OCC Comptroller Hsu: Political Polarization Poses Long-Term Risk to Banking – PYMNTS.com
Political polarization poses a long-term risk to banks, the acting Comptroller of the Currency said. Michael J. Hsu He said on Wednesday (July 17th). of Office of the Comptroller of the Currency Su said the OCC faces the risk of fragmentation as it monitors developments in banking law at the state and local levels. Written […]
Morgan Stanley’s profit jumps as investment banking recovers
Anastasia Amoroso, chief investment strategist at iCapital, talks to “Making Money” about what could be the catalyst for a stock market selloff. Morgan Stanley’s second-quarter profit rose as its investment-banking business recovered on strength in equity and debt underwriting. The bank’s shares were still down 2% in choppy pre-market trading as asset management revenue rose […]
House Fails to Overturn Biden Veto on Pro-Crypto Banking Bill – Decrypt
The U.S. House of Representatives on Thursday failed to override President Joe Biden’s veto of a bipartisan effort to allow U.S. banks to hold cryptocurrencies. The bill required a two-thirds supermajority to pass the House, then another two-thirds majority in the Senate. The bill passed today with a comfortable majority, but nowhere near the level […]
Is The Banking System Safe?
Estimated Reading Time: 7 minutes Over the past few weeks, we have had the second and third-largest bank failures in our history. As this crisis unfolds, we are repeatedly told by officials that it is localized to these particular banks, that the banking system is sound, and there is not a systemic risk to those […]
Android banking Trojan evolves to evade detection and strike globally
After nearly a year of hiatus, the Android banking Trojan Medusa is back and more dangerous than ever. The new variant of the Trojan is lighter in weight and requests fewer permissions from the device in order to avoid detection. First identified in 2020, Medusa is a Turkey-related banking Trojan that initially targeted Turkish financial […]
In European banking, Piigs can still fly – Financial Times
Get your free copy of Editor’s Digest FT editor Roula Khalaf picks her favourite stories in this weekly newsletter. The countries of Portugal, Ireland, Italy, Greece and Spain were once known by the ignoble acronym Piigs when, in their collective turmoil, their government debts and bad loans in their banking systems threatened the future of […]
Britain's $33 billion banking app Revolut has swung into profit while still trapped in banking license limbo – Fortune
British banking app Revolut finally turned things around last year after years of losses, nearly doubling revenue to 1.8 billion pounds ($2.27 billion) and posting pre-tax profits of 438 million pounds ($553 million). The news will come as good news to top fintech investors, including Index Ventures, SoftBank Vision Fund 2 and Balderton Capital, which […]
Patelco Credit Union "serious security incident" halts banking services for nearly half a million members – CBS San Francisco
Cybersecurity experts predict AI advances will lead to increased cyber threats in 2024 About 500,000 members of Patelco Credit Union, which has branches in the Bay Area and Northern California, are unable to access banking services after what its chief executive officer called a “serious security incident” over the weekend. The Dublin, Alameda County-based credit […]
HSBC, Virgin Money and Nationwide customers suffer online banking outage By Reuters – Investing.com
LONDON (Reuters) – Customers of HSBC, Nationwide and Virgin Money (LON:) were unable to use online banking services on Friday, the latest outage to plague an industry that has become increasingly reliant on digital access amid the closure of physical branches. Thousands of HSBC customers in the UK were unable to access online banking services […]
Shadow banking network for Iranian military hit with US sanctions
The U.S. Treasury Department has imposed sanctions on what it calls the Iranian military’s shadow banking network. The State Department said the vast network extends to 50 individuals and companies in Hong Kong, the United Arab Emirates and the Marshall Islands, and is used by Iran’s Ministry of Defense and military, as well as the […]