Banking
Top stories summarized by our editors
9/18/2018

The Community Financial Services Association of America and the Consumer Service Alliance of Texas say the Consumer Financial Protection Bureau's small-dollar lending rule will wipe out their industry. The groups are asking a federal judge to delay implementation of the rule, which is scheduled to take effect next year.

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Reuters, ConsumerAffairs
9/18/2018

The latest survey of securities industry compensation by New York State Comptroller Tom DiNapoli found that overall pay at Wall Street firms was up more than 10% last year. In New York City, the combined salary and bonus for people working for broker-dealers averaged $422,500.

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New York State
9/18/2018

JUMO, a South Africa-based financial-technology startup that provides its services through mobile devices, has raised $52 million in a funding round led by Goldman Sachs. CEO Andrew Watkins-Ball says the company will focus on expansion in fast-growing areas of Asia.

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Reuters
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jumo, Goldman Sachs
9/18/2018

Twenty-one Regions Bank locations across nine states have been consolidated as the bank seeks to improve efficiency, a spokeswoman says. The branches were in Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Missouri, South Carolina and Tennessee.

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Regions Bank
9/18/2018

Bank of Hawaii is offering low-interest loans and loans with no payment for three months to residents affected by Tropical Storm Olivia. The money can be used for emergency supplies, living essentials or extension of existing loans.

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Bank of Hawaii
9/18/2018

SunTrust Bank says it will refund ATM and overdraft fees imposed while web and mobile systems are down. A normal system upgrade sparked the outage Sunday, a spokeswoman says.

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SunTrust
9/18/2018

A payment network and a state-owned bank are suggestions from West Virginia Treasurer John Perdue to give marijuana businesses access to banking. A closed-loop network "would probably be the preferable and easier methodology to proceed with," says Diana Stout, general counsel to the treasurer.

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marijuana
9/18/2018

Nikki Fried, a Democratic candidate for Florida agriculture commissioner, says she wants to create a state-owned bank to handle marijuana business, while her opponent wants to move the Office of Medical Marijuana Use to the Department of Agriculture and Consumer Services from the Health Department. Republican Matt Caldwell says he supports removing marijuana from a federal drug category that includes cocaine and heroin.

9/17/2018

Studies from entities including Moody's Analytics and the Federal Reserve suggest US storms have an immediate adverse effect on livelihood but wreak little long-term economic damage. Hurricane Harvey destroyed property worth $125 billion but cost $8.5 billion in economic output, compared with more than $19 trillion in national output, according to Moody's Analytics.

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Moody, Federal Reserve
9/17/2018

Commercial real estate lending and commercial and industrial lending are expected to decline at Wells Fargo, Chief Financial Officer John Shrewsberry said. He cited competition and deliberate lending discipline as well as media coverage of recent settlements and fines.

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Wells Fargo, John Shrewsberry