Feature3 - Banking Exchange

Bank of America racks up $225 million in fines from the OCC and CFPB

The Bank is accused of using unfair and deceptive practices while leaving many Americans struggling by wrongfully freezing accounts

Hurricane Dimon: JP Morgan and Morgan Stanley Miss, the Markets Fall

Profit declined by 28% for second quarter for America’s largest bank while earning was 12 cents short of most analyst expectations

NY Fed: Short-term inflation expectations reach new series high

Although short-term inflation expectations have increased, expectations for medium-term and longer-term inflation have declined

Kansas City Fed CEO warns of rate rise “oversteering”

Esther George has warned these could create strains and undermine the Fed’s ability to deliver on the higher path of rates communicated

U.S. Treasury introduces framework to address digital asset risks and benefits

The framework sets out an international engagement and an interagency approach

CFPB enhances data privacy for Americans

The new regulation, under the Fair Credit reporting Act, combats the misuse and abuse of personal data on background screening and credit reports

Alerus enhances Arizona presence with Metro Phoenix Bank acquisition

The acquisition also allows Alerus to significantly expand its existing business segments

Banks are under delivering for their customers, study finds

Almost 60% of retail bank customers in Canada are classified as financially unhealthy, yet banks are falling short on supporting them to make improvements

ICBA: CBDC risks “far outweigh” the benefits

The trade body is calling for harmonized oversight of crypto-assets, including stable coins

Trade bodies urge CFPB to rescind amendments to examination manual

The CFPB’s amendments to its examination manual have “tremendous implications” for “consumers, banks, and financial markets at large”, trade bodies warn