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Governance Matters FRIDAY JUNE 11, 2021 VOL. 186 No. 111 AMERICANBANKER.COM Follow us on Twitter @AmerBanker Massachusetts is latest state 5 vying to become fintech hub A new public-private network is pursuing Governance matters a more comprehensive approach than other states to cultivate a strong financial Fitch is far more likely to incorporate governance issues technology industry by uniting banks, into a financial institution's rating than environmental or insurance companies, startups, government social factors agencies, investors, universities and students. Page 8 See story on page 6 Factors affecting financial institutions' ratings as of March What Marqeta’s IPO says about 6 the future of super apps 250 The company’s payment processing platform supports the likes of Uber and 214 200 Square in their ambitions to create all-in- one offerings that bundle financial and 150 other services. Page 9 100 Amazon explores replacing 7 JPMorgan in credit card tie-up 50 Amazon.com is fielding bids to replace 41 JPMorgan Chase as the issuer on its popular 14 0 co-brand credit card as a fresh wave of competition for new card customers EnvironmentalSocial Governance emerges. Page 10 Source: Fitch Ratings Lucy Ito’s legacy: Lowering 8 a vexing regulatory cost for credit unions dailybriefing Governance flaws are starting The retiring head of the National Association 3 to hurt banks’ credit ratings of State Credit Union Supervisors spent years Fitch says it will be weighing failures of working to rein in a contentious funding Growing pains: How the Big management standards and practices at mechanism used by the National Credit 1 Four banks plan to overcome banks more heavily when considering Union Administration that drew money from size constraints possible downgrades. ESG advocates are the Share Insurance Fund. Page 10 The four largest U.S. banks face investor cheering the development. pressure to deliver the returns of smaller rivals, (See chart above.) Page 6 Mastercard focuses but they complain that the federal deposit cap 9 investment on fintechs and capital rules make that difficult. So they’re Pandemic drove up costs of founded by minorities pouring money into wealth management, 4 complying with anti-fraud The card brand has added a dedicated lane payments and digital banking to seize more rules: Report to its startup program to address the venture market share in existing businesses and fend off Financial institutions spent nearly $214 funding gap for race and gender. Overall, less nonbank challengers. Page 2 billion last year — an 18% jump from 2019 — than 3% of VC funding goes to startups with to meet regulatory requirements for fighting Black or Latinx founders. Page 11 Lawmakers aren’t ready to financial crimes, a new study says. The 2 rubber-stamp Fed digital dollar spending included more staffing to manage There’s no return to normal The Federal Reserve has signaled the need for risks posed by customer growth. Page 7 10 for small-business lending congressional authorization if the central bank Just as small and midsize businesses had to moves ahead with creating a digital currency. adapt to survive the coronavirus emergency, But senators raised questions at a hearing lenders need to adopt new underwriting about whether it would help consumers, how practices and technologies that modernize it would complement private-sector banking how they evaluate borrowers’ creditworthiness, and other issues. Page 5 Codat CEO Peter Lord writes. Page 12 FRIDAY JUNE 11, 2021 AMERICANBANKER.COM PAGE 2 and competitiveness. The Big Four have not always been this GROWTH STRATEGIES But at banks as large as the Big Four large, and there have not always been four. — which hold a combined $10.8 trillion The industry has been shrinking for of assets and operate a sprawling array of decades, ever since the 1980s savings and Growing business lines — finding ways to grow is loan crisis precipitated an extinction event harder. They generally can’t just buy a rival for small banks. Federal data shows that pains: How bank to add cheap deposits to fund more between 1984 and 1999, the number of loans. commercial banks fell from 14,000 to 9,000 Their sheer size, scope and market power while the average size of the remaining the Big Four make growth exceedingly complicated banks grew. — indeed, they face perhaps the most Today there are 5,001 federally insured banks plan to complicated tangle of politics, regulatory banks, still far more than most other scrutiny, deposit limitations, public image, countries, where there are typically just a customer and shareholder satisfaction and handful. Part of the reason is the United overcome size competition in international finance. States’ vast size and preference for local “The bigger you get, the more scrutiny you credit, as well as an abiding distrust of constraints receive,” said Piper Sandler analyst Jeffery centralized power. Harte, who covers Citi, JPMorgan and Bank The 1994 passage of the Riegle-Neal By Allissa Kline of America. Interstate Banking and Branching Efficiency June 09, 2021 So how can the megabanks achieve Act played a major role in allowing bigger Citigroup is switching things up and it’s growth in face of these challenges? While players to expand by permitting them to moving at lightning speed. each company is on its own path, and the open branches across state lines and buy The $2.26 trillion-asset bank, led as of regulatory constraints they face are different, out-of-state rivals for the first time in seven March 1 by Chief Executive Jane Fraser, is the largest U.S. banks are seeking to bulk up decades. One of the lesser-known features cutting loose the business lines that don’t in ways that do not set off alarm bells inside of Riegle-Neal is that it imposed a 10% cap perform, ratcheting up the focus on those the government. That can mean geographic on any single bank’s deposit share, meaning that do and pouring billions of dollars into a expansions of their branch footprints rather that a bank could not acquire another bank massive risk management overhaul to make than acquisitions. It may also mean a greater if the merged entity would hold more than the firm safer, sounder and more secure. focus on wealth management than lending. 10% of the nation’s deposits. The moves are designed to address two “Given capital and liquidity rules that But it was the Gramm-Leach-Bliley Act issues: In addition to heightened scrutiny penalize risk taking, it seems that one of 1999 that set the stage for a new era of from U.S. banking regulators — which fined regulation-friendly business everyone wants bank consolidation. GLB, as it came to be Citi last fall for gaps in risk management — to enter into is private wealth management,” known, pared back the Depression-era shareholders are demanding more value said Greg Baer, president and CEO of the Glass-Steagall Act that formally separated from the bank, whose share price is down Bank Policy Institute, an advocacy group commercial banking and investment more than 50% since the financial meltdown representing the nation’s largest banks. banking. of 2008. Suddenly, banks were able to create Fraser has vowed to return capital to The big liberalization financial holding companies that house not shareholders and to do so at or near the levels of other large U.S. banks. “We’re a team on a mission to get this done,” Fraser Established 1836 One State Street Plaza, 27th floor, New York, NY 10004 said in January. “And we will get this done.” Phone 212-803-8200 AmericanBanker.com While the circumstances driving Citi’s urgent makeover are unique to Citi, the Editor in Chief Alan Kline 571.403.3846 Copy Editor Neil Cassidy 212.803.8440 pressure to do more and be more is present at Managing Editor Dean Anason 770.621.9935 every U.S. megabank. Shareholders demand Reporters/Producers that banks of all sizes focus on improving Executive Editor Bonnie McGeer 212.803.8430 Laura Alix 860.836.5431, Kate Berry 562.434.5432 their profitability, but the calculus is far more Washington Bureau Chief Joe Adler 571.403.3832 complex at Citi, JPMorgan Chase, Bank of Executive Editor, Technology Miriam Cross 571.403.3834 America and Wells Fargo than it is at smaller Penny Crosman 212.803.8673 Jim Dobbs 605.310.7780 institutions where whole-bank acquisitions BankThink Editor Rachel Witkowski 571.403.3857 offer a relatively straightforward path to John Heltman 571.403.3847, Allissa Kline 716.243.2679 Community Banking Editor Paul Davis 336.852.9496 greater scale. Hannah Lang 571.403.3855 Banks generally like to get bigger in order Contributing Editor Daniel Wolfe 212.803.8397 John Reosti 571.403.3864, Gary Siegel 212.803.1560 to spread out their fixed costs. The more Digital Managing Editor services they provide, the more money Christopher Wood 212.803.8437 Kevin Wack 626.486.2341 they can save. Cue an uptick in profitability For up to date and complete coverage go to AmericanBanker.com FRIDAY JUNE 11, 2021 AMERICANBANKER.COM PAGE 3 only banking subsidiaries, but also securities One underappreciated truth about the in capturing new clients, extending their firms, insurance companies and more. U.S. banking industry is that size does not reach into existing markets and fortifying “Banks were slowly getting into secondary necessarily confer profitability. Only one their technology, all with a goal of improving industries from 1987 on, but there was a big megabank, JPMorgan, is ranked among the efficiency and profitability. liberalization,” said Arthur Wilmarth Jr., top 10 banks in return on average equity, a “I think of it more as expanding wallet a retired law professor and the author of key metric that investors use to determine share in business lines,” Harte said.
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