Banking
Top stories summarized by our editors
9/17/2019

US banks including JPMorgan Chase and Wells Fargo are scaling back forecasts of profits linked to interest rates in response to expectations that the Federal Reserve will continue decreasing rates. Lower rates would hurt bank profits overall, forcing mergers, Moody's says.

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Agence France-Presse
9/17/2019

The Federal Reserve is expected to lower interest rates again this month which will likely affect online bank accounts with high interest rates. PNC Financial Services Group, Citizens Financial Group and CIT Group are cutting deposit rates which hovered around 2%.

9/17/2019

Job growth and consumer education have helped lead to the highest average FICO score since 2009, according to Ethan Dornhelm, vice president of scores and predictive analytics at FICO. The average credit score is 706, compared with 686 a decade ago.

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HousingWire
9/17/2019

The Federal Reserve is expected to make its second rate cut since the 2008 recession in an effort to calm uneasiness about the global economy and declining employment rates. President Donald Trump is calling for more than a moderate rate cut saying other countries have much higher interest rates.

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The Hill, HousingWire
9/17/2019

Some banks are applying for national bank charters as regulation by the Office of the Comptroller of the Currency is seen as an improvement over state regulation. Fifth Third Bank was the latest to make the switch.

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Fifth Third Bank
9/17/2019

Plaid, a startup that developed technology that connects mobile apps to bank accounts, raised $250 million in a funding round that included strategic investments from Visa and Mastercard. The company said the new capital will accelerate its expansion.

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Reuters
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Plaid
9/17/2019

Artificial intelligence and machine learning are two important tools in fighting fraud, according to Dominic Venturo, executive vice president and chief innovation officer for U.S. Bank. About $4 million was lost by banks last year due to fraud.

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PYMNTS
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U.S. Bank, Dominic Venturo
9/16/2019

American Express has teamed with nonprofit Parley for the Oceans on a "#BackOurOceans" campaign, which includes "a scroll-stopping, disruptive visual story" on Instagram, the brand states. AmEx and the nonprofit will eliminate two pounds of plastic from oceans and beaches, up to 1 million pounds, for every comment made by Instagram users on the AmEx and Parley accounts that includes #BackOurOceans, and the push is also running across other social platforms.

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AmEx, Parley, American Express, Instagram
9/16/2019

A recent movement toward encouraging financial literacy education among workplace investors -- those whose funds are mostly in employer-sponsored retirement plans -- has drawn criticism from financial experts. They say the problem is not a lack of information but getting workers to learn about financial literacy concepts, and they also question the wisdom of focusing solely on workplace investments.

9/16/2019

This week's Federal Reserve meeting is expected to culminate in an interest-rate decrease, and it might also reveal the central bank's fading confidence in the economy, Howard Schneider writes. Chairman Jerome Powell spoke optimistically in October, but negative developments have prompted recent statements to be less bullish, Schneider writes.

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Reuters