Discover Financial Services has reportedly reached an agreement with the Federal Deposit Insurance Corporation (FDIC) to improve consumer compliance. This development resulted in a 7% surge in Discover Financial’s stock price in early trading, making it the top percentage gainer on the benchmark S&P 500,...
When Silicon Valley Bank (SVB) failed this spring, it shocked the market. But while those economic and banking sector wobbles have since largely abated, the third-largest bank failure in U.S. history is still sending after-effect tremors through the regulatory agencies whose oversight bodies failed to catch...
England’s central bank is putting new banking reforms on hold until the summer of 2025. As the Financial Times (FT) reported Sunday (Sept. 24), the Bank of England’s (BOE) new rules are part of a larger effort to protect the banking industry against the type of risk-taking that led...
Change looms in the banking sector as various agencies have put forth proposals that would, among other things, raise capital requirements, mandate that banks with more than $100 billion in assets issue more debt and that almost all institutions re-assess risk. To that end, the...
Jamie Dimon, the chairman and CEO of J.P. Morgan Chase & Co., has reportedly voiced his criticism of the stricter capital rules proposed by U.S. regulators. Speaking at a conference in New York, Dimon expressed concerns that these regulations could hinder economic growth, Reuters reported Monday (Sept. 11)....
Consolidation in the U.S. banking sector is expected to be limited in the near future due to high interest rates and regulatory pressures, according to Citizens Financial Group CEO Bruce Van Saun. The current high interest rates make it difficult for banks to make profitable acquisitions, Van Saun...
The increased scrutiny of regional banks — and a boost in capital requirements — may drive them towards FinTech partnerships to shore up compliance and know-your-business efforts. That might also light a fire under some dealmaking in the process. To that end, and as reported...
The Federal Reserve has issued a warning to Goldman Sachs regarding risk and compliance oversight at its FinTech unit. The regulatory concerns raised by the Fed have prompted a halt in the acquisition of riskier FinTech clients by a division of Goldman Sachs’ transaction banking...
The Federal Deposit Insurance Corp. (FDIC) should review two aspects of its proposed rule to reduce the risk around large bank failures. So said Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB) and member of the FDIC board of directors, in a Tuesday (Aug. 29) statement that was released...
