CFPB penalizes payday debt collector but reduces fine

Fri, 07/13/2018 - 22:09
The CFPB said National Credit Adjusters had hired third-party collectors that routinely inflated the amounts that customers owed.

Senate Dems urge CFPB to reinstate advisory board

Fri, 07/13/2018 - 21:33
Members of the panel and two other advisory boards were all were terminated in June and told they could not reapply for their positions.

Next stage of GOP’s Dodd-Frank grief: Acceptance

Fri, 07/13/2018 - 21:11
With the recent focus on capital formation bills, lawmakers appear to be putting their Dodd-Frank angst aside.

Selective expansion: PNC's strategy for competing against megabanks

Fri, 07/13/2018 - 20:49
The Pittsburgh regional detailed plans to enter a number of new markets with its digital bank and limited branch openings.

More big-bank earnings, hot seat for CFPB's Kraninger: Events to watch

Fri, 07/13/2018 - 20:48
The industry is slated for another busy week, with more bank results on the horizon, plus a nomination hearing for Trump’s pick to head the CFPB.

Challenging banking's 'sleepyville' image in wealth management

Fri, 07/13/2018 - 19:00
People's United in Connecticut pored over all the customer data it could find to persuade customers to give the midsize bank — instead of advisory firms and investment houses — a shot at managing their money.

First Republic's 2Q profits surge on record loan originations

Fri, 07/13/2018 - 16:33
Strong demand for business and multifamily loans, combined with double-digit growth in wealth management revenues, more than offset rising expenses.

How a veteran JPMorgan Chase exec joined SigFig

Fri, 07/13/2018 - 16:33
The digital advice startup had no one with knowledge of branch banking. A board member told them to call Mike Reed, JPM's former retail branch chief.

Bending rules isn’t worth the risk

Fri, 07/13/2018 - 16:01
Bankers should resist the urge to skirt financial regulations, including know-your-customer and lending standards, to make a sale. The danger of penalties and a possible reputational hit is too great.

Citigroup upstaged by JPMorgan as revenue from bond trading dips

Fri, 07/13/2018 - 15:47
Citigroup Inc. shares slid in early trading Friday after the bank’s traders underperformed their peers at its biggest rival.

PNC plans Boston, Phoenix middle-market expansion in 2019

Fri, 07/13/2018 - 15:13
PNC revealed the plan as part of its report of strong second-quarter results, and CEO Bill Demchak said it is an example of the regional bank's growth-oriented investments.

Wells Fargo mortgage fees drop by a third as interest rates rise

Fri, 07/13/2018 - 14:53
Mortgage fees at the nation’s biggest home lender declined by a third in the three months ended June 30 to the lowest in more than five years.

Walmart may shift to CapOne; banks unhappy with Brexit

Fri, 07/13/2018 - 14:27
The change in store card branding would be a big blow to Synchrony; “equivalence” with EU rules “falls far short” of U.S. banks’ hopes.

JPMorgan’s strong loan growth signals life left in Trump bump

Fri, 07/13/2018 - 13:36
JPMorgan Chase & Co. said its book of core loans expanded 7% in the second quarter and trading revenue jumped 13%.

'Sounds like something I saw in the late 80s': Comments of the week

Fri, 07/13/2018 - 04:02
Readers weigh in on Mulvaney's plans to shake up the CFPB, respond to banks chasing hot tech trends, applaud fintech-bank partnerships and more.

Umpqua names leadership for innovation unit

Fri, 07/13/2018 - 00:02
It will be the third collaboration together for the new CEO and CTO at Pivotus Ventures.

Jeffrey Cruttenden, CEO, SAY and Co-Founder, Acorns (full session)

Thu, 07/12/2018 - 23:08
New technology gives every shareholder a louder voice

A chance for consumers to 'know what the credit bureaus know'

Thu, 07/12/2018 - 22:51
Senators at a hearing Thursday discussed a bill establishing an online portal for consumers to monitor their credit reports free of cost.

ABA will air TV ads for two more lawmakers seeking re-election

Thu, 07/12/2018 - 22:47
The American Bankers Association will run advertisements in support of Reps. French Hill and Bruce Poliquin, who are incumbents this November. The group has now endorsed three Republicans and a Democrat.

The new, new robos (full session)

Thu, 07/12/2018 - 22:27
Bradley Leimer, Moderator, Managing Director and Head of Fintech Strategy Explorer Advisory & Capital, Dann Bibas, CEO, Fountain, Deborah Owens, CEO, WealthyU, Saad Zariff, Vice President of North America, Wahed Invest LLC.

Onboarding and distributing alternatives (full session)

Thu, 07/12/2018 - 22:03
Bryan Mullin, CFA, Head, Alternative Investments, RBC Wealth Management, James Waldinger, CEO, Artivest

Michael Jantzi, CEO, Sustainalytics (full session)

Thu, 07/12/2018 - 21:52
ESG goes mainstream

Why Fannie and Freddie may need more Treasury bailout cash

Thu, 07/12/2018 - 21:17
Fannie Mae and Freddie Mac may need to tap into U.S. Treasury funds when they adopt CECL, a new accounting rule that makes companies set aside money upfront for expected loan losses.

The biggest mistake advisors make communicating their firms’ mission

Thu, 07/12/2018 - 20:50
Alexandria Partners’ CEO asks InVest Conference attendees how much they assume they are being clear.

Building a digital culture (full session)

Thu, 07/12/2018 - 20:45
Panelists: Augustine SC Hong, CEO and Co-Managing Partner, Alexandria Capital; Peter Phelan, Founder & CEO, ValuesCulture; and Patrick Tucker, Founder, True Measure Advisors.

Mnuchin affirms commitment to fixing AML, beneficial-owner rules

Thu, 07/12/2018 - 20:08
The Treasury secretary told lawmakers that the government needs “to strike the right balance” on Bank Secrecy Act requirements while determining the best way to collect details about account holders.

GOP must move on from dismantling Dodd-Frank, top Republican says

Thu, 07/12/2018 - 19:54
Focus instead on legislation that will prevent the next economic crisis and address technological change, says Rep. Patrick McHenry, a Republican front-runner to become Financial Services Committee chairman.

Oft-overlooked SBA program appears poised for comeback

Thu, 07/12/2018 - 19:50
While the Small Business Investment Companies program has reported disappointing results since its 2015 peak, participating funds are getting more looks from curious bankers.

Ex-CFPB deputy to guide crypto firms through regulatory thicket

Thu, 07/12/2018 - 19:45
Raj Date’s new firm, FS Vector, will help cryptocurrency firms and digital upstarts navigate Washington.

CUs are not neglecting their core membership

Thu, 07/12/2018 - 19:11
Credit unions remain committed to their central missions as they grow, says PenFed’s chairman.

Morgan Stanley draws from 'millions of conversations' to build its AI

Thu, 07/12/2018 - 18:56
The company sifts through a swath of monthly phone calls to find the data it needs to teach its automated advice platform how to communicate with advisers.

Harnessing the power of behavioral finance tools

Thu, 07/12/2018 - 18:50
Advisors and clients would benefit acknowledging what's really driving financial decisions.

JPMorgan whistle-blower gets record $30M from CFTC

Thu, 07/12/2018 - 18:05
The Commodity Futures Trading Commission has approved a record $30 million whistle-blower award, the result of information that helped the agency sanction JPMorgan Chase for failing to properly inform some wealthy clients about conflicts of interest behind its investment recommendations

Kavanaugh’s skepticism of regulatory power seen as boon for banks

Thu, 07/12/2018 - 17:02
The Supreme Court nominee’s views on CFPB and the Chevron doctrine are considered favorable for the industry, but some say weakening agency deference is a double-edged sword.

ConnectOne bolsters New York operations with Greater Hudson deal

Thu, 07/12/2018 - 16:32
The New Jersey company will pay $76 million for a bank with a low loan-to-deposit ratio and an SBA lending platform.

Yes, Mulvaney’s strategic plan would shackle CFPB — as it should

Thu, 07/12/2018 - 15:43
The acting director’s proposal to subject the agency’s rules to congressional approval provides an important and overlooked check on administrative power.

Surge in hacked credit-card information offered for sale on web

Thu, 07/12/2018 - 15:36
As banks beef up defenses, hackers are targeting the weaker link: customers.

City Holding agrees to buy pair of Kentucky banks

Thu, 07/12/2018 - 14:17
The West Virginia company will pay a total of $118 million for Poage Bankshares and Farmers Deposit Bancorp.

CFPB’s new fight; branch manager to the stars exits

Thu, 07/12/2018 - 14:05
The agency, with others, will work to stop consumer fraud; manager of four Morgan Stanley L.A. offices allegedly ignored harassment allegations.

5 ways banks can break ‘digital gridlock’

Thu, 07/12/2018 - 12:02
John Best, author of "Breaking Digital Gridlock," explains the obstacles banks hit when they try to innovate and how to overcome them. seeks data-sharing middle ground through new API

Thu, 07/12/2018 - 09:02
The virtual card company is giving customers direct access to their data through an application programming interface to see what they do with it.

The big picture panel (full session)

Thu, 07/12/2018 - 02:34
Panelists: Danielle Fava, Director, Product Strategy and Development, TD Ameritrade Institutional; Andrew Manning, MBA, FCSI®, Head of Wealth Management Intermediaries Marketing, Americas Invesco; and Max G. Winthrop, CEO, Winthrop Wealth Management.

'A deeper understanding'

Thu, 07/12/2018 - 02:15
Advisors often fail to truly understand their clients' most vital goals, an advisor says at the InVest Conference.

WSFS in Delaware taps insider Levenson as next CEO

Thu, 07/12/2018 - 00:50
Mark Turner will step down as CEO of WSFS but remain chairman and Rodger Levenson, its chief operating officer, will replace him.

Can web pop-ups win KeyBank new brokerage customers?

Wed, 07/11/2018 - 23:36
The challenge in automating cross-selling to customers online is figuring out how to integrate with the core banking platform.

How City National Bank cut paper forms by half

Wed, 07/11/2018 - 23:19
The firm is using digital tools to smooth the transition for clients and advisers. Here’s how they’re doing it.

Building a retirement plan in 60 seconds

Wed, 07/11/2018 - 22:36
The key to accessing underserved markets? Disrupt the industry, not customers, says Acorns CEO Noah Kerner.

Kavanaugh’s skepticism of regulatory power seen as boon for banks

Wed, 07/11/2018 - 22:32
The Supreme Court nominee’s views on CFPB and the Chevron doctrine are considered favorable for the industry, but some say weakening agency deference is a double-edged sword.

Big test for ag lenders: Helping farmers weather trade war

Wed, 07/11/2018 - 22:02
Banks are adjusting loan terms, making use of federal loan guarantees and working with farmers to find new markets, all in an effort to mitigate the damage from a likely drop in soybean exports.

Tell me something I don't already know! (full session)

Wed, 07/11/2018 - 21:45
Panelists: Randy Bullard, General Manager of Wealth Management, SigFig; Hannah Grove, Managing Director and Chief Marketing Officer, iCapital Network; Jon Stevenson, Head of Wealth Management & Banking, MoneyLion; and Kendra Thompson, Managing Director, NA Head of Wealth Management, Accenture.

Quantum leap: How banks can get the most from cutting-edge tech

Wed, 07/11/2018 - 21:29
High-powered portfolio simulations, security and client communication are among the most promising possibilities, say tech leaders at Morgan Stanley, D-Wave and Clovyr.

Online lenders should have same disclosure rules as banks: N.Y. State

Wed, 07/11/2018 - 21:05
The New York Department of Financial Services report recommended putting online lenders on a more equal playing field with traditional firms.

Streak of zero bank failures can only last so long

Wed, 07/11/2018 - 20:42
Economic cycles do turn, eventually. And it is inevitable that the industry will fall victim to a new approach to banking that will fall flat in a downturn.

Tester is first Dem endorsed by banking super PAC

Wed, 07/11/2018 - 20:25
The Montana senator, who faces a tough reelection fight, was a key backer of the bipartisan bill to ease certain provisions of the Dodd-Frank Act.

Dagmar Nikles, CFA, CAIA, FRM, Managing Director, BlackRock (full session)

Wed, 07/11/2018 - 20:22
Analytics for retirement readiness.

Lenders' support sought for Steinhoff restructuring plan

Wed, 07/11/2018 - 19:32
U.S. financial institutions such as Bank of America, Citigroup, JPMorgan Chase and Goldman Sachs have reported hundreds of millions of dollars of losses stemming from the scandal at retailer Steinhoff International.

The rise of the model marketplace (full session)

Wed, 07/11/2018 - 19:15
Panelists: Hollie Fagan, Managing Director, BlackRock; Estee Jimerson, Managing Director – Head of Asset Manager Distribution & Engagement, Envestnet; Kunal Kapoor, CFA, Chief Executive Officer, Morningstar; Natalie Wolfsen, EVP and Chief Solutions Officer, AssetMark.

Why third-party modeling is in its early stages

Wed, 07/11/2018 - 19:14
Envestnet sees asset management as poised for major changes as broker-dealers move to fee-based business.

Blockchain, quantum computing, AI — what’s next in wealth? (full session)

Wed, 07/11/2018 - 18:33
Panelists: Amber Baldet, Co-founder, CEO, Clovyr; Vern Brownell, CEO, D-Wave; Salvatore Cucchiara, Head of Wealth Management Technology, Morgan Stanley; Aaron Spradlin, Co-Founder & CEO, cleverDome, Inc.

Wealth managers with weak security are ‘already owned’

Wed, 07/11/2018 - 18:19
Perimeter security is broken, says Amber Baldet, former head of blockchain at JPMorgan Chase and founder of fintech startup Clovyr.

Boomers are the new millennials (full session)

Wed, 07/11/2018 - 18:04
Panelists: Renée D. Brown, CMO, Retail Financial Services, TIAA; Steven Dorval, President, John Hancock Personal Financial Services; Matt Fellowes, CEO, United Income; Roger Lee, CEO and Co-Founder, Human Interest

401(k)s aren’t enough. Now what? (full session)

Wed, 07/11/2018 - 18:04
Panelists: Millie Arora, Political Scientist and Economist, ReD Associates, Nimish Shukla, CFA, Co-Founder and Head of Retirement Income Blueprint Income

Group applies to open minority owned bank in Washington

Wed, 07/11/2018 - 18:00
Moxy Bank would focus on low- and moderate-income depositors in the nation's capital, while operating a lending platform in North Carolina.

Banks pivot toward greener finance in climate action push

Wed, 07/11/2018 - 17:35
Financial institutions are beginning to get on board with the global fight against climate change, but they are still trailing pension funds and insurance companies in putting these concerns into action.

Mitigating consumer friction and fraud

Wed, 07/11/2018 - 17:14
Balancing risk mitigation and a frictionless customer experience

‘Huge pile of money’ coming into robos?

Wed, 07/11/2018 - 16:11
Digital advice is still in its early days, says SigFig CEO Mike Sha.

Barclays is ending its presence in Africa after 100 Years

Wed, 07/11/2018 - 16:03
CEO Jess Staley had been reducing the bank's investment in its African subsidiary as he sought to conserve capital and rebuild Barclays' investment bank.

Why are payday loans so popular with the military?

Wed, 07/11/2018 - 15:42
A law designed to minimize the drawbacks of short-term loans and other alternative financial products may have helped legitimize them.

How Charles Schwab is breaking innovation out from labs

Wed, 07/11/2018 - 15:40
The bank is rotating teams dedicated to product and service development across its organization to help implement new ideas quicker.

TD to buy Greystone, adding $27 billion at asset-management unit

Wed, 07/11/2018 - 15:06
Toronto-Dominion Bank agreed to acquire Greystone Capital Management in a push to become the largest Canadian money manager.

Morgan Stanley promotes senior execs; strong dollar hits bank stocks

Wed, 07/11/2018 - 14:29
The moves are seen as setting the stage for CEO James Gorman’s eventual retirement; banks outside the U.S. are suffering from the greenback’s recent rise.

Mike Sha, Co-Founder and CEO, SigFig

Wed, 07/11/2018 - 06:10
The death of robo.

Noah Kerner, CEO, Acorns (full session)

Wed, 07/11/2018 - 05:59
Mobile microinvesting company Acorns grows up.

Neesha Hathi, EVP and Chief Digital Officer, Charles Schwab (full session)

Wed, 07/11/2018 - 05:57
The business case for going digital.

Ilan Davidovici, Global Head of Wealth and Asset Management, Salesforce (full session)

Wed, 07/11/2018 - 05:57
From AI to ROI — Using artificial intelligence to grow client relationships

Will a hybrid make you happy? (full session)

Wed, 07/11/2018 - 05:57
Panelists: Ron Carson, Founder and CEO, Carson Group; Marthin De Beer, CEO, BrightPlan; Angela Pecoraro, CEO, Advicent; Eduardo Queen, Director of Digital Investing, Wells Fargo Advisors.

Catherine Flax, CEO, Pefin (full session)

Wed, 07/11/2018 - 05:56
AI: Adding value to the wealth management industry

Building a digital engagement model for HNW clients (full session)

Wed, 07/11/2018 - 05:56
Panelists: Deborah Waters, Global Head of Private Bank Operations and Technology, Citi; and Kraleigh Woodford, Managing Director Head of Digital Client Experience UBS WM USA.

Square's many flirtations with banking

Wed, 07/11/2018 - 04:03
The mobile point of sale pioneer Square has done much to expand its product range to stay competitive, and a few of those efforts have made the company more of a direct threat to banks.

Why BNY Mellon, Fidelity use AI sparingly

Wed, 07/11/2018 - 01:35
Artificial intelligence is not always the right answer to data problems, executives of the two firms said at the In|Vest conference.

Digital tools are coming for high-net-worth clients

Wed, 07/11/2018 - 01:27
Apps aimed at the very wealthy have lagged behind those for other groups, but there's interest in developing them, especially ones that track total net worth.

HNW clients demanding an enhanced digital experience

Wed, 07/11/2018 - 01:19
Needs of wealthy clients are 'a lot more complex,' says Deborah Waters, global head of private bank operations and technology for Citibank.

Reverse mortgage program shouldn't be fixed on backs of seniors: FHA chief

Tue, 07/10/2018 - 23:57
Brian Montgomery is examining why the reverse mortgage program has suffered big losses, but he said he opposes any changes that could make it harder for the elderly to stay in their homes.

The Bancorp in Del. sells retirement account portfolio

Tue, 07/10/2018 - 23:37
The sale includes 160,000 accounts and more than $400 million in deposits.

Factoring deal is diversification play for Axiom

Tue, 07/10/2018 - 23:17
The Orlando, Fla., bank has bought Allied Affiliated Funding in Dallas in an effort to branch out beyond traditional commercial and consumer lending.

‘It’s gotten worse over the past 10 years’

Tue, 07/10/2018 - 22:34
New financial products may be exciting for wealth managers — but one group of people isn't benefitting, warns Neesha Hathi, the chief digital officer for Charles Schwab.

N.Y. bank faces activist threat from a former executive

Tue, 07/10/2018 - 22:25
A former chief financial officer at Hanover Bancorp is trying to separate the roles of chairman and CEO as part of a sweeping demand for change.

Delinquencies on credit cards, other loans rise in latest ABA report

Tue, 07/10/2018 - 22:19
An index that tracks late payments on consumer loans inched closer to historic norms, according to data from the American Bankers Association.

Are your clients truly engaged, or just legacy?

Tue, 07/10/2018 - 21:50
Don’t let this opportunity slip away, says Ilan Davidovici from Salesforce

Are your clients truly engaged, or just legacy?

Tue, 07/10/2018 - 21:49
Don’t let this opportunity slip away, says Ilan Davidovici from Salesforce

Flagstar snags Regions exec to oversee growing branch network

Tue, 07/10/2018 - 21:35
Flagstar Bank, which is in the process of buying more than 50 branches from Wells Fargo, has hired Ryan Goldberg as a director of retail banking.

After 25 years at the helm, Industrial Credit Union CEO to retire

Tue, 07/10/2018 - 20:50
Terri Salstrom has been with the credit union for more than 35 years, with 25 of those years as president and CEO of the $245 million-asset institution.

Keep financial services brands laser-focused, Acorns CEO says

Tue, 07/10/2018 - 20:17
The mobile microinvesting company offers five basic products because it wants to be known for helping customers manage saving and spending — and that's it, Noah Kerner said at In|Vest.

Ron Carson foresees AI besting human advisors within a year

Tue, 07/10/2018 - 19:41
Data about client behavior will drive better user experiences.

LA will require disclosures about bank sales incentives

Tue, 07/10/2018 - 18:51
Mayor Eric Garcetti signed an ordinance Monday that establishes new requirements for banks that want to do business with the city. The rules are thought to be the first of their kind nationally.

Insider promoted as part of succession plan at Washington bank

Tue, 07/10/2018 - 18:27
Jeff Deuel will take over as CEO of Heritage Bank in Olympia, Wash., for Brian Vance, who will remain as the head of the holding company until next year.

A bank organizer's first big decision? Coming up with a name

Tue, 07/10/2018 - 18:10
Branding can help define a de novo's strategy — and be costly and confusing to change if not done well.

A Waters-led banking panel may not be the scourge banks fear

Tue, 07/10/2018 - 17:53
The California Democrat would have more of a bully pulpit as chair of the Financial Services Committee, but some say she could take a pragmatic approach to passing banking legislation.

Senate Dem blasts Fed stress test results for Goldman, Morgan

Tue, 07/10/2018 - 17:51
The Senate Banking Committee's top Democrat singled out Morgan Stanley and Goldman Sachs, which he said "got passing grades" despite being unable to maintain minimum required capital levels.