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Public Banks Offer Little More Than False Hope to Californians

By Tom Bengtson

California and the state’s Gov. Gavin legislature Newsom are offering their citizens nothing more than false hope by passing a law allowing for the creation of “public” banks. The governor signed legislation on Oct. 3 that will allow cities and counties to establish public banks beginning Jan. 1, 2020.

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Hail and Farewell

Reflections on a half-century at BankNews.

By Bill Poquette, Editor-in-Chief

“It’s about time,” some will say. And I agree. After 50 years on the staff of BankNews, as managing editor and editor-in-chief, I am retiring effective June 30.

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Who’s on First With Faster Payments?

The Clearing House has been doing it since 2017. Where’s the Fed?

By Bill Poquette, Editor-in-Chief

The Federal Reserve isn’t moving fast enough on faster payments to suit some people. Private enterprise has been stepping up and the question arises: Is a Fed-operated faster payments network necessary?

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Toward a More Modern CRA

Regulators and industry groups ramp up discussions.

By Bill Poquette, Editor-in-Chief

In late August last year, the Office of the Comptroller of the Currency released an Advance Notice of Proposed Rulemaking seeking comment on the best ways to modernize the Community Reinvestment Act. A couple of months later, Comptroller Joseph M. Otting was quoted as saying revising the CRA was the No. 1 reason he was lured to Washington from his post as CEO of OneWest Bank in sunny Southern California.

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The Next Big Thing?

BB&T-SunTrust may start a new merger wave.

By Bill Poquette

This is huge. BB&T and SunTrust, the 16th and 17th largest U.S. banks, are merging. The combined bank jumps to No. 8 after the four multi-trillion behemoths, then Goldman Sachs, Morgan Stanley and U.S. Bank.

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