Industry News
Banking
Top stories summarized by our editors
10/14/2021

Securities and Exchange Commission Enforcement Director Gurbir Grewal said at an industry event that, in some cases, firms that wish to settle civil enforcement actions will be required to admit wrongdoing. The move marks a return to an Obama-era policy that the SEC had largely abandoned during the Trump administration.

10/14/2021

Stripe is developing a team of specialists to assist its re-entry into the cryptocurrency market, after having exited the market in 2018. "Crypto holds the potential of faster and less expensive payments, particularly in underserved markets," Stripe's Edwin Wee said in a post.

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Stripe
10/14/2021

President Joe Biden's cybersecurity executive order from earlier this year will likely cause banks to see a big jump in the number of vulnerability notifications they receive. The number of common software vulnerabilities banks faced in 2020 totaled 18,358, a 5.6% increase from the previous year, according to a review by Tenable.

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American Banker
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White House
10/14/2021

A proposal to allow the Small Business Administration to issue some $4.5 billion in direct 7(a) loans over 10 years would make the SBA a direct competitor to private market lenders, said Consumer Bankers Association President and CEO Richard Hunt. "Perhaps a more constructive policy would be for Congress to consider continuing the CARES Act provisions that enhanced 7(a) lending, such as the 100% loan guarantee for loans under $150,000," said Hunt.

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The Center Square
10/14/2021

Citigroup reported a 48% increase in profits for Q3 compared to the same period last year, with net income coming in at $4.6 billion. The growth was largely driven by increased trading revenue and the release of $1.1 billion in loan loss reserves.

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CNBC
10/14/2021

A change in the banking laws, notably the National Bank Act, is needed to help address the rise in the number of nonbanks and fintech companies, experts suggest. "If it has risk like a bank, it should be regulated like a bank," says University of California, Irvine banking law professor Mehrsa Baradaran.

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American Banker
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University of California
10/14/2021

Saule Omarova's radical views on banking and the role of the Federal Reserve raise serious concerns about her nomination to lead the Office of the Comptroller of the Currency, writes Charles Lane. "Centrist Democratic senators could -- and should -- use this nomination to demonstrate the limits of their party's progressive drift," Lane writes.

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Saule Omarova
10/13/2021

Columbia Banking and Umpqua Holdings will merge in a $5 billion deal that will create one of the largest West Coast-based banks with more than $50 billion in assets. The new entity will operate under the Umpqua Bank name and be led by Columbia CEO Clint Stein.

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Umpqua Bank
10/13/2021

A proposal from the Biden administration to require banks to pass details of customer transactions over $600 to the Internal Revenue Service has received a wave of push-back from banks, consumers and Republican lawmakers. Banks say they are fielding numerous questions from concerned customers, while some lawmakers are calling for the threshold to be raised from $600 to $10,000, a point which House Speaker Nancy Pelosi says could be negotiable.

10/13/2021

Raymond James has announced the launch of Practice Exchange, a cloud-based system that matches advisors who wish to retire with potential buyers of their business. "After working with advisors to understand the key areas from which they can benefit, we're excited to roll out this robust Practice Exchange platform, as we continue supporting financial advisors with expanding or exiting their business -- on their own terms," said Robert Goff, vice president of succession and acquisition planning at Raymond James.