking services to post offices

08/14/20

A pilot program that would let banks, credit unions and challenger banks bid to offer financial services within rural and inner-city post offices could be a first step in serving the underbanked while also helping to shore up the U.S. Postal Service's finances.

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Older adults needed help banking online. Scotiabank found a solution.

08/14/20

The Canadian bank is doing something few U.S. institutions have done: build an online hub with tutorials designed expressly to simplify the online banking process for newcomers.

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Wells Fargo chief compliance officer is leaving: Report

08/13/20

The executive shuffle at the company continues as Chief Compliance Officer Mike Roemer quits and Credit Suisse America’s Paula Dominick is hired, according to a Financial Times report.

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Truist’s pandemic chatbot could have staying power

08/12/20

Built to respond to borrowers' questions about mortgage deferrals, the bot created by Salesforce is evolving and in the future could schedule appointments, answer questions about new digital products or help with emergencies.

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Brokered deposit law is woefully outdated

08/07/20

As more consumers do business online, some deposits are being unfairly categorized as brokered, inviting burdensome regulatory scrutiny.

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There's no replacing the human touch of branch banking

08/06/20

The coronavirus pandemic has forced some branches to close, but demand for in-person advice remains strong.

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