Oct. 30 - De novos profit faster in pandemic | NY regulator lays out climate risk expectations
NY regulator lays out climate risk expectations for banks; Capital One to let most US call-center workers stay remote after pandemic; American Express pledges $1B toward racial, gender equality; TD gives 90,000 workers a $500 pandemic bonus
In this Trendline, learn how banking institutions like KeyBank and Current are keeping up with customer service expectations amid the pandemic. Access now.
Customers' increased adoption of digital banking amid the pandemic, and the realization banks can operate with less physical space, have enabled de novos to tailor their operating models to a new normal, one attorney said.
The Department of Financial Services wants banks to integrate climate-related financial risks into their business strategies, risk management processes and governance frameworks, but stopped short of demanding climate stress tests.
The move further illustrates a divide between investment-heavy banks such as JPMorgan Chase that pushed to repopulate offices and card-heavy models such as American Express that are keeping employees home longer.
Much of that will come in an effort to double — to $750 million annually by 2024 — the credit-card network’s spending on diverse and minority-owned suppliers in the U.S.
The move comes days after Bank of America halted a $200 twice-monthly pandemic supplement it had been giving its branch and call-center workers since March.
The card will offer up to 2% cash back when rewards are redeemed to pay down student loans or personal loans financed through the company. SoFi's charter application still needs sign-off from the FDIC and Federal Reserve.
A large international client the bank won't name began using JPM Coin this week. JPMorgan also rebranded its 400-bank cross-border payment settlement network.
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