Banking
Top stories summarized by our editors
10/17/2018

The four largest banks in the country and two major investment banks have third-quarter earnings reports that are better than expected, indicating the economy is solid. Consumers are spending money, banks say, and companies are making investments.

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CNBC
10/17/2018

USAA is partnering with StreetShares to offer loans to small businesses. Businesses that are at least a year old with at least $25,000 in annual revenue may qualify under the pilot program.

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USAA
10/17/2018

Fifty percent of Bank of America's mortgage applications will be digital by 2019, the bank predicts. BofA and Wells Fargo added digital applications this year, and 28% of September applications were digital at Wells Fargo.

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HousingWire
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Wells Fargo, BofA, Well Fargo, Wells Fargo
10/17/2018

Technology has led to 100,000 job cuts at Bank of America since CEO Brian Moynihan took over in 2010, Moynihan says, calling introduction of the iPhone a game changer. Nearly 26 million customers use BofA's mobile banking app.

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CNBC
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Brian Moynihan, BofA, Apple
10/17/2018

Electronic-payment fraud increased 37% from 2012 to 2015, according to a study by the Federal Reserve. Payment fraud is still rare, representing less than 1% of payment value or volume, the study says.

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Federal Reserve Bank, Fed
10/17/2018

Banks are challenging a rule that requires reporting of current expected credit losses, saying it hinders their ability to loan and cuts into earnings. Representatives of BB&T, Citizens Financial Group, KeyCorp, M&T Bank and Regions Financial have met with lawmakers to ask that the rule be changed.

10/17/2018

CBA President and CEO Richard Hunt has been asked what ethics means to him. "Above all else, ethics is the measure of someone's character and credibility as a respected leader, co-worker and friend," he says.

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Forbes
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CBA, Richard Hunt
10/16/2018

Financial firms in more than a half-dozen jurisdictions are participating in cryptoasset markets, but the size of investments is unclear, and this exposure could threaten the global economy, the Financial Stability Board says. National regulators have a responsibility to come up with data to track growth of cryptoasset holdings, the FSB says.

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Financial Stability Board
10/16/2018

Former Federal Reserve chief Janet Yellen says she doesn't see any financial imbalances in the economy, which she predicts could remain strong through 2019. But a continued tight labor market with low unemployment and accelerated wages could cause unhealthy inflation growth, she notes.

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HousingWire
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Janet Yellen, Federal Reserve
10/16/2018

In letters to the heads of the Department of Veterans Affairs, the Social Security Administration and Comerica Bank, Sen. Elizabeth Warren, D-Mass., says she wants to know more about a security breach reported in August that affected Direct Express, a program that issues prepaid debit cards to federal benefit recipients. Comerica has administered the program since 2008.