Today In Digital-First Banking: OCC Seeks Equal Access To Banking; Taxpayers Face $435B Hit From Student Loans
In today’s top news in digital-first banking, The Office of the Comptroller of the Currency (OCC) has proposed a personal banking rule intended to level the playing field, while U.S. taxpayers reportedly stand to take a hit of roughly $435 billion from borrowers’ failure to repay student loans. Plus, Deutsche Bank is looking to purchase firms or enter into joint ventures to become a significant player in Europe’s digital payments industry.
The Office of the Comptroller of the Currency (OCC) has put forward a personal banking rule meant to level the playing field. The regulation would guarantee that everyone would have equal access to banking services provided by federal savings associations, national banks, and federal branches and agencies of foreign bank organizations.
American taxpayers reportedly stand to take a hit of approximately $435 billion from borrowers’ failure to pay back student loans on the federal government’s book as of now. The news is based on an analysis performed by the U.S. Department of Education and two private consultants who assisted the agency in looking over the situation, according to a published report.
Deutsche Bank is reportedly aiming to buy companies or enter into joint ventures with other firms in an effort to become a significant player in Europe’s digital payments space. The financial institution has also been hiring leading talent from the industry and seeking deals to develop digital payments market share, according to a published report.
An increasing tide of COVID-19 cases and related limitations could bring about a drop in Q1 gross domestic product (GDP), J.P. Morgan economists noted in a new outlook. “This winter will be grim, and we believe the economy will contract again in 1Q,” the economists pointed out. Economists from J.P. Morgan said they are looking to Q2 and Q3 for an economic rebound, assuming that the coronavirus vaccine is successful.