Digital payment company Venmo reportedly is in talks with Synchrony Financial about a branded credit card. The companies are said to be discussing features that include rewards for card users.
The name of the bank to be created by the BB&T-SunTrust merger is expected to be announced by the end of this quarter, BB&T chief executive Kelly King says. Weekly meetings are being held between the two banks' leadership teams as discussions continue on retaining jobs and merging the cultures.
A review of the Consumer Financial Protection Bureau's complaint database continues, and Director Kathy Kraninger has not ruled out making the database private. The CFPB also continues to review discriminatory-lending cases built on the concept of "disparate impact."
Chicago; San Diego; Miami; Louisville, Ky.; and Syracuse, N.Y., will each receive $3 million as part of JPMorgan Chase's AdvancingCities initiative. The cities will use the money to create programs to increase economic opportunities.
The Federal Reserve's benchmark interest rate of 2.25% to 2.5% is an "appropriate policy setting for this economy," says Robert Kaplan, president of the Federal Reserve Bank of Dallas. Kaplan expects economic growth to slow this year, citing replacement of workers by technology and failure to keep up with training for skilled labor.
Bank of England Governor Mark Carney and Francois Villeroy de Galhau, governor of the Bank of France, have joined the Network for Greening the Financial System in signing an open letter that warns of the risks climate change poses to the global economy. The NGFS this week published its first comprehensive report on the matter.
The Federal Reserve's Beige Book report shows a moderate rise in economic growth in March and early April. The report also notes shortages of skilled workers in most of the Fed's 12 districts and generally modest wage rises.
Jennifer Piepszak will become chief financial officer at JPMorgan Chase on May 1, and current CFO Marianne Lake will take over as CEO of the bank's consumer lending business. The move is seen as a further sign that Lake is the front-runner to take over as CEO when Jamie Dimon retires.