Industry News
Banking
Top stories summarized by our editors
4/15/2021

Citigroup has expanded the capabilities of its Citi Service Insights portal for corporate payments to allow clients to log in and view the status of their payments, and inquire about potential hold-ups. "This is about making the post-payment service experience seamless," said Manish Kohli, Citigroup's head of global payments and receivables.

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American Banker
4/15/2021

Blake Paulson, who is serving as the acting Comptroller of the Currency, told a Consumer Bankers Association event that he will hold off on implementing the recent overhaul of the Community Reinvestment Act to allow the next permanent comptroller to oversee the rulemaking. Paulson said he intends "to buy them some time and some space to bring in their own ideas and think about what they want to do."

4/15/2021

Sen. Jon Tester, D-Mont., told a Consumer Bankers Association event that there will not likely be much support for Senate banking committee chair Sherrod Brown's proposal to establish consumer checking accounts run by the Federal Reserve. "I honestly don't think they're going to have a lot of traction," Tester said.

4/14/2021

Goldman Sachs reported earnings per share of $18.60 for the first quarter, shattering analyst expectations of $10.22. The bank's Q1 results reflect year-over-year growth of 498%.

4/14/2021

The Securities and Exchange Commission has taken feedback on Treasury Department proposals to improve money market robustness, made in light of last year's short-term market upheavals. If implemented, the proposals could drastically change industry practices, and money market managers are pushing back against them with claims that they were not the cause of the disruptions.

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Reuters
4/14/2021

While numerous banks have stated opposition to investing in fossil fuel activities, a report from the Rainforest Action Network shows investments have continued. A separate analysis estimates that seven leading banks increased such investments by a median 24% compared to 2019, despite indicating the contrary in their policy statements.

4/14/2021

Banks are increasingly adopting automated savings tools to help customers consistently set aside money. Automated savings offerings have been a mainstay of fintechs that provide retail banking services.

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American Banker
4/14/2021

Mastercard will require banks that handle payments for sellers of adult content to verify the ages and consent of participants, and ensure platforms have effective controls in place to prevent the publishing of illegal content. "The banks that connect merchants to our network will need to certify that the seller of adult content has effective controls in place to monitor, block and, where necessary, take down all illegal content," said John Verdeschi, Mastercard's senior vice president of customer engagement and performance.

4/14/2021

Cryptocurrency exchanges are increasingly offering clients the opportunity to trade traditional equities through the use of tokenized stocks. Tokens and other synthetic assets give investors without access to brokerage channels the opportunity to gain exposure to mainstream financial markets.

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Bloomberg
4/14/2021

Barclays shares lost 9.9% of their value early today in what traders say was likely a "fat finger" error. The share price quickly recovered after a five-minute trading halt.