Netspend breakdown, Warren chides Comerica, FDIC's deposit rules: Top stories of the week

October 19, 2018 4:17 PM

Few answers for Netspend customers unable to access paychecks

Neither the prepaid issuer nor its bank partner can say when cardholders — many living paycheck to paycheck — will receive their funds.

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Elizabeth Warren rebukes Comerica over fraud in benefits program

Senator Elizabeth Warren, a Democrat from Massachusetts, waits to begin a Senate Banking Committee confirmation hearing with Marvin Goodfriend, governor of the Federal Reserve nominee for U.S. President Donald Trump, not pictured, in Washington, D.C., U.S., on Tuesday, Jan. 23, 2018. Goodfriend said he hoped to keep the U.S. central bank alert to future challenges while increasing transparency and accountability. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

In hundreds of cases, the prepaid card program run by the bank allegedly sent users' funds to fraudsters who had stolen their data. The security lapse has now caught the attention of the Democratic senator.

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FDIC poised to revamp deposit rules. Banks say it's about time

Many bankers say the agency needs to rethink its definition of brokered deposits and how it sets interest rate caps.

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CFPB writing rule to define 'abusive' standard: Mulvaney

Mick Mulvaney, acting director of the Consumer Financial Protection Bureau (CFPB ), listens during a Senate Banking, Housing & Urban Affairs Committee hearing in Washington, D.C., U.S., on Thursday, April 12, 2018. Senator Elizabeth Warren clashed with Mulvaney, accusing the former GOP congressman of putting politics ahead of protecting consumers. Photographer: Toya Sarno Jordan/Bloomberg

Toya Jordan Sarno/Bloomberg

The consumer bureau's interim chief told an industry conference that "regulation by enforcement is done."

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Big banks, aggregators launch group to hash out data-sharing issues

Wells Fargo, Bank of America, Citigroup and other banks have joined forces with fintechs and data aggregators to create the Financial Data Exchange, which aims to resolve the fight over sharing customer information.
data-sharing-survey.jpeg

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Banks should measure their social impact

Hand put the last piece of jigsaw puzzle to complete the mission

Kenishirotie - stock.adobe.com

As financial institutions struggle to regain public trust, they need to find more systematic ways to gauge how their work impacts consumers and communities.

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As digital banks proliferate, so do risks

Banks looking to build online-only affiliates to turbocharge deposit-gathering can expect intense competition and heightened regulatory scrutiny.

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JPMorgan's 3Q offers glimpse of big questions facing banking

The largest U.S. bank's strong third quarter did not insulate its leaders from being pressed about the downside of pricey investments in technology, whether capital rules make commercial lending growth hard for big banks to achieve, and whether another economic downturn is edging closer.

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USAA dips toe into small-business lending

The San Antonio bank will refer customers seeking small-business loans to StreetShares, a financial startup that is similarly focused on serving veterans of the U.S. military.

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Missing chapter from Comerica's turnaround story: Loan growth

linked-quarter change in lending at Comerica

The Dallas bank has picked a bad time to shift from cost-cutting to expansion as big banks are in a commercial lending funk.

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