Bye plastic, BofA's digital agenda, Fed’s big-bank supervision revamp: Top stories of the week

November 2, 2018 3:33 PM

Margaret Keane, President and CEO of Synchrony Financial.

Plastic cards will be gone in five years: Synchrony CEO

Margaret Keane discussed Synchrony's investments in technology, including how the card issuer plans to use customer data to help retailers create targeted ads, during an appearance Tuesday in New York.

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Buildings are seen reflected on the exterior of a Bank of America branch in New York.

What's on the agenda for BofA's new digital banking chief?

The high-profile Michelle Moore will step down at year-end, to be replaced by David Tyrie. More synergy between digital operations and consumer products, while maintaining financial discipline, seems to be an important priority.

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Why Citi is investing in tech that controls how much cardholders spend

The bank saw value in Ondot Systems' ability to empower customer analytics in card controls.

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Jerome Powell, chairman of the U.S. Federal Reserve nominee for U.S. President Donald Trump, waits to begin a Senate Banking Committee confirmation hearing in Washington, D.C., U.S., on Tuesday, Nov. 28, 2017. Powell signaled broad support for how the Fed operates, regulates and guides the economy, offering a full-throated defense of the government institution he's about to lead. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

Fed unveils overhaul of large-bank supervision

In a highly anticipated proposal, the central bank outlined a new approach for its post-crisis supervisory program that divides banks into different tiers based on size.

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Virginia "Ginni" Rometty, chief executive officer and president of International Business Machines Corp. (IBM), speaks during the Fortune Most Powerful Women Summit in Dana Point, California, U.S., on Tuesday, Oct. 18, 2016. The summit gathers the preeminent women in businessalong with select leaders in government, philanthropy, education and the artsfor wide-ranging conversations and features one-on-one interviews, panel discussions, interactive breakout sessions and high-level networking. Photographer: Patrick T. Fallon/Bloomberg

Patrick T. Fallon/Bloomberg

Why IBM's purchase of Red Hat matters to banks

The merger could help make open source and cloud computing more commonplace at banks. But it may have an unintended consequence as well.

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A Wells Fargo & Co. sign sits on display outside the company's offices in San Francisco, California, U.S., on Tuesday, April 27, 2010. Wells Fargo & Co., the fourth-largest U.S. bank by assets and deposits, may raise its dividend once capital levels satisfy regulators and if the economic recovery continues, said Chief Executive Officer John Stumpf. Photographer: David Paul Morris/Bloomberg

David Paul Morris/Bloomberg

Fed should force Wells Fargo into being a simpler bank

The central bank should consider rescinding the bank's "financial holding company" status, which allows it to participate in nonbank activities, given its inability to respond to internal management problems.

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I know what it feels like to be unbanked

Despite improvements in the proportion of consumers without a bank account, there is still work to do to bring more Americans into the banking system, argues FDIC Chairman Jelena McWilliams.

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Mick Mulvaney, director of the Office of Management and Budget (OMB), speaks to an attendee at an event on lowering drug prices in the Rose Garden of the White House in Washington, D.C., U.S., on Friday, May 11, 2018. President Donald Trump is proposing a sweeping effort to bring down U.S. drug prices in a long-awaited plan meant to fulfill a promise he has been pushing since his bid for the White House. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

CFPB makes it official: Changes to payday rule coming in new year

The agency wants to change underwriting requirements in the regulation that lenders say will put them out of business, and give companies a break on the compliance deadline.

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momius - stock.adobe.com

Why women keep leaving banking

A former bank executive recommends strategies to improve the retention of female bankers across the industry.

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Personal loans, student lending at Discover

The pitfalls Discover's new CEO sees in consumer lending

Personal loans are "tricky to underwrite" because consumer credit scores are high at the time of origination and then drift downward, says Roger Hochschild, who recently took over as the head of Discover Financial Services.

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