BankThink

Credit unions worked with California lawmakers to reshape proposed changes to the fees. An upcoming rule from the Consumer Financial Protection Bureau raises uncertainty.

In "Money and Promises," Paolo Zannoni, the historian, banker and executive deputy chairman of Prada, tells the tale of instances in which banks teamed up with governments to create financial instruments. Early bank innovations transformed debt into bank money, allowing cities and nations to thrive.

Hundreds of thousands of Americans leave prison each year with little or no financial literacy. It's in the interest of banks and the communities they serve to educate them.

Overdraft fees continue to be in the spotlight, with the Consumer Financial Protection Bureau proposing a rule essentially to cap them. Certain credit unions are also now required to disclose additional information on this revenue stream.

Nothing less than a whole-of-government approach, in concert with the financial services industry, will be enough to address the spiraling cost of fraud to both businesses and consumers.

Vice President and Democratic presidential nominee Kamala Harris' pitch for an "opportunity economy" is a sound political and economic vision. But banks must be a partner in making that vision into a reality.

The convergence of technology like blockchain with the continued evolution of rules and industry standards in traditional finance will shape the next era of market progress.

Artificial intelligence is going to be integrated into the financial system. So, banks need to be clear-eyed about its potential dangers, and proactive about avoiding them.

Banks should embrace Kamala Harris' effort to drive sustainable, equitable economic growth. Doing so will open them up to underserved communities where they can build customer loyalty among a population primed for rapid development.

The law that created the Consumer Financial Protection Bureau stipulates that the agency must be funded by the central bank's earnings. But, the Fed has been losing money for two years. Therefore, its payments to the agency are not legal.