Dec 14, 2019

Venmo and PNC Bank fight for users' data

The Venmo logo. Photo: Omar Marques/SOPA Images/LightRocket via Getty Images

When PNC bank customers had difficulty connecting their accounts to Venmo, the peer-to-peer payment app, both companies blamed each other for the issue, the Wall Street Journal reports.

Why it matters: "The skirmish is part of a war over access to customer financial data," WSJ's Yuka Hayashi writes. Fintech and digital payment companies argue that they "need access to customers’ account information held by banks and other traditional financial companies. To protect their own turf, banks and brokerage firms have resisted," she reports.

Go deeper: The financial inclusion balancing act

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The Fed opens its doors to fintechs

Photo: Caroline Brehman/CQ Roll Call

The Fed is extending invitations to financial technology companies (and other companies interested in fintech) for face-to-face conversations. The sessions are called "financial innovation office hours,” the central bank announced Tuesday.

Why it matters: This is a first for the Fed board, though the San Francisco regional bank has hosted similar events in the past.

Go deeperArrowDec 18, 2019

Six of the biggest U.S. banks have weaknesses in their crisis plans

Illustration: Lazaro Gaimo/Axios Visuals

The Federal Reserve Board and the Federal Deposit Insurance Corporation found shortcomings in the exit strategies — or "living wills" — of six of the eight largest banks in the U.S., it said on Tuesday.

Why it matters: These living wills dictate how big banks handle bankruptcy during financial distress — or a financial crisis. Bank of America and Wells Fargo are among those currently unable to prove that their top decision-makers can confidently act on crisis-level exit strategies.

Go deeperArrowDec 18, 2019

Bank of England chief puts finishing touches on climate change legacy

Photo: Kirsty Wigglesworth/WPA Pool via Getty Images

With just a month left before he steps down as head of the Bank of England (BoE), Mark Carney is putting the finishing touches on his legacy at the British central bank.

Driving the news: The BoE laid out how it planned to test the resilience of the U.K.'s largest banks and insurers in increasingly threatening environmental scenarios. It’s a notable step for Carney who's "played a key role in highlighting financial risks from global warming," as Bloomberg notes.

Go deeperArrowDec 19, 2019