The Fed looks at commercial real estate, banks’ climate risk comes under the microscope, and tech links blockchain to banks’ legacy systems
American Banker
In-depth analysis, perspective and commentary on key issues affecting the banking industry.
Regulators take aim: the Fed is concerned about commercial real estate while the FDIC highlights climate risk at banks. Also today, Axis Bank agrees to buy Citi’s India retail unit and a credit union merger gets pushback from former leaders. We're also looking at how tech companies are linking banks’ legacy systems to blockchains, what’s new around the globe in banking and payments, and a credit union lobbyist on why credit unions should be allowed to buy banks.
The Federal Deposit Insurance Corp. has outlined steps large banks should take to gauge their climate-related financial risks. The agency, which is moving quickly on the Biden administration’s priorities for financial regulation now that it’s led by Democrat Martin Gruenberg, also said more guidance is in the works.
Three technology companies are collaborating to create a bridge for banks from their legacy systems to blockchains like Ethereum. BCC Group, BCware, and Synadia say their Web3Link technology, now in beta, will help banks use smart contracts — in other words, pieces of code that automatically execute terms of a contract as conditions are met — that work in their legacy computing environments and across multiple blockchains.
Esther George, president of the Federal Reserve Bank of Kansas City, has commercial real estate on her radar for financial risks as the central bank tightens monetary policy.
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The planned merger of the two largest credit unions headquartered in Vermont has encountered pushback from past leaders.
In global news this week, Apple blocks Russia's Mir network; N26 gets hit with anti-money-laundering penalties in Italy; Santander brings new B2B payments tech to Brazil; and more.
Ryan Donovan of the Credit Union National Association on why banks and credit unions should be allowed to merge.
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