Philadelphia Passes Ban On Cashless Stores To Fight Income Discrimination

PYMNTS

Lawmakers in Philadelphia have passed a ban on cashless stores, making it the first major city in the U.S. The politician who introduced the bill, Philadelphia City Councilman William Greenlee, said he thinks the general move toward a cashless city is discriminatory toward lower income individuals and other marginalized populations. Now stores will be required “to do what businesses have been doing since Ben Franklin was walking the streets of Philadelphia,” he said.

Fashion District Philadelphia Attracts More Than 70 Tenants In First Year

PYMNTS

Fashion District Philadelphia garnered more than 70 tenants and an average of nearly 700,000 visitors per open month in its first year, according to a Monday (Sept. Retail apparel brick and mortar fashion News Philadelphia What's Hot

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Wells Fargo Loses Contract With City Of Philadelphia

PYMNTS

Wells Fargo is trying to move beyond its fake account scandal, but that’s not happening at least in the city of Philadelphia, where the embattled bank lost a big government contract. According to a report in CNBC , the Philadelphia City Council voted Monday (May 1) to switch the company that handles its $2 billion payroll account from Wells Fargo to Citizens Bank for its next fiscal year, which begins in July.

Philadelphia Mall Owner Takes Care Of Its Own

PYMNTS

But apparently they’re doing something right in Philadelphia. The Philadelphia Real Estate Investment Trust (PREIT) owns 17 malls surrounding the New York-New Jersey-Pennsylvania corridor, with a smattering of properties near Detroit and Washington, DC.

Wells Fargo, Philadelphia reach settlement in redlining lawsuit

American Banker

Fair Housing Act Foreclosures Subprime lending Redlining Wells Fargo City of Philadelphia, PA 717893Without admitting wrongdoing, the bank has agreed to contribute $10 million to city programs promoting home ownership for low- and moderate-income residents.

Pro-cash laws gathering momentum in N.J., Philadelphia

Payments Source

The pushback on stores that don’t accept cash seems to be gaining momentum, with Philadelphia the latest municipality to consider a law that would ban cash-free shops. Retailers Compliance Digital payments Cash New Jersey Pennsylvania

Coronavirus Refunds: Philadelphia Flyers, 76ers To Provide Reimbursement Options; Journey Calls Off Tour To Enable Refunds

PYMNTS

Two Philadelphia sports teams, the 76ers and the Philadelphia Flyers, will reportedly provide fans with credits or reimbursements for regular-season games at their shared stadium that go unplayed due to COVID-19, The Philadelphia Tribune reported.

Vernon Hill named CEO of Republic First in Philadelphia

American Banker

The founder of Commerce Bank in New Jersey and Metro Bank in the United Kingdom has served as Republic First's chairman since 2016. C-suite Corporate governance Community banking

CFPB to hold Town Hall in Philadelphia

CFPB Monitor

The CFPB has announced that it will hold a Town Hall to take place in Philadelphia, Pennsylvania beginning at Noon on May 8, 2019. The event will feature remarks from Director Kraninger as well as comments from community groups, industry representatives, and members of the public.

Philadelphia Fed Launches Poverty Inquiry

American Banker

In an announcement Friday afternoon, Philadelphia Federal Reserve Bank President Patrick Harker said his regional bank is launching an "Agenda on Poverty and Prosperity" to provide research and recommendations to Fed leaders on the interaction between poverty and economic growth.

JPMorgan Bucks The Trend, To Open 50 New Branches In Philadelphia

PYMNTS

CNBC, citing an interview JPMorgan Chase Chief Executive Jamie Dimon had with Jim Cramer on Squawk Alley, reported the company is gearing up to open 50 new branches in Philadelphia, Delaware and southern New Jersey during the course of the next five years. ” As a result of the branch openings, JPMorgan said it will hire as many as 300 employees for the Philadelphia branches and will put $3 billion for mortgages and small business lending in the area.

WSFS Buys Wealth Manager in Philadelphia

American Banker

has bought the assets of West Capital Management in Philadelphia. WSFS Financial in Wilmington, Del., breaking_news community-banking de pa dealmaking-strategy

Hyperion in Philadelphia looks to form holding company

American Banker

The bank said the move will give it more flexibility for raising capital. Capital Community banks Pennsylvania

Merchant Groups Energized by Philadelphia Fed's Durbin Findings

Payments Source

A new Federal Reserve Bank report opens the door for retailer groups to push again for even lower transaction fees by deflating the argument that small banks have been harmed by the Durbin amendment's reduced debit transaction fees for larger banks. retail-acquiring processing legislation debit-prepaid regulation-compliance

Unintended Consequences of Aggressive Regulation

Jeff For Banks

"In case you're looking for some light reading this weekend, FRB-Philadelphia working paper 21-08, Does CFPB Oversight Crimp Credit?" ~ Robert Morro (@bmorro44) So went a tweet from one of my Twitter connections. So I listened to him, and dialed up the FRB-Philadelphia WP 21-08.

Impact Roadshow | Philadelphia, PA

Filene

12:00 p.m. - 3:00 p.m. Local Host: American Heritage Federal Credit Union. Lunch will be served. Filene Host: Jimese Harkley. Click the arrow below to REGISTER for this event: WHAT IS AN IMPACT ROADSHOW? It’s 90+ minutes of stimulating conversation about CU programs that have the potential to enrich your members’ experience and build a culture of success in your credit union.

Fed’s Harker Warns Of Economic Fallout Of Increased COVID Cases

PYMNTS

Philadelphia Federal Reserve President Patrick Harker says the mass spikes in coronavirus cases across the U.S. Economy COVID-19 economy News pandemic Patrick Harker Philadelphia Federal Reserve shutdown small business SMBs What's Hot

Philly Mall Owner Sets The Tone For Digital 3.0

PYMNTS

A Philadelphia-based mall owner is taking a proactive approach to the digital shift and back-to-school shopping. PREIT (Philadelphia Real Estate Investment Trust) is curating its first eCommerce offering in what it says is a unique avenue to engage consumers from a multi-retail perspective.

Philly Consortium Advances ‘Regenerator’ Concept For SMBs

PYMNTS

Put forth by a consortium of Philadelphia-area advocacy groups and academics, a Regenerator is a kind of public-private partnership that will coordinate available resources and find new ones to help individual businesses survive. “As

Investors Bancorp Enters Philadelphia with Bank of Princeton Deal

American Banker

Investors Bancorp in Short Hills, N.J., has agreed to buy Bank of Princeton in Princeton, N.J. breaking_news community-banking m-a nj pa dealmaking-strategy

PA Fed Pres Says Digital Currency Inevitable, But US Shouldn’t Lead

PYMNTS

While Philadelphia Federal Reserve Bank President Patrick Harker believes it’s “inevitable” that central banks will eventually issue digital currencies, he warned that the United States shouldn’t be first in line. Bitcoin B2B Payments bitcoin digital currency digital payments News Philadelphia Federal Reserve Bank U.S

Data Dive, Forward Backward Edition: The Cashless Tango And Amazon’s Opposite Moves

PYMNTS

That was on display this week in payments and commerce, as cashless jumped forward in Atlanta with a big partnership, only to get the cold shoulder in Philadelphia where it is now banned by law. The city of Philadelphia certainly worried it is …. Lawmakers in Philadelphia have formally said no to cashless payments, passing a ban on stores and establishments that do not accept cash. The Philadelphia measure does have some exceptions.

US Economy Looks Grim, Philly Fed Study Finds

PYMNTS

The Philadelphia Federal Reserve’s March Nonmanufacturing Business Outlook Survey showed steep declines Tuesday (March 24) in most data points, with three of them hitting all-time lows. Economy Coronavirus economy News Philadelphia Federal Reserve survey What's HotOne of the first Federal Reserve reports to measure the U.S. economy since the coronavirus pandemic began is pointing to a grim future.

Study 109

Firms Saw New Orders Plummet To Record Low As US Economy Staggers From Virus

PYMNTS

The Philadelphia Federal Reserve’s March Nonmanufacturing Business Outlook Survey showed steep declines Tuesday (March 24) in most data points, with three of them hitting all-time lows. Economy Coronavirus economy News Philadelphia Federal Reserve survey What's HotOne of the first Federal Reserve reports to measure the U.S. economy since the coronavirus pandemic began is pointing to a grim future.

Guest Post: 2013 Economic Year in Review and Outlook by Banker Dorothy Jaworski

Jeff For Banks

He was just in Philadelphia on January 3rd delivering his last public speech and he nostalgically proclaimed that “the recovery remains incomplete,” which will qualify his comment for the understatement of the year award. Our Philadelphia Eagles excited us and made us optimistic that their 2014 will be bright.

A New Era for Business Continuity Management for Community Financial Institutions

Strategically Speaking

The US banking industry has been a vital part of our nation all the way back to 1780 when the Bank of Pennsylvania was founded by Philadelphia merchants to fund the American Revolutionary War.

Guest Post: Financial Markets and Economic Commentary by Dorothy Jaworski

Jeff For Banks

Even churches are closed and the new reality had me watching Easter church services from the Cathedral Basilica in Philadelphia on a website. For most of us here around Philadelphia, the stay at home restrictions began on March 13th, which was Montgomery County‘s date.

Tioga-Franklin Savings Bank (PA) Has Competitive Kasasa Products

BankDeals

Tioga-Franklin Savings Bank offers its competitive Kasasa Cash, Kasasa Cash Back, and Kasasa Savers accounts in the greater Philadelphia metro area

Coin shortage eases as U.S. ramps up production

Payments Source

The Mint’s facilities in Denver and Philadelphia worked overtime in the second half of 2020 so that banks and retailers could get more change into customers’ hands.

Online Lending And A Tale Of Two Fed Studies

PYMNTS

These conclusions are diametrically opposed to those released jointly just a few months ago by the Chicago and Philadelphia Fed economists, who determined that online lenders serve those who are systemically underserved by traditional financial channels and benefit greatly from their services. Alternative Finances alternative lending chicago fed Federal Reserve of Cleveland News online lenders online lending online loans Philadelphia regulations

Study 122

Will Amazon Go make cashiers and checkout lanes obsolete?

Mobile Payments Today

That question was the focus of a breakout session Tuesday at the fourth annual CONNECT Mobile CX Summit in Philadelphia. The answer is complicated, which is usually the case with emerging technology options

Coin shortage eases as U.S. ramps up production

American Banker

The Mint’s facilities in Denver and Philadelphia worked overtime in the second half of 2020 so that banks and retailers could get more change into customers’ hands.

Banning Cashlessness

Matt Wilcox Pro

As of July 1, cashless stores and restaurants in Philadelphia will be no more. Outside of a few exceptions such as parking lots, hotels, and car rental agencies, the Philadelphia City Council has deemed cashless businesses discriminatory. Existing cashless businesses will not be grandfathered but required to revert. If you have a bank account, as

Guest Post: Financial Markets and Economic Commentary by Dorothy Jaworski

Jeff For Banks

Dorothy Jaworski economic update economy financial markets jeff for banks Penn Community Bank Philadelphia economyFinancial Markets & Economic Update- Third Quarter, 2019 Summer is upon us and I cannot wait to get to the beach for vacation. What an amazing ride it’s been this year for bonds! Interest rates continued their steep decline into the second quarter. Longer-term interest rates are down more than a full 1.00% since their highs last November. GDP was +3.1%

Guest Post: Financial Markets and Economic Update by Dorothy Jaworski

Jeff For Banks

Dorothy Jaworski economic update financial markets guest post Penn Community Bank Philadelphia economyNever Satisfied The markets never seem to be satisfied. The Federal Reserve recently took heed of market and economic messages, ending its tightening campaign and beginning its “patience” campaign.