Banking
Top stories summarized by our editors
5/24/2018

When people interrupt your presentation, politely answer their questions and consider their points, realizing your goal for the speech may have to change, writes Keith Bailey. Instead of getting defensive, encourage feedback by asking for input and opinions.

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Decker Communications
5/23/2018

Warren Buffett, speaking at Berkshire Hathaway's recent annual shareholder meeting, questioned the ability of insurers to calculate cyberattack probabilities. This part of the industry is still "uncharted territory," Buffett said, noting that Berkshire will write only enough cybersecurity policies to be competitive.

5/23/2018

A three-judge panel of the US Court of Appeals for the 5th Circuit has voted 2-1 to reject a request by California, Oregon and New York to reconsider a decision denying them intervention in a case regarding the legality of the Labor Department's fiduciary rule. The states' attorneys general said they wanted to join the case because the federal government is not defending the rule.

5/23/2018

States are boosting their investigative powers as the Consumer Financial Protection Bureau eases its enforcement approach. California regulators have challenged mortgage servicing practices at several companies, and New Jersey's new Division of Consumer Affairs aims to fill what the state sees as a regulatory gap created by the CFPB's new stance.

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HousingWire
5/23/2018

US banks generated a record-breaking $56 billion in net income during the first quarter of 2018, the Federal Deposit Insurance Corp. says. Increases in trading and lending income were major contributors, and the new tax law helped generate $6.6 billion of the total.

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FDIC
5/23/2018

Congress is expected to continue working on regulatory relief for banks. Areas that may be addressed include the Volcker rule, housing finance and data security.

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Congress
5/23/2018

Circle Internet Financial, maker of a mobile payment and cryptotrading app, launched a "Buy the Market" feature Tuesday that allows investors to buy seven digital coins with a single purchase. Circle is considering new options for its business, such as lending and custodial services, and it may seek a federal bank charter, CEO Jeremy Allaire said.

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Circle, Jeremy Allaire, federal Bank
5/23/2018

Webster Bank is selling six branches to United Bank in a deal expected to close in the fall. Three branches are in Massachusetts, two are in Connecticut and one is in Rhode Island.

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Webster Bank, United Bank
5/23/2018

A banking bill passed by Congress is a good first step, but more needs to be done, including a bipartisan commission at the Consumer Financial Protection Bureau, CBA President and CEO Richard Hunt says. Banks should be identified as systemically important based on activity, not an arbitrary number, Hunt says.

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CNBC
5/23/2018

Amazon will offer financial services through bank partnerships but is unlikely to open a stand-alone bank, according to an analysis by Goldman Sachs. Amazon does not want to take on credit risk and an additional regulatory burden, the analysis says.

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CNBC
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Goldman Sachs, Amazon