Banking
Top stories summarized by our editors
9/19/2018

China has responded to US tariffs on $200 billion in Chinese products by imposing retaliatory tariffs on $60 billion in US goods. Both sets of tariffs take effect Monday.

9/19/2018

Roughly two-thirds of Amazon Prime members surveyed said they would be interested in a free online bank account from Amazon if one were available, and 43% of the company's regular customers said the same. Amazon reportedly is in discussion with banks about offering a product similar to a checking account.

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CNBC
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Amazon
9/19/2018

TD Bank is partnering with Bottomline Technologies to combine Bottomline's Paymode-X with Visa Payables Solutions. The collaboration will streamline the processing of card, ACH and check payments, offering greater flexibility to TD Bank's business customers.

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Pymnts
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TD Bank, Bottomline Technologies
9/19/2018

Square is considering adding banking and other services to its Cash peer-to-peer app, such as savings accounts and stock trading capabilities, says Chief Financial Officer Sarah Friar. The Cash app is growing faster than Venmo, according to a Nomura report, and Friar says customers are already storing sizable balances on the app.

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CNBC
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Sarah Friar, Square, Nomura
9/19/2018

BMO Harris Bank has decided to direct mortgage applicants to a call center and to reduce mortgage officers in branches. The move improves responsiveness and turnaround, spokesman Patrick O'Herlihy says.

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BMO Harris, Patrick O'Herlihy
9/19/2018

Carey Halio, who becomes CEO of Goldman Sachs Bank USA next month, says she will focus on consumer deposits. Much of the bank's $127 billion in deposits comes from private wealth and commercial clients, and Halio plans to expand products offered.

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Goldman
9/19/2018

Facebook has asked banks for data on customers who use Messenger, but most financial institutions have declined or have limited access. Bank of America has moved private messages off Facebook, while Wells Fargo had cautioned customers about revealing sensitive data, such as account numbers, during a Facebook chatbot pilot program that ended this year.

9/19/2018

The Federal Reserve, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. are seeking comment on rules for the purchase of high-volatility commercial real estate. The regulators are planning to implement changes passed this year to amend the Dodd-Frank Act.

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Reuters
9/19/2018

Special-purpose national bank charters for financial-technology firms give consumers more banking choices, encourage innovation and create economic growth, Comptroller of the Currency Joseph Otting writes. Some states are challenging issuance of such charters, but their arguments are "without basis," Otting writes.

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OCC, Joseph Otting
9/19/2018

The Federal Reserve must determine whether companies approved for a financial-technology charter from the Office of the Comptroller of the Currency have access to Fed services, such as payment systems. No fintech has applied for a charter, and a Fed official says the central bank and the OCC are working together.

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Fed, Fintech, Federal Reserve Bank