Banks Shrug Off First Rate Hike in Three Years
In response to the Federal Reserve's first rate increase in three years, banks were mostly dismissive this week, describing the possible effects as ranging from neutral to modestly favorable in the short term. Most institutions left their profit projections for both the third quarter and the entire year untouched. A number of bankers noted that rising rates would help by bringing in more revenue from loans tied to variable rates.[S1]
Community Bank Guarantees Seven Years of Work
While plenty of employees worry that artificial intelligence will take their positions, a single community bank is putting substantial resources into human trainees and pledging them years of employment. 1st Summit Bank, which holds $1.5 billion in assets and is based in Johnstown, Pennsylvania, is starting a three-year program to train high-school graduates who want to work in banking. Upon finishing, participants receive an unusual commitment: seven guaranteed years of work.[S1]
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Five Agencies Clear Mobile Driver's Licenses
Banking regulators gave banks and credit unions the go-ahead to accept a driver's license stored on a customer's phone, provided the institution can demonstrate that the credential it is reading is genuine. Last week, the Financial Crimes Enforcement Network, known as FinCEN, released two new frequently asked questions together with the Federal Reserve, the Federal Deposit Insurance Corp., the National Credit Union Administration and the Office of the Comptroller of the Currency.[S1]
