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. Now stores will be required “to do what businesses have been doing since Ben Franklin was walking the streets of Philadelphia,” he said.

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.

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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 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.

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

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

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?

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.

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

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.

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.

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.

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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.

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 ….

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

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New York City moves to ban cashless stores

American Banker

The city would join San Francisco and Philadelphia among cities that prohibit stores and restaurants from only accepting electronic payments. Payments Mobile payments Payment methods Credit cards Cash Visa Mastercard American Express New York

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.

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.

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.

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

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.

Prudential Bancorp in Pennsylvania Selects New Chief

American Banker

Prudential Bancorp in Philadelphia has a new chief executive. breaking_news people pa community-banking

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 economyA Long, Cold December I could just scream!

Guest Post: FInancial Markets and Economic Update by Dorothy Jaworski

Jeff For Banks

In our local area, we are still seeing modest growth in Philadelphia and surrounding counties. Dorothy Jaworski economic update economy financial markets guest post Penn Community Bank Philadelphia economy

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The branch lives, at Chase

ABA Community Banking

JPMorgan Chase to expand in Boston, Philadelphia, Washington, D.C. Management Financial Trends Retail Banking Channels. 1Retail Banking

New Jersey Outlaws Cashless Businesses

PYMNTS

Philadelphia recently became the first major city to pass a ban on cashless shops; New York, San Francisco, Chicago and Washington are reportedly considering passing similar legislation. New Jersey has passed a law banning cashless stores and restaurants, according to reports.

FinTech Acquisition Scores CardConnect Deal Before Money Dries Up

Bank Innovation

The Philadelphia-based company announced yesterday it would acquire CardConnect, a payments processing platform. FinTech Acquisition Corp., created to acquire a fintech company, has fulfilled its mission.

Guest Post: Second Quarter Economic Commentary by Dorothy Jaworski

Jeff For Banks

Dorothy Jaworski economic update economy First Fed of Bucks County First Federal of Bucks County Penn Community Bank Philadelphia economyThe Crisis Begins If your country was in default on its debt, in economic distress, and almost out of cash, would you vote “no” to a potential deal to get out of immediate trouble? Even if it meant spending less money- that you don’t have? None of us would do that, but tell that to the Greeks.

Taking New Approaches To Retail Stores And Faster Payment Models

PYMNTS

12: Number of additional stores that Anchor Shops hopes to build in the Philadelphia and New Jersey region. Anchor Shops is aiming to keep the parts of the department store experience that are still working, while minimizing the portions that drag down department store profits.

Guest Post: Financial Markets and Economic Update by Dorothy Jaworski

Jeff For Banks

Dorothy Jaworski economic update economy financial markets Penn Community Bank Philadelphia economyHere we are in July already! The markets continue to roll and bond markets continue to trade in a 25 basis point range, hitting the higher end when they think the economy is strong (why else would the Fed raise rates?) and hitting the lower end when the weak economic data smacks them in the face. I usually write with a cautious tone. Many of my economic views contain the word “weak.”

M&T Bank Buys Mortgage-Servicing Firm

American Banker

has bought certain operations of Philadelphia mortgage firm Carey, Kramer, Pettit, Panichelli & Associates. A unit of M&T Bank in Buffalo, N.Y., breaking_news consumer-finance dealmaking-strategy national-regional

Guest Post: First Quarter Economic Commentary by Dorothy Jaworski

Jeff For Banks

Dorothy Jaworski economic update economy First Fed of Bucks County Jeff Marsico Kafafian Group Philadelphia economy Two brutally cold winters in a row! By this time, we have all had enough of the cold, the polar vortex, the snow, the freezing rain, the ice, and the potholes that are left on our roadways to harass and frustrate us. At least we are not in Boston. We need a change of seasons!

Beneficial Announces Major Job Cuts After Closing Conestoga Purchase

American Banker

Beneficial Bancorp in Philadelphia is planning to eliminate 11% of its workforce over the next three months. breaking_news community-banking pa dealmaking-strategy

DNB Financial to Buy East River Bank in Pennsylvania

American Banker

has agreed to buy East River Bank of Philadelphia. DNB Financial in Downington, Pa., breaking_news community-banking pa m-a dealmaking-strategy

Guest Post: Quarterly Financial Markets and Economics Update by Dorothy Jaworski

Jeff For Banks

Dorothy Jaworski economic update economy guest post Penn Community Bank Philadelphia economyChange Happy 2017, everyone! Who is ready for all of the change that is about to be upon us? A new President will be inaugurated tomorrow, January 20 th , and Donald Trump has promised change. He has used his slogan of Make America Great Again to show that his focus will be on the US and the US economy.

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