Industry News
Banking
Top stories summarized by our editors
2/24/2021

Plans by Visa and Mastercard to increase swipe fees for some purchases will mean higher operating costs for merchants, who say they have already been adversely affected by the coronavirus-induced transition to online shopping and card payments. The card issuers say the increase is needed to fund innovation and fraud prevention.

2/24/2021

The parent company of crypto exchange Bitfinex and stablecoin tether agreed to pay $18.5 million and release quarterly disclosures on tether's reserves to settle a 22-month probe by the New York Attorney General. The attorney general's office said the companies unlawfully hid losses and falsely claimed that tether was fully backed by US dollars.

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Tether
2/24/2021

The Consumer Financial Protection Bureau moved the date to comply with the Qualified Mortgage rule from March 1 to July 1 to give lenders additional time to evaluate their loans. The CFPB will look at other QM regulations at a later date, said acting director Dave Uejio.

2/24/2021

HSBC has not divested its US-based retail bank but plans are still in the works, bank officials said in an earnings call. The retail bank, with 142 branches, is expected to draw interest in what experts are calling a "seller's market" for banks.

2/24/2021

A regulatory filing indicates that Fifth Third Bank plans to close 41 branches. CEO Greg Carmichael attributed the closures to regional population shifts.

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WKRC-TV (Cincinnati)
2/23/2021

Work routines need to be scrutinized regularly to make the best use of your time, especially if there are changes in duties or technology. Set aside time to learn more efficient methods for your tasks, and soon the routine will take hold, writes University of Texas at Austin professor Art Markman.

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Fast Company online
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University of Texas
2/23/2021

As a part of its initiative to expand its wealth management business, Broadridge has begun offering securities-based lending services to advisors and their clients. Broadridge has created the Wealth Lending Network to bring wealth managers and banks that make securities-based loans together.

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Financial Planning
2/23/2021

Mortgage vendors are struggling to capitalize on the booming initial public offering market, with five firms downgrading their targets or postponing their listing plans in the last four months, and doubts arising over two other planned flotations. Concerns that the US housing market may be at a peak are cited as reasons for the lack of investor enthusiasm.

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Reuters
2/23/2021

The Senate Banking Committee will hold a confirmation hearing for Rohit Chopra, President Joe Biden's nominee to lead the Consumer Financial Protection Bureau, on March 2. The hearing will also focus on the confirmation of Gary Gensler, who has been nominated to lead the Securities Exchange Commission.

2/23/2021

Treasury Secretary Janet Yellen says she will consider President Joe Biden's $1.9 trillion American Rescue Plan a success if it gets unemployment to pre-pandemic levels. Failing to spend the money to get the economy back on its feet would slow recovery, Yellen says.

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Reuters