BMO Harris Bank has decided to direct mortgage applicants to a call center and to reduce mortgage officers in branches. The move improves responsiveness and turnaround, spokesman Patrick O'Herlihy says.
Carey Halio, who becomes CEO of Goldman Sachs Bank USA next month, says she will focus on consumer deposits. Much of the bank's $127 billion in deposits comes from private wealth and commercial clients, and Halio plans to expand products offered.
Facebook has asked banks for data on customers who use Messenger, but most financial institutions have declined or have limited access. Bank of America has moved private messages off Facebook, while Wells Fargo had cautioned customers about revealing sensitive data, such as account numbers, during a Facebook chatbot pilot program that ended this year.
The Federal Reserve, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. are seeking comment on rules for the purchase of high-volatility commercial real estate. The regulators are planning to implement changes passed this year to amend the Dodd-Frank Act.
Special-purpose national bank charters for financial-technology firms give consumers more banking choices, encourage innovation and create economic growth, Comptroller of the Currency Joseph Otting writes. Some states are challenging issuance of such charters, but their arguments are "without basis," Otting writes.
The Federal Reserve must determine whether companies approved for a financial-technology charter from the Office of the Comptroller of the Currency have access to Fed services, such as payment systems. No fintech has applied for a charter, and a Fed official says the central bank and the OCC are working together.
Rule changes proposed by the Securities and Exchange Commission to its whistleblower program are anti-whistleblower and largely reflect views of the US Chamber of Commerce, the National Whistleblower Center said. The group said in a letter to SEC Chairman Jay Clayton there is "a compelling need for full and complete transparency as to why the [SEC] proposed this rule, and what lobbying efforts were behind the proposals."
A low unemployment rate, high consumer confidence and strong economic growth might combine to make it difficult for US retailers to add holiday staffers. Some companies are being proactive by announcing job openings earlier than usual and by offering additional perks.
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.
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.