The WSJ highlighted five key moments from this week's presidential debate, inflation rose at the slowest pace in three years, and the legendary James Earl Jones died at 93. Here's what else you might want to read this week:
"Fed's Barr Unveils Sweeping Bank Capital Plan Changes After Pushback, Delays"
Following intense industry pushback, Fed Vice Chair Michael Barr announced to the Brookings Institution that the Basel III endgame proposal will be re-proposed with capital increases of just 9% for big banks (compared to 19% in the original proposal). Capital requirements for regional banks will also be significantly reduced, among other major changes. During a Q&A following the speech, Barr called the process a "lesson in humility."
And yet he still can't win; progressive lawmakers such as Sen. Elizabeth Warren, D-MA, accused the Fed of caving to Wall Street, while a muted reaction from bank groups and a decline in big-bank share prices suggested the industry been hoping for an even smaller capital raise. Read how different industry players reacted to the new plan.
"Rep. Barr: Reg II Debit Card Proposal Would Hurt Community Banks, Customers"
The Fed's proposal to lower debit card interchange fees will negatively impact community banks, increase fraud, and lead to more unbanked Americans, Rep. Andy Barr, R-KY, said on Banking with Interest this week. "There are a lot of unintended consequences with this Reg II proposal, and I don't think we need to be further enriching big-box retailers who really haven't passed on the savings of Durbin to their customers," he said.
It was a busy week for Barr; the Kentucky lawmaker also introduced a bill Tuesday that would make it harder for regulators to join international groups like the Financial Stability Board or Basel.
"Fraud Rate Declines Yet Costs Consumers More"
Fraudsters are on pace to steal more from consumers this year than last, despite fewer reported incidents, according to data from Fincen and the FTC.
"How Bigger Community Banks Maintain a Local Feel"
How do community banks build community when they expand into new areas? Executives of four growing institutions outline their approaches.
"2024 Technology Survey: Envisioning Your Bank's Future"
Bank leaders shared their perspectives on fraud, tech strategy, tech budgets, and much more in Bank Director's annual survey. Read the findings here.
"How Payment Firms Are Responding to CFPB Pressure"
Read how the payments industry is responding to increased scrutiny of earned-wage access, airline rewards, and cash-back fees, among other bureau initiatives.
"Enterprise Risk Management Is About Managing Risk, Not Avoiding It (Part 2)"
Building and reinforcing robust enterprise risk management processes can help banks improve performance and make better investment decisions, one expert says. He outlines how banks can identify, measure, monitor, and control risks more effectively.
"Why Cardholders Are Ditching Miles and Points in Favor of Cashback"
Cost of living increases have consumers opting for cold, hard cash back over lifestyle rewards, a new study found. Read what banks can do to increase the attractiveness of their card programs.
"Community Banks Support Ag Lending, Rain or Shine"
Learn how community banks are helping farmers address various challenges related to their businesses.
"Goldman's Credit-Card Exit Hampered by Lax Lending Standards"
The investment bank continues to suffer losses as it limps toward the exit of its consumer-lending business. CEO David Solomon disclosed a new $400 million hit on Monday, adding to the $6 billion Goldman has lost on the venture since the start of 2020.
"Bowman Critiques Stress Tests for Volatility, Duplicity, and Opacity"
Fed Governor Michelle Bowman blasted the stress-testing process and how it creates the buffer for stress capital during a speech Tuesday, claiming reforms are necessary to reduce volatility, eliminate overlap, and increase transparency.
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Rob Blackwell
Chief Content Officer and Head of External Affairs
IntraFi
Arlington, VA
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