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 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.

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.

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?

Philadelphia Fed President Harker on the 'anxious optimism' of the Trump economy

BankThink

Philadelphia Federal Reserve Bank President Patrick Harker sat down with American Banker to talk fintech, financial regulation and the economy. Financial regulations Fintech Economy Patrick Harker Federal Reserve Bank of Philadelphia

NCUA Closes Six Philadelphia-Area CUs

Keith Leggett's Credit Union Watch

The National Credit Union Administration (NCUA) liquidated six federal credit unions in the Philadelphia, Pennsylvania, area. The six liquidated credit unions are Cardozo Lodge Federal Credit Union of Bensalem, Chester Upland School Employees Federal Credit Union of Chester, Electrical Inspectors Federal Credit Union of Bensalem, O P S EMP Federal Credit Union of Bensalem, Servco Federal Credit Union of Bensalem, and Triangle Interests % Service Center Federal Credit Union of Bensalem.

Philadelphia is latest city to sue Wells Fargo for discriminatory lending

BankThink

Fair Housing Act Foreclosures Subprime lending Redlining Sailthru NMN servicing no display Wells Fargo SCOTUS City of PhiladelphiaThe city joins a growing list of municipalities that have filed similar lawsuits, just two weeks after the Supreme Court ruled that municipalities have standing to sue lenders under the Fair Housing Act.

Tiny Philadelphia CU Under Cease and Desist Order

Keith Leggett's Credit Union Watch

The National Credit Union Administration has issued a cease and desist order to S M Federal Credit Union of Philadelphia, Pennsylvania.

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 ….

Best 49 Fun Things to Do & See in Philadelphia – Activities & Attractions

Money Crashers

Perhaps you even recall prominent Philadelphians… Best 49 Fun Things to Do & See in Philadelphia – Activities & Attractions is a post from Money Crashers. If you were paying attention in high school, you might remember that Philly was the first capital of the United States. Nope, it wasn’t Boston or New York City, though the latter did temporarily serve as the national seat of government when Washington D.C. was still a tepid swamp.)

C&N expands closer to Philadelphia with Monument acquisition

BankThink

Citizens & Northern will pay $43 million for the $348 million-asset Monument. Community banking Capital Growth strategies M&A Pennsylvania

Ten questions for Philadelphia Fed President Patrick Harker

BankThink

In an extensive interview, Philadelphia Fed President Patrick Harker talks about the challenges facing community banks, the biggest threat to the financial system and the possibility of interest rate hikes later this year. Economy Millennials Fintech M&A Community banks Policymaking Patrick Harker Federal Reserve FOMC

Philadelphia says banks colluded; Goldman’s 1MDB legal woes ‘just beginning’?

BankThink

City sues seven banks for alleged price fixing on floating-rate bonds; analyst says “the most negative revelations are yet to come” in the 1MDB scandal. Earnings Morning scan Credit cards AML Digital banking Finance and investment-related court cases Goldman Sachs Apple

Delmar to enter Philadelphia with purchase of oft-maligned bank

BankThink

Delmar will buy Liberty Bell Bank in New Jersey, which had survived a debilitating six-year battle for control with a former CEO. Liberty Bell also suffered from corporate theft and a check-kiting scandal. M&A Capital Growth strategies New Jersey 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.

JPMorgan to open 50 branches, hire 300 staff in Philadelphia region

BankThink

It will also invest in mortgage and small-business lending and in neighborhood revitalization efforts there. The moves are part of a nationwide expansion by the largest U.S. Consumer banking Branch network Branch banking Strategic plans Growth strategies Jamie Dimon JPMorgan Chase Pennsylvania Delaware New Jersey

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

Can AI help banks thwart elder abuse?

BankThink

Artificial intelligence Machine learning Fraud prevention Elder fraud Fraud detection Payment fraud Predictive analytics Big data Wells Fargo Wells Fargo Advisors First Citizens Bank Federal Reserve Federal Reserve Bank of Philadelphia FinCENBanks use anti-money-laundering and fraud systems to try to catch scams that prey on senior citizens. A few, including Wells Fargo, are working on artificial intelligence that could spot them even earlier.

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.

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.

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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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.

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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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

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

Online loans leave consumers deeper in debt, Fed research says

BankThink

Marketplace lending Consumer lending Underbanked Federal Reserve Bank of Cleveland Federal Reserve Bank of Philadelphia Federal Reserve Bank of Chicago Lending Club Marketplace Lending AssociationConsumers who have borrowed from online lenders owe more and have lower credit scores than similarly situated consumers who have not used online lenders, according to a study released Thursday by the Cleveland Fed. The provocative findings seem likely to spark intense debate.

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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.

Philadelphia Deal: Earn 2% On 2-Year CDs

Bankaholic

Citadel Federal Credit Union has a very good deal for southeast Pennsylvania savers that beats the best nationally available returns on these certificates of deposit. CD Rates 24-month cds best cd rates certificates of deposit citadel federal credit union

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.

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.”

An $80 million bank M&A deal in New Jersey

BankThink

OceanFirst Financial's acquisition of Capital Bank of New Jersey would strengthen its presence in the southern part of the state and Philadelphia. Integrations Community banking M&A New Jersey

San Fran Considers Law Banning Cashless Stores, Including Amazon Go

PYMNTS

San Francisco is considering following in the footsteps of New Jersey and Philadelphia and banning cashless stores, including Amazon Go, according to a report from CNBC.

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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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!

Guest Post: Quarterly Economic Commentary by Dorothy Jaworski

Jeff For Banks

Dorothy Jaworski economic update economy Penn Community Bank Philadelphia economyThe third quarter of 2016 was relatively quiet after the surprise of the Brexit vote at the end of the second quarter. There is a Presidential election coming and perhaps people are exhausted by it. I cannot wait for the political TV ads to end. But, either way, we will have a new President come January, 2017.

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Guest Post: Year End Economic Commentary by Dorothy Jaworski

Jeff For Banks

Dorothy Jaworski economic update economy First Fed of Bucks County guest post Jeff Marsico Kafafian Group Philadelphia economy 2014’s Biggest Surprise It never fails. The markets provide us with completely unexpected surprises and leave us scrambling to update our projections for rates and economic growth. And so it was in the latter part of 2014. Oil prices began a massive plunge, down 46% for the year to $53 per barrel. And who expected this? Well- no one.

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.

Prudential Bancorp in Pennsylvania Selects New Chief

American Banker

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

Sweetgreen Reverses Cashless Approach

PYMNTS

In other cashless payment news, Philadelphia recently passed a ban on cashless stores – the first big U.S. The Philadelphia measure does have some exceptions. Amid the backlash to cashless stores around the country, Sweetgreen plans to start taking legal tender.