The payments processor Square has big plans in banking — but even after filing an application to charter an industrial loan company, it still doesn’t see itself as a competitor to most financial institutions.
Normally tight-lipped about security moves, bankers tell how they are re-examining their systems for Equifax-like flaws and providing new cards, fresh accounts and reassuring advice for anxious customers.
The Dallas company has extinguished talk of a potential sale after aggressively cutting costs over the past year. But concerns about its future — including its ability to find new sources of revenue — remain.
Sen. Elizabeth Warren, D-Mass., called for bipartisan action against Equifax during a Senate floor speech on Tuesday, criticizing the credit bureau for waiting several weeks after a massive data breach to reveal it to the public.
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The Equifax breach has millions of Americans now thinking about freezing their credit to guard against identity theft. But those who act could be cutting themselves off from the nation's vast credit economy.
Professor of City Planning
University of Pennsylvania
Without the Consumer Financial Protection Bureau's expanding consumers' legal options, they will continue to be vulnerable to the abusive practices that have proliferated throughout the financial industry in recent years.
In the string of scandals over how women are treated in the tech sector, SoFi is particularly egregious. Reese Witherspoon tackles the trouble with ambition for women. Plus, Edith Cooper and Lori Beer.