ABI Blog Exchange

Student loan platform Social Finance has withdrawn its application for deposit insurance, a month after former CEO Mike Cagney retired in the wake of sexual harassment allegations.

The embattled company has begun offering cash bonuses to certain customers who open accounts, but at least for now pricey deposit rates would not ensure that customers stick around, executives said Friday.

Third-quarter results from PNC, Bank of America, First Horizon and others suggest that demand for commercial loans may not be as weak as bankers and investors had feared.

"Jamie Dimon gets paid to worry about bitcoin because he's a rent-taker," said Mike Novogratz, a former principal and macro fund manager at Fortress Investment Group. "The decentralized revolution is about going after the rent-takers."

Andreas Dombret, head of regulation at Germany’s central bank, fears entering “the next stage of … an eternal cycle” of crises as countries begin dialing back regulations.

Credit Suisse, State Street and several other banks are experimenting with a blockchain technology that could allow them to make corporate deposits more affordable to hold on their books.

The Pittsburgh company benefited from loan growth and higher interest rates, though fee income fell and expense rose in the third quarter.

As market forces redefine much of the industry, similar to the effects of disruption in the retail sector, regulators should be embracing new banking models.

The ratings agency said its systems were not compromised, but it is taking precautions on reports of an attempted hack; new MIT-backed comapny to rate financial firms on vulnerability to financial crime.