Swiss parliamentary committee backs fee on UBS for public liquidity backstop

The Federal Housing Finance Agency (FHFA) is slashing the budget of its inspector general’s office in a move that the internal watchdog agency has said would result in the termination of nearly all its staff. Top Democrats on banking, housing, oversight and finance committees across the U.S. Senate and House of Representatives are calling foul,…

Key insight: Consumers prefer biller channels over banks to pay bills.  What’s at stake: Banks risk losing part of their consumer relationships.  Forward look: The data highlights for banks how important it is to reinforce with consumers the benefits of debit to pay bills, Ron Shultz, general manager of ACI Speedpay, told American Banker.  Debit…

Nearly 11,000 Americans turn 65 every day, marking one of the largest retirement transitions in U.S. history. For record keepers, advisors, asset managers and insurers, this is more than a demographic milestone. It represents a fundamental shift in what participants need from the retirement system. For decades, the defined contribution industry thrived on specialization. Record…

The Trump-appointed board of the Kennedy Center voted to close the embattled performing arts center on Tuesday — the latest twist in the Trump administration’s quest for control over the space. Trump wrote on Truth Social that the board voted to close the Kennedy Center “for Safety reasons, and so that it can begin the…

By Melissa Shin and Christine Dobby (Bloomberg) — CIBC beat estimates on better-than-expected results from its capital markets and retail banking units, extending a strong quarter of results for Canadian lenders. CIBC earned $2.73 a share on an adjusted basis in its fiscal third quarter, according to a statement, more than the $2.53 average analyst…