Industry News
Banking
Top stories summarized by our editors
4/12/2021

A group of banks led by Citigroup and Bank of America is working to develop an electronic trading platform for collateralized loan obligations, sources say. The banks reportedly want a platform in the nascent electronic CLO trading market that will not charge what they consider to be high fees for trading services and market data.

4/12/2021

A recent MX consumer survey found that 78% are likely to do their 2022 banking digitally, 91% want more integrated accounts and only 16% want more branches. Personalization of banking services is also important, with 69% of respondents saying they would like experiences that recognize their needs and make recommendations.

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Tearsheet
4/12/2021

Credit Suisse's brokerage unit in the US has filed a lawsuit in a federal court in San Francisco after discovering the leak of personal data about several former employees to media outlets and law enforcement. The company also said in a court filing that the unnamed individuals threatened to disclose additional confidential data.

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Reuters
4/12/2021

Today is the last day to submit comments on a proposal by the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency that would require financial institutions to notify regulators within 36 hours of a data breach. The agencies are seeking input on the proposed definition of a data breach and how customers should be informed.

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CyberScoop
4/12/2021

Five Star Bancorp is pursuing an initial public offering, though many details have yet to be disclosed. The California-based bank, which holds some $2 billion in assets, has seen its earnings more than double in the last five years.

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American Banker
4/12/2021

The Consumer Financial Protection Bureau recorded nearly 445,000 complaints from consumers in 2020, the most ever in a single year. Many of the complaints were related to special requirements imposed on loan servicers and credit bureaus amid the coronavirus pandemic, according to an analysis by Bloomberg Law.

4/12/2021

JPMorgan Chase is giving $3 million to an initiative that helps small, minority-owned businesses affected by gentrification, particularly those that have become more vulnerable amid the coronavirus pandemic. The initiative is led by the University of Maryland and will first focus on businesses in Washington, New York City, Chicago and San Francisco.

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University of Maryland
4/12/2021

The Federal Deposit Insurance Corp. hopes its "GetBanked" campaign will help consumers in low-income and minority communities overcome their mistrust of banks and open checking accounts. The agency began running television, radio and digital advertisements in Spanish and English in the Atlanta and Houston markets last week, and also plans to hold webinars.

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American Banker
4/12/2021

The Federal Deposit Insurance Corp. is asking for public comments on rules surrounding banks' use of its logo on marketing materials. The agency is taking comments until May 24.

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American Banker
4/9/2021

Eastern Bank's $643 million purchase of Century Bank raises Eastern's market share from 2.5% to 3.7% in the Boston area, which has seen at least six bank sales since 2018. Eastern executives plan to close redundant Century branches and reduce the bank's operating expenses by nearly half.

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American Banker