The rate on a 30-year fixed-rate mortgage dropped to 3.6%, a three-year low; Mary C. Erdoes, a top bank executive, allegedly pushed back against compliance department suggestions to jettison the controversial client.
U.S. financial stocks are down nearly 4% this week on rate pressure, but it’s even worse for European banks; the mutual fund giant will automatically sweep investor cash into a money fund yielding 1.9%.
The card company is buying the corporate-services businesses of Danish payments provider Nets A/S; the online lender’s stock plunged after it missed second quarter earnings expectations.
The payments system, called FedNow, would go head-to-head against one built by big banks; the senator from Oregon wants Amazon to address vulnerabilities in its cloud data storage.
The CEO's tenure lasted just 18 months; the former FDIC chair says having Congress more involved in setting accounting standards "could well backfire on the banks."
