Realities of bank, fintech partnerships come into focus at Charlotte event
Expand
Dan Mercurio, COO of SigFig, talks with Babette Reynolds, managing director of the global financial crimes program at Bank of America, at the Fintech Generations Insurtech event on June 11 at the The Dubois Center.
Melissa Key/CBJ
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
8 hours ago
- Yahoo
Bank of America and US Bank ready to join stablecoin party
If Congress goes all in on crypto, some of America's top banks are ready to follow. At an industry conference in New York this week, top executives at Bank of America, Fifth Third Bancorp and U.S. Bancorp all said they were open to working with stablecoins — cryptocurrencies whose value is tied to more traditional assets — and seemed confident that they'll soon be in safe regulatory territory. "We have to have it. The industry has to have it," BofA's Brian Moynihan, CEO of the country's second-largest bank, said at the conference, which was hosted by Morgan Stanley. "We've not been quite sure how big it will be, but we have to be ready." The backdrop for that bullishness is the most crypto-friendly government the 16-year-old industry has ever seen. As the CEOs spoke, the U.S. Senate moved closer to passing the GENIUS Act — standing for the Guiding and Establishing National Innovation for U.S. Stablecoins Act — a bipartisan bill to establish a clear framework for regulating the products. This new environment marks a stark turnaround from the Joe Biden era, when regulators openly discouraged investing in digital assets and rejected many applications for new crypto products. Former Securities and Exchange Commission Chair Gary Gensler, for example, once called bitcoin "primarily a speculative, volatile asset that's also used for illicit activity." That atmosphere, combined with a lack of crypto legislation during the Biden years, deterred many banks from jumping into the market. But on Wednesday, the Senate voted to end debate on the GENIUS Act, and a final vote is expected next week. Meanwhile, the House is mulling over the STABLE Act — short for the Stablecoin Transparency and Accountability for a Better Ledger Economy Act — which covers similar ground as the Senate measure and also enjoys bipartisan support. The two bills may eventually be reconciled into one. As the political winds have shifted, a number of bank leaders appear to have lost their reservations about crypto. Bank of America has taken part in discussions with several other large banks — including JPMorganChase, Citigroup and Wells Fargo — about the possibility of issuing a joint stablecoin, according to the Wall Street Journal. On Wednesday, Moynihan credited the changing regulatory scene for his bank's evolution. "The problem before was, it wasn't clear we were allowed to do it under the banking regulations, and there was a lot of mystery about that," Moynihan said. "If they get the GENIUS Act or the STABLE Act or anything like that passed … that clarity will allow us to figure out whether there's really a business proposition." Bryan Preston, the chief financial officer of the $213 billion-asset Fifth Third, took a similarly proactive stance, saying stablecoins could be used to make international payments instantaneously, or to move collateral instantly from market to market. "We're always trying to look ahead," Preston said at the conference. "We think that there are some interesting places where stablecoin can really create some efficiencies in the commerce space." Gunjan Kedia, CEO of the $676 billion-asset U.S. Bancorp, pointed to her own bank's experience to underline how much the new regulatory environment has changed the crypto outlook. Four years ago, she noted, U.S. Bancorp introduced a crypto custody product — but in the Biden years, it went nowhere. "The product didn't really take off because the regulatory regime at that point was very uncertain for large institutional investors," Kedia said on Wednesday. "That product is back, and we are very able to provide it." The CEO also said U.S. Bancorp is studying how it could help use stablecoin for payments, but much of that will depend on how the new regulations shape up. "We are watching it, and there's a lot to be sorted out before the role we play solidifies in our mind," Kedia said. And it's not just American banks getting in on the action. The French bank Societe Generale is planning to introduce a U.S. dollar-based stablecoin, called USD CoinVertible, in July. To be sure, not every bank is rushing into the crypto space. John Turner Jr., the CEO of Birmingham, Alabama-based Regions Financial, which has $160 billion of assets, showed a clear reluctance to jump in. "Never say never, but I've not been a great fan of crypto," Turner said Tuesday at the conference. "And so I think we'll be a follower there, for sure, not a leader." But for the most part, bank leaders struck a markedly more assertive tone about digital currencies than they had in the past. In Moynihan's view, embracing stablecoin is a matter of necessity. "At the end of the day, if people use it as a transactional account, we have to be ready to have those transactional deposits stay within our franchise," Moynihan said, "or else you'll see a major migration of deposits outside the industry." —Colin McNamara contributed to this article. Sign in to access your portfolio
Yahoo
8 hours ago
- Yahoo
RBC elevates US investment bankers Chawhan, Monga to unit heads
By David French NEW YORK (Reuters) -RBC Capital Markets has promoted two of its financial services investment bankers to run units advising insurance and specialty finance companies in the U.S., a spokesperson for the bank confirmed on Thursday. Neil Chawhan has been elevated to head of U.S. insurance investment banking, and Saurabh Monga will now co-lead the U.S. specialty finance business of RBC Capital Markets. Both Chawhan and Monga have been managing directors within the investment banking arm of Royal Bank of Canada since 2017, according to their respective LinkedIn profiles. Chawhan's career before RBC was predominantly at Bank of America, where he spent nearly 16 years, with a stint at Stifel's Keefe, Bruyette & Woods before joining the Canadian bank. Prior to RBC, Monga spent nearly 17 years split between Deutsche Bank and Bank of America. Monga's stewardship of the U.S. specialty finance team will be alongside Eric Steifman, the investment bank's co-head of U.S. banks and specialty finance. Sign in to access your portfolio
Yahoo
9 hours ago
- Yahoo
Bank of America Declares Preferred Stock Dividends Payable in July and August 2025
CHARLOTTE, N.C., June 12, 2025 /PRNewswire/ -- Bank of America Corporation today announced the Board of Directors has authorized regular cash dividends on the outstanding shares or depositary shares of the following series of preferred stock: Series of Preferred StockDividend per Share or Depositary Share1Record DatePayment Date 7.25% Non-CumulativePerpetual ConvertiblePreferred Stock, Series L$18.1250000July 1July 30 5.875% Non-CumulativePreferred Stock, Series HH$0.3671875July 1July 24 4.375% Non-Cumulative Preferred Stock, Series NN$0.2734375July 15August 4 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series OO$16.9305556July 15August 1 4.125% Non-Cumulative Preferred Stock, Series PP$0.2578125July 15August 4 4.375% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series RR$10.9375000July 1July 28 6.125% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series TT$15.3125000July 1July 281 Each series of preferred stock, other than Series L, is represented by depositary shares. Bank of AmericaBank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC). Investors May Contact: Lee McEntire, Bank of AmericaPhone: Jonathan G. Blum, Bank of America (Fixed Income)Phone: Reporters May Contact: Jocelyn Seidenfeld, Bank of AmericaPhone: View original content to download multimedia: SOURCE Bank of America Corporation Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
