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THE UBER EFFECT: Taxi "medallion values have softened because of increased competition from new entrants like Uber," Capital One CEO Richard Fairbank said.
The McLean, Va., credit card lender is offering steep discounts to Uber riders, even though the promotion stands to hurt some of the bank's commercial borrowers.

Top Stories

Low interest rates may be pressuring margins, but they provided a lift to community banks that sell mortgage originations. Bankers are now debating how long the current refi boom will last.  more »
itBit, a Bitcoin exchange, looks to be gunning to go mainstream with an application for a New York trust charter and a lineup of prominent Washington backers including former FDIC head Sheila Bair.  more »
House lawmakers approved two bills this week to foster greater information sharing between the private sector and government about cyber threats — and all eyes now turn to the Senate to see if legislation can finally be enacted.  read more »
FinTech Forward
FIS Opens Tech 'Garage' in (Where Else?) San Francisco
FIS has designated a permanent area in its San Francisco office to test and showcase mobile banking and payment apps, highlighting the pressure on traditional vendors to stay current on emerging technologies and recruit young tech talent.  read more »
Partner Insights
The Georgia company has been cutting costs, while reinvesting funds in new businesses and technology. While the moves are doing little to increase near-term return on assets, they could help Synovus improve its longer-term performance.  read more »
He could have easily shunned the spotlight after leaving Merrill Lynch, but instead John Thain accepted the challenge of reviving the troubled CIT Group. By all measures he's succeeded, cementing his reputation as a fixer, but the job is hardly complete. Next up: transforming the commercial lender into a traditional regional bank through its closely watched acquisition of OneWest Bank.  read more »
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