Banking
Top stories summarized by our editors
8/15/2018

The Federal Reserve should look again at a capital surcharge for the eight biggest US banks, given that it is to be combined with stress test results to calculate capital requirements, trade groups say. "The surcharge unnecessarily raises costs that impede the ability of our member institutions to provide credit to support growth of the real economy," the Financial Services Forum says.

8/15/2018

A Consumer Reports test of mobile payment app security yielded less-than-impressive results, with Apple Pay the high-score standout, at 76 out of 100. Generally the scores were only fair, with Venmo at 69, Square's Cash App at 64 and Facebook P2P Payments in Messenger at 63.

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NBC News
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Facebook, Apple, Square, Venmo
8/15/2018

The Office of the Comptroller of the Currency is accepting applications for bank charters from financial-technology firms, but no company has applied. Executives are cautious and are expecting a legal challenge to the OCC's decision.

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Reuters
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OCC, Fintechs
8/15/2018

Banks are turning to artificial intelligence and machine learning to fight fraud, spending more than $19.1 billion on emerging technology. Citizens Financial Group hopes its mobile bank gives customers a secure way to open and fund accounts.

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Pymnts
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Citizens Financial Group, AI
8/15/2018

Synchrony has extended an agreement to manage consumer and commercial credit cards at Lowe's. Synchrony has handled the retailer's credit programs since 1979.

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Synchrony, Lowe
8/15/2018

Mark D'Arcy has resigned as Wells Fargo's chief operational risk officer to pursue opportunities outside the bank. Mark Weintraub is taking over the job.

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Wells Fargo, Mark D'Arcy
8/15/2018

Consumer debt increased during the second quarter to $13.29 trillion, according to the Federal Reserve Bank of New York. Mortgage debt jumped to the highest level in nine years.

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HousingWire
8/14/2018

Popular but dubious recommendations for leaders include focusing only on your strengths, being authentic at all times and worrying about how you pose, argues Marc Effron of The Talent Strategy Group. "Be a critical consumer and realize that management advice that sounds too easy to be true, very likely is," he writes.

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SmartBrief/Leadership
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Marc Effron
8/14/2018

A report from the Federal Reserve Bank of Minneapolis shows that between 1971 and today, lower-income Americans have grown poorer, while those in the top 10% of wealth distribution are nearly three times as wealthy. Economists attribute this in part to the fact that the housing market has not fully recovered from its prerecession peak, while the stock market is about 50% higher than before the recession.

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Federal Reserve Bank
8/14/2018

Student-loan servicer Heartland Campus Solutions ECSI has to respond to a subpoena from the Consumer Financial Protection Bureau, a federal appeals court ruled. Heartland had argued the bureau's request did not comply with federal law.

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Reuters