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ABA Testifies on Lack of New Bank Charters

March 20 – The drought of new bank charters is strong evidence that the economics for new community banks don’t work, according to testimony from the American Bankers Association before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit. (more…)

Bankers’ Optimism Reflected at ICBA Annual Meeting

Focus remains on lightening regulatory burden, while practical matters like customer experience gain attention.

By Toni Lapp

March 20 – The Independent Community Bankers of America Community Banking Live! organizers could hardly have hoped for a more optimistic set of circumstances surrounding ICBA’s annual meeting March 15-18.  The Federal Reserve announced an interest rate increase on the first full day of the conference, which came a week after ICBA leadership met with President Donald Trump; needless to say, the mood was upbeat at the event in San Antonio, Texas. (more…)

Banking Agencies Issue Joint Report to Congress

March 21 – Continuing their efforts to reduce regulatory burdens while ensuring the safety and soundness of the nation’s financial institutions, member agencies of the Federal Financial Institutions Examination Council have issued a joint report to Congress detailing their review of rules affecting financial institutions. (more…)

Small and Mid-Market Business Bullish on Economic and Company Growth

March 21 – According to the annual Business Pulse Survey by SunTrust Banks, Inc., nearly two-thirds of business leaders expect the global and U.S. economy to improve through 2017. Even more optimistic about their own companies, as 75 percent of middle market (annual revenue of $10-150 million) and small business (annual revenue of $2-10 million) leaders feel their business outlook is strong. Both segments have high expectations for healthcare (46 percent) and tax reform (44 percent) as a catalyst for growth. Mid-market leaders also cite reducing regulations (39 percent) and investments in infrastructure (37 percent) as ways to spur business momentum.

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Banking Industry Opposes Full Repeal of Dodd-Frank Law

March 21 – Most bank executives and board members don’t want Congress and President Trump to totally dismantle the Dodd-Frank Act, according to Bank Director’s 2017 Risk Practices Survey, sponsored by FIS. Just 20 percent believe the law should be repealed in its entirety, a reflection of the significant investment made by the industry to comply with its requirements.

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U.S. Bank Is First to Offer Mobile Payments for Visa Commercial Cards

March 20 – U.S. Bank Corporate Travel Card clients will soon have the convenience of paying for expenditures via mobile with Apple Pay, Android Pay or Samsung Pay. This new functionality allows commercial cardholders to conveniently and securely pay on the go with compatible devices, making U.S. Bank the first financial institution to offer a mobile payment solution for Visa corporate card transactions.

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BAI Announces the 2017 Global Innovation Awards Are Open for Entry

March 20 – Entries are now open for the 2017 BAI Global Innovation Awards. With 13 honors spanning 10 categories, BAI’s Awards celebrate the greatest achievements and innovations in the financial services industry. Nominations will be accepted through Friday, April 28, 2017, with a shortlist of nominations for each category announced by late summer. Winners will be recognized at BAI Beacon 2017 (Oct. 4-5) in Atlanta.

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USC Professor Named President, CEO of Atlanta Fed

Raphael Bostic

Raphael Bostic will be first African-American to lead a Federal Reserve regional bank.

March 13 – The Federal Reserve Bank of Atlanta has named Raphael W. Bostic president and CEO, effective June 5. Bostic, age 50, succeeds Dennis Lockhart, who retired from the Atlanta Fed on Feb. 28. The appointment was jointly approved by eligible directors of the Atlanta Fed’s board of directors, all nonbankers by law, and the Board of Governors of the Federal Reserve System in Washington, D.C. Bostic will be the first African-American to lead one of the Fed’s 12 regional banks.

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Wells Fargo Survey: Small Business Optimism Surges to Pre-Recession Levels

March 13 – Small-business owners are the most optimistic they have been since the start of the Great Recession, according to the latest findings from the Wells Fargo/Gallup Small Business Index, conducted Feb. 6-10.

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JPMorgan Chase to Acquire MCX “FinTech” Payments Technology for Chase Pay

March 13 – JPMorgan Chase has agreed to acquire MCX’s payments technology to help expand Chase Pay, the mobile and digital wallet for Chase customers. MCX, a network of America’s largest merchants, was the premier launch partner for Chase Pay in October 2015. The transaction is expected to close in the coming weeks.

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