Days after other large U.S. banks bid farewell to the Net-Zero Banking Alliance, JPMorganChase followed suit, a company spokesperson confirmed Tuesday. The exodus by the nation's six largest banks reflects their changing priorities as President-elect Donald Trump prepares to take office in 13 days. Climate-change advocacy groups were critical of the big banks’ decision to leave the alliance. "These exits make it abundantly clear that U.S. banks will not police themselves and will readily capitulate to the pressure tactics and climate denialism of a Republican-controlled federal government," said Allison Fajans-Turner of the Rainforest Action Network. See the latest here.
American Banker
Online Audio and Video Media
New York, New York 195,343 followers
In-depth analysis, perspective and commentary on key issues affecting the banking industry.
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American Banker, an Arizent brand, is the banking industry's most powerful information resource providing analysis, insight and perspective on the business of banking. American Banker covers the people, trends, regulations and technologies driving the industry, helping readers keep pace with changes and opportunities in the marketplace. Executives and industry influencers also engage via American Banker's online and live conferences and seminars.
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Climate-change advocacy groups were critical Tuesday of big banks' decision to leave the Net-Zero Banking Alliance, which has lost six large U.S. banks since early December. Chase's exit follows last week's withdrawals by Bank of America, Citigroup and Morgan Stanley.
JPMorgan becomes the last big U.S. bank to quit climate-banking group
americanbanker.com
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It isn't easy being in charge, especially in committee settings where you aren't really in control. By stepping down as Vice Chair for Supervision but remaining on the Fed Board of Governors, Michael Barr keeps a seat at the table without being on the menu.
For the Fed's Michael Barr, less power is more
americanbanker.com
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Michael Barr, the Federal Reserve Board's vice chair for supervision, shocked the banking world yesterday by announcing his plan to step down from central bank's top regulatory role next month. The move came just weeks after Barr insisted that he planned to finish out his term, even if it meant a legal showdown with the incoming Trump administration, which had reportedly been considering options for demoting him. Barr called the decision a "painful" but necessary one to protect the Fed's independence. It has drawn both praise and criticism around the bank regulatory space. Bur from a practical, policy perspective, Barr's decision to demote himself from vice chair to a mere governor on the board could mean little for the Fed's approach to regulation. Read why in my latest for American Banker. https://lnkd.in/e7-Zm9gn
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"No harm, no foul" isn't always a winning argument. A customer is suing MountainOne Bank for allegedly charging her thousands of dollars in overdraft fees, many of them redundant. The bank refunded her, but the case isn't going away. https://lnkd.in/egaaC-mi
MountainOne Bank faces fee lawsuit despite issuing refund
americanbanker.com
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The U.S. suffers from a disproportionately large share of global credit card fraud. Bringing customer authentication methods up to standards adopted in other developed countries would solve much of that problem, writes Maya Kong, of JPMorgan Chase, in American Banker’s BankThink.https://bit.ly/4h6yz2m
Fraud in US payments is escalating -- here's how we can fix it
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American Banker reposted this
The Consumer Financial Protection Bureau finalized a rule on Tuesday that would remove roughly $49 billion in medical bills from credit reports, impacting 15 million consumers. Consumer advocates hailed the rule as a huge win. But banks and lenders claim the CFPB's rule would make credit reports less accurate, increase risks for lenders and result in lost income for doctors' practices. https://lnkd.in/ggYP42_r #medicaldebt #banks #bankingsector
CFPB finalizes rule removing medical debt from credit reports
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Card testing doesn't get much attention, but it's a big part of financial crime. Stripe discusses its battle against criminals’ card testing with American Banker.
How Stripe 'teaches' tech to beat the payments fraud exam
americanbanker.com
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In the year ahead, financial services regulatory agencies should take the opportunity to pull back from ideology-driven supervisory decisions and embrace a fact-based approach that will boost the U.S. economy, writes Brian Tate, of the Innovative Payments Association, in American Banker’s BankThink.https://bit.ly/3Pqkcug
A resolution for 2025: More empirically based banking regulation
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Florida-based Amerant Bancorp sold a mortgage portfolio at a loss and also recently restructured its securities portfolio after selling its Houston branches. https://lnkd.in/eSJAPz7m
Amerant unloads mortgage portfolio at loss
americanbanker.com