Latest Headlines

Dodd-Frank Act could slow economic growth, expert says

Banks are spending more work hours on compliance than on lending because of the Dodd-Frank Act, according to the American Bankers Association. Frank Keating, the president and CEO of the ABA, wrote an opinion piece in the Wall Street Journal describing the significant challenges for banks of all sizes in complying with provisions of the... Read More...

Mutual of Omaha teams with First Data

Mutual of Omaha Bank has established a multi-year payment processing agreement with First Data Corp., the companies announced on Tuesday. The agreement follows Mutual of Omaha Bank’s announcement earlier this month that it will begin issuing MasterCard credit cards to consumers and businesses in Nov., according to Omaha.com. The... Read More...

Romney would repeal Dodd-Frank Act

A leading candidate in the Republican presidential primary race is criticizing the Dodd-Frank Act financial regulatory overhaul passed by Congress last year. Mitt Romney is stepping up his attacks against the Dodd-Frank Act that was passed in response to the financial meltdown to enact consumer protections, reform derivatives trading and... Read More...

Consumers moving to credit unions to avoid new card fees

Credit unions are working to avoid creating new the fees on customers that banks are employing  to make up for the revenue lost due to recent financial regulations. "We assume they (Wells Fargo) are responding to their business needs,” Mike Corwin of OSU Federal Credit Union said in response to Wells Fargo’s plan to... Read More...

Basel needs to reconsider global systemic bank proposal, ABA says

The American Bankers Association is recommending that the Basel Committee withdraw and reconsider a proposal that would determine if an institution should be regarded as a globally systemically important bank. Hugh Carney, the ABA’s senior counsel, submitted comments on the Basel Committee on Banking Supervision’s July... Read More...

Diebold to debut virtual ATM

ATM maker Diebold Inc. will soon showcase its virtual ATM as well as a new ATM that uses biometric and near-field communication technologies. During an upcoming trade show in Las Vegas sponsored by VMware Inc., a Palo Alto, Calif.-based technology company specializing in the virtualization in Diebold’s new product, participants will... Read More...

Verizon Wireless, AT&T and T-Mobile to invest $100 million in mobile payment service

Verizon Wireless, AT&T  and T-Mobile will invest more than $100 million in Isis, a mobile payment service, in order to compete with other similar products such as Google Wallet. The amount of funding for Isis depends on how successful it is at attracting banks and merchants, according to Bloomberg.com. Additional investment on top... Read More...

New overdraft program requirements not the answer, ABA says

Banking regulators, including the Consumer Financial Protection Bureau, should refrain from adding new requirements on overdraft protection programs beyond the new rules issued last year by the Federal Reserve, according to the American Bankers Association. Wayne Abernathy, ABA’s executive vice president for financial institutions... Read More...

« Older Stories