Consumer appetite for mobile wallets is growing, challenging banks to innovate to stay ahead.
By relying heavily on where a borrower went to college, online lenders may run afoul with regulators and could be missing out on good credits.
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Banks that don't focus on credit cards for this market may find larger banks and fintechs are eating their lunch.
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The Department of Justice is trying to fix a system that isn't broken. The better move would be to allow the ruthlessly competitive payments marketplace to generate new and better products.
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About $2 billion changes hands daily for the sale of new motor vehicles in the U.S., making auto dealers a prime use case for faster payments. So why aren't more using it?
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The tie-up comes as banks put more resources into helping customers manage their finances digitally.
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After its CEO struggled with the college planning process for her daughter, a new in-house team was established at CommunityAmerica CU to assist members with everything from choosing a school to deciding how to pay for it.
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Through the partnership, Clarity Money customers can use Acorns’ automated investing features, while Acorns users can see a snapshot of their investing activity in the Clarity app.
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Refinancing has been one of the bright spots in a difficult year for lending, and the industry has concerns that a fee to be imposed by Fannie Mae and Freddie Mac could slow down the business.
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Political donations from the sector and interviews with industry experts highlight a wide range of views on affordable housing resources, the appropriate level of regulatory relief and how policymakers should enforce fair housing rules.
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Both the Federal Housing Finance Agency and Federal Housing Administration are extending relief for homeowners and renters due to the pandemic crisis.
The U.S. government and banks face similar challenges in implementing a biometrics identity system. Both should study what other countries are already doing.
Mercantile Bank Corp. in Grand Rapids achieved a 20% increase in deposits in 2024, an amount that was ample enough to fund robust loan growth and scale back reliance on costlier wholesale funding.
New York's attorney general announces MoneyGram will pay a civil fine to settle a lawsuit over its handling of remittance payments; Swedish buy now/pay later lender Klarna is getting into the telecom business; Truist Financial has hired Charles Alston to lead its new nonprofit hospital, higher education and government banking team; and more in this week's banking news roundup.
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The Federal Reserve's inexplicable failure to enforce rules requiring Silicon Valley Bank Financial Group to serve as a "source of strength" for its subsidiary saddled the FDIC with billions in extra losses.
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New federal standards for responsible lending should trigger a surge of new capital into underserved communities, as concerns about reputational risk are allayed.
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While stablecoins do find utility as a base currency for navigating between volatile cryptocurrencies, their broader application as a fiat money alternative remains elusive.
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While the term "financial supermarket" may have gone out of fashion, firms still see opportunity to boost profits and keep clients loyal by blurring the lines between banking and wealth management.
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Proxy advisory firm Institutional Shareholder Services recommended approval of Fifth Third's $10.9 billion proposed acquisition of Comerica.
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The Consumer Financial Protection Bureau in an advisory opinion said that "covered" earned wage access products should not be considered an extension of credit under the Truth in Lending Act. It also said that expedited delivery fees and tips should not be considered finance charges.
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The cryptocurrency company has entered partnerships with big banks and payment giant Klarna in recent days. Coinbase exec Brett Tejpaul says the GENIUS Act is creating an opportunity to sell a broad range of digital asset technology.
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Terron T. Brown used stolen mail and social media recruits to defraud banks such as PNC and Bank of America of millions, highlighting a rising industry threat.
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Some consumers have been waiting a year and a half to get their money back.
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A breach at an auto lending compliance provider highlights third-party vendor risks and has triggered class action lawsuits against the firm.
The Nashville community bank is focusing on growing its "digital branches" through fintech partnerships and embedded banking with its latest funding round.
The 23rd annual ranking of women leaders in the banking industry.
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