Congressional watchdog calls on FinCEN to expand access to Bank Secrecy Act data

September 22, 2020.
Many local U.S. authorities lack access to a database of suspicious bank activities that could aid financial crime investigations, a government watchdog found, as lawmakers call for greater scrutiny of money laundering at big banks.

NatWest executive warns against negative rates as UK central bank mulls recovery options

September 22, 2020.
NatWest Group CEO Alison Rose said negative rates in the U.K. could exacerbate problems for banks, issuing her warning as the country’s monetary policy leaders consider further stimulus efforts.

Bank worker advocacy group dings major US lenders for COVID-19 mortgage policies

September 22, 2020.
U.S. Bancorp and Wells Fargo performed the worst for struggling U.S. mortgage borrowers at the height of the COVID-19 pandemic, according to a new analysis published Tuesday by an advocacy group for front-line bank employees.

Deutsche Bank CFO says restructuring remains on track despite COVID-19

September 22, 2020.
Deutsche Bank’s chief financial officer continued to express confidence Tuesday that the investment bank will reach restructuring targets by 2022, despite the challenges presented by the COVID-19 pandemic.

Credit Suisse CEO expects wealth management slowdown

September 22, 2020.
Credit Suisse CEO Thomas Gottstein said Tuesday that he expects the firm’s wealth management business to slow down in the third quarter and bank consolidation to continue in Europe as the economy seeks to recover from COVID-19.

Credit unions score bipartisan support for their opposition to nominal leases for banks on military bases

September 22, 2020.
A bipartisan group of 51 U.S. representatives is urging the House and Senate Armed Services committees to reject a proposal that would treat banks on military bases the same as credit unions when it comes to nominal leases, according to the National Association of Federally-Insured Credit Unions.

World Economic Forum council pitches universal ESG reporting standards

September 22, 2020.
A group of global businesses led by Bank of America on Tuesday put forward a universal set of standards for measuring and disclosing environmental, social and governance factors in nonfinancial reporting for investors, laying the groundwork for alignment on an issue that has proved slippery despite widespread acknowledgement of its importance.

Wall Street-backed stock exchange MEMX kicks off trading

September 21, 2020.
Members Exchange, a new stock exchange backed by a slew of banks and other financial firms, commenced trading activity on Monday with seven listed securities, including for prominent companies such as Google’s parent Alphabet, ExxonMobil and Ford.

Lincoln Financial vows to hire Black officers as part of new diversity plan

September 21, 2020.
Lincoln Financial, the sixth-largest U.S. life and annuities firm by premiums, plans to appoint more Black executives as part of a commitment to promoting diversity spurred by protests calling for racial equality.

Morgan Stanley commits to net-zero financing by 2050, a first for major U.S. banks

September 21, 2020.
Morgan Stanley, whose July promise to disclose the climate impact of its lending portfolio proved a bellwether for some larger peers, on Monday also became the first major U.S. bank to commit to erasing that impact by 2050.

Fed expands underwriting guidelines for largely untapped Main Street loans

Last modified September 18, 2020. Published September 18, 2020.
The Federal Reserve on Friday issued new guidance to banks broadening the eligibility for new business loans under its Main Street Lending Program, after the $600 billion program faced criticism over its sluggish start.

Judge OKs big banks’ settlement with eurodollar investors over LIBOR rigging

September 18, 2020.
A U.S. federal judge approved an aggregate $187 million settlement agreement resolving an antitrust class action against seven of the world’s largest banks that claimed the banks colluded to misreport and manipulate LIBOR rates, harming eurodollar investors.

Major British mortgage lenders join push for emissions disclosures

Last modified September 21, 2020. Published September 17, 2020.
A growing alliance of financial institutions involving some of the biggest banks in the world said Thursday it is zeroing in on carbon accounting in the U.K. with a new coalition, after its presence in the country nearly doubled in members, to include Lloyds Banking among them.

Mastercard pledges $500M to help close racial wealth gap

September 17, 2020.
Mastercard will invest $500 million in Black communities over the next five years, the U.S.-based credit card issuer said Thursday, the latest financial institution to take action to help to close the racial wealth and opportunity gap across the United States.

JPMorgan trims net interest income forecast for 2020 but eyes revenue offset

September 15, 2020.
JPMorgan Chase, the largest U.S. bank by assets, cut projected net interest income for 2020 while pointing to signs that offsetting business increases could see it through the current stretch of low loan growth.

Bank of America expects net interest income to bottom out in Q3

September 15, 2020.
Bank of America is expecting net interest income to decline by at least $600 million in the third quarter, CEO Brian Moynihan said Tuesday, a jump from previous estimates that it would be down $100 million as commercial loans continue to decline.

Miami International Holdings to launch UBS-backed equity exchange this month

September 14, 2020.
Miami International Holdings will debut its first cash equities exchange later this month in an increasingly crowded field, with trading firms including UBS, Citadel Securities and Hudson River Trading as investors.

Bank of America continues aggressive patenting strategy in first half

September 14, 2020.
Bank of America’s approved patents surged by 20% in the first half of the year, compared with the same period a year ago, with almost half related to technologies involving artificial intelligence, machine learning or information security.

Canada’s IGM Financial chief stepping down after early-stage Alzheimer’s diagnosis

September 14, 2020.
The president and CEO of Canada’s IGM Financial is stepping down for health reasons and will be replaced by a former Scotiabank executive, the wealth and asset management company said Monday.

Lenders should prevent AI-based race, sex discrimination: Bank Policy Institute

September 14, 2020.
A leading U.S. financial services lobbying group on Monday warned of the potential for discrimination when using artificial intelligence technology in credit underwriting and outlined steps banks and other lenders can take to prevent bias.