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Biggest changes in digital banking are just ahead

Businessman using tablet analyzing data.
Many might think that the technological disruption of the industry is already underway, but it's likely that the most significant restructuring is still yet to come.

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Google and PayPal explored OCC's fintech charter, then walked away

Logos for Google and PayPal
Dozens of companies, including Google and PayPal, met with OCC officials last year in part to discuss obtaining a new fintech charter, but many ultimately decided not to pursue it, according to sources. Here's why.

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New LendingClub feature lets customers pay off card debt directly

LendingClub president Steve Allocca
Steve Allocca Lending Club Executive Portraits
Rather than receiving a lump-sum payment from the online lender, borrowers can now choose to have the proceeds of a debt consolidation loan sent to the companies they owe.

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Goldman Sachs, Stripe execs spar on future of financial services

Marty Chavez
Both companies want money to be "programmable." But how to go about it is a matter of dispute.

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BB&T, SunTrust set dates for shareholder votes on merger, 'Truist' name

Signage for BB&T and SunTrust banks.
Shareholders of both companies will meet separately next month to cast ballots on the $28 billion deal, and BB&T investors will also decide whether the new company should be called Truist Financial.

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Facebook thinks it can displace banks. Good luck with that.

facebook
A woman checks the Facebook Inc. site on her smartphone whilst standing against an illuminated wall bearing the Facebook Inc. logo in this arranged photograph in London, U.K., on Wednesday, Dec. 23, 2015. Facebook Inc.s WhatsApp messaging service, with more than 100 million local users, is the most-used app in Brazil, according to an Ibope poll published on Dec. 15. Photographer: Chris Ratcliffe/Bloomberg
Many people still distrust banks, but many also look askance at the social media giant, making it an unlikely savior of the unbanked.

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Fully automated compliance is big hurdle for this fintech's APIs

AB - Synapse.jpeg
Synapse is working to refine its application programming interfaces to meet know-your-customer and other complex requirements, but it's a tall order, the head of the back-office-services platform says.

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'The risk isn't in the banks': Fed's Powell on leveraged lending

Jerome Powell, chairman of the Federal Reserve, pauses while speaking during a news conference following a Federal Open Market Committee meeting in Washington on June 19, 2019.
Federal Reserve Chairman Jerome Powell says the agency is closely monitoring leveraged lending risks, but suggests further regulations on banks aren't warranted.

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'Truist' rebrand prompts lawsuit by N.C. credit union

Truliant Federal Credit Union branch.
Truliant Federal Credit Union claims that the BB&T-SunTrust post-merger brand represents trademark infringement and unfair competition.

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Maxine Waters calls for halt to Facebook's cryptocurrency plans

House Financial Services Committee Chairwoman Maxine Waters
Representative Maxine Waters, a Democrat from California and chairwoman of the House Financial Services Committee, listens during a hearing with Tim Sloan, president and chief executive officer of Wells Fargo & Co., not pictured, in Washington, D.C., U.S., on Tuesday, March 12, 2019. Wells Fargo & Co. stock is underperforming Tuesday pre-market as Sloan prepares to appear before a House committee focused on what it's calling a "pattern of consumer abuses." Photographer: Andrew Harrer/Bloomberg
House Financial Services Committee Chairwoman Maxine Waters and Rep. Patrick McHenry, the top GOP panel member, said Facebook must testify about Project Libra.

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Digital banking Fintech regulations M&A Disruptors Leveraged loans Maxine Waters Google Facebook BB&T SunTrust Cryptocurrency
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