Highlight of the Week
Bank of America Ordered to Provide More Proof of Fraud Before Freezing EDD Accounts
-A federal judge prohibited BoA from freezing accounts for California unemployment benefits based solely on an automated fraud filter.
-The lawsuit alleged that the bank unlawfully deprived unemployed people of essential benefits.
Rate Curves
Rapid Report:
COVID-19 Updates (As of Wednesday Morning)
-COVID-19 has registered 172 million cases and about 3.6 million deaths worldwide.
-The U.S. has registered 34.1 million cases and has about 610 thousand deaths.
-Georgia has registered about 1.1 million cases and about 21 thousand deaths.
Switzerland Rethinks Accountability Measures for Bankers After Credit Suisse Scandals
-Credit Suisse’s heavy losses from the collapse of family office Archegos has angered regulators and triggered discussions among lawmakers about banking reform.
-“Bank directors don’t take responsibility for their action because there is no need to. There are no real sanctions for mismanagement” –Swiss parliament member Gerhard Andrey. The proposals follow a British model that makes top management of financial firms directly accountable for their actions.
Bank-FinTech Collaborations Focus on Payments Industry-Area
-Visa recently expanded its Visa Fintech Partner Connect solution by offering a platform to tap into a variety of FinTech collaborators.
-Deloitte is integrating its own technology for financial institutions aimed at modernizing transaction workflows.
