Banking
Top stories summarized by our editors
4/23/2019

U.S. Bank will open a branch in Charlotte, N.C., this fall and plans to have 10 branches there by the end of next year. The branches are its first in the state, and the bank is the second large bank to have announced an intention to expand into Charlotte, with JPMorgan Chase having made an announcement a few weeks ago.

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U.S. Bank, JPMorgan Chase
4/23/2019

A bill under consideration in California would allow state regulators to share cannabis businesses' sales data and other information with banks. Supporters say having such information would encourage banks to allow cannabis businesses to open accounts.

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The Associated Press
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cannabis
4/23/2019

First Commonwealth Financial is acquiring 14 Pennsylvania branches from Santander in a deal expected to close in the third quarter. First Commonwealth currently has 137 branches.

4/23/2019

TCF Financial Corp. reported a profit loss Monday, attributed partially to its merger with Chemical Bank, but TCF CEO Craig Dahl said the merger will result in some cost savings. The savings will come from expanding spending over a larger customer base, enabling both banks to reach the goals of their strategic plans two years earlier than expected, he said.

4/23/2019

Robinhood was questioned over its announcement in December that it would offer some banking services, but applying for a bank charter "would make Robinhood subject to the same safety, soundness and consumer protection laws as every other bank," said Nick Simpson of the Consumer Bankers Association. CBA will welcome Robinhood into the banking industry if the Office of the Comptroller of the Currency approves the fintech's application, Simpson said.

4/22/2019

Charitable giving and volunteering contribute to improved self-esteem and lower stress levels among retirees, writes philanthropic strategist Bruce DeBoskey. Retirees should ask themselves a series of questions when considering philanthropy, adds DeBoskey, who advises caution in relation to solicitation requests.

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WealthManagement
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Bruce DeBoskey
4/22/2019

Some major banks are threatening to block financial technology companies' access to customer banking data, contending that they are safeguarding the information's security. However, the fintech companies say bankers are trying to cut off competition, lobbying for open banking rules that guarantee consumers' right to give consent for third-party service providers to access financial data.

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Forbes
4/22/2019

Online lender Prosper Funding will pay a $3 million penalty for overstating its net returns to investors by excluding some charged-off loans from calculations between July 2015 and May 2017, the Securities and Exchange Commission said. "Since discovering and fixing this issue two years ago, we have put additional controls in place designed to detect and prevent similar errors in the future," Prosper said.

4/22/2019

The Social Security 2100 Act would raise the payroll tax 0.1 percentage point each year until 2043, when it would reach 14.8%, to shore up the Social Security trust funds. Critics say the proposal would hurt millennials already burdened by student debt, and Mattie Duppler of the National Taxpayers Union says such a tax could deter them from saving more.

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MarketWatch
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National Taxpayers Union
4/22/2019

The Consumer Bankers Association praised the Education Department's proposals for student financial aid programs. "Every student should know how much money they are borrowing and how they will be responsible for repaying," and higher education institutions should not be able to "mask these key factors by combining grants and scholarships with loans, work-study programs, and parent loans," said CBA president and CEO Richard Hunt. Hunt also penned an op-ed that ran in the Tennessean, discussing CBA's proposals for solving the federal student loan debt crisis.