The City Council of San Jose, Calif., is discussing the creation of a community bank. JPMorgan Chase won a bidding process to become the city's next banking partner, but officials are held back by an ordinance that prevents the city from dealing with companies that have been involved in wage theft violations.
The Office of the Comptroller of the Currency has fined Citibank $25 million for failing to offer mortgage discounts to all customers. The failure adversely affected borrowers based on "race, color, national origin, or sex," the OCC said.
CBA started in 1919 as the Morris Plan Bankers Association, a group committed to helping Americans fulfill financial goals and dreams, write CBA President and CEO Richard Hunt and past, present and future CBA chairmen. The next 100 years will present challenges in technology, but CBA remains committed to financing the American dream for families and businesses, they write.
Michigan Attorney General Dana Nessel has joined a coalition of attorneys general asking the Consumer Financial Protection Bureau not to delay a rule on small-dollar lending. The CFPB has indicated it is considering changes to the rule.
Hackers have become more aggressive and more sophisticated when attacking financial institutions, which have seen destructive cyberattacks rise 160% in the past year, according to a report. Many hackers do not seek financial gain but instead scrub data, which can be more harmful overall, says Tom Kellermann, chief cybersecurity officer at Carbon Black and author of the report.
At least two large US banks are considering following JPMorgan Chase's example and issuing a cryptocurrency token, IBM says. Two banks have expressed interest to IBM in issuing a stablecoin, which is pegged to traditional currency, says Jesse Lund, vice president of blockchain.
A report by TheCityUK and Odgers Berndtson warns that the UK will struggle to attract talent to a £7 billion financial-technology sector after Brexit. The report urges the government to work with academia to train workers in skills in fields such as artificial intelligence and cryptocurrencies to head off increasing competition from EU fintech hubs.
The 2010 Dodd-Frank Act created vague guidelines for declaring a financial institution systemically important, and proposed changes are welcome news, writes the Wall Street Journal's editorial board. Changing the law is not deregulation but a use of the discretion created by Democrats who wrote the legislation, the board writes.
Bank of America will hire 300 bankers in the Los Angeles area, said Raul Anaya, regional president. The client-facing positions will be created across all local divisions, he said.
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