Federal Reserve Gov. Christopher Waller said comments from banks and fintech firms reveal sharply different priorities in the creation of the central bank's proposed "skinny" master accounts.
The CFTC's greenlighting of bitcoin futures could open the floodgates for Wall Street, and digital-asset die-hards see a plot to take control.
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A U.K. judicial body says the card networks have breached competition laws, while Belgian regulators are examining Wordline for potential anti-money-laundering violations.
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Fresh off of a big IPO, the fintech is applying for a national trust charter. Approval would help it avoid the time and expense of working with banks for transaction processing at a time when the stablecion market is getting more crowded.
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While banks will likely increase near-term dividend plans, analysts and investors are more focused on the long-term outlook for capital requirements from regulators.
An internally built system called Advanced Listening analyzes phone calls, emails, text messages and more, identifying possible compliance violations, systemic issues and opportunities to improve processes, products and customer service.
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The total includes donations to community groups helping low-income people, support for the development of financial coaching programs and investment in the creation and testing of fintech tools that can help underserved people.
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The Illinois company will gain six offices after it buys Investors' Security Trust.
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Plinqit, led by a former banker, was developed specifically for community banks as a way to appeal to young customers.
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The acquisition, which was originally expected to close at the end of last year, ultimately took more than 18 months to receive regulatory approval. It is now expected to close on Dec. 1.
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Delinquencies are on the rise for FHA-backed loans, with nearly 10% of low-credit borrowers in early payment default. Economists and policy experts say this could signal trouble ahead for other credit products.
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The Office of the Comptroller of the Currency has approved New York Community Bancorp's proposed acquisition of Flagstar Bancorp, the companies announced Friday. The banks are extending the deal deadline to Dec. 31 as they continue to seek the green light from the Federal Reserve.
Lenders have been working to shrink their rent-regulated real estate loan portfolios since a watershed state law passed in 2019, but those plans may be accelerated.
Treasury laid off all of its Community Development Financial Institution Fund staff on Friday, with the reduction in force notices saying that the department plans on abolishing the fund.
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The president-elect's sweeping victory last week suggests a mandate from voters to bring back the economy he presided over in his prior term. But his policies on immigration, trade and federal spending could give voters — and banks — exactly what they don't want.
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As long as fraud-prevention efforts remain siloed and bank-specific, perpetrators remain free to employ the same strategies over and over. Banks need to do a better job of sharing information and collaborating.
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Credit unions don't enjoy an unfair advantage. What they do is reinvest in their members and their communities in a way banks often do not.
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Fraudsters and modestly dishonest employees can use generative AI to quickly create convincing fake utility bills, pay stubs, passports and other documents banks rely on.
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Federal Reserve Gov. Lisa Cook said in a speech Wednesday night that the central bank's credibility depends on its ability to bring inflation back to its 2% target.
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The Spanish banking giant is accelerating its U.S. growth plans with the pending acquisition of Webster Financial in Connecticut. The combined entity will be the second-largest foreign-owned bank operating in the country.
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The latest directive, which takes effect in March, allows only U.S. citizens and nationals to seek government-guaranteed financing. It's drawing criticism from Democrats in Congress, small-business advocates and some lenders.
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Prosecutors allege Curtis Weston and a bank insider used fraudulent loans to fund stock market trades, leaving the bank with $20 million in losses.
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The search giant has added Klarna to its growing list of companies that are supporting standards for agentic commerce. Also, Payoneer has added Indonesia and Mexico to its collections network and more in American Banker's global payments and fintech roundup.
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The digital bank added two new board members and raised $123.9 million as it continues to manage regulatory costs amid its push for profitability.
While stablecoins aren't widely used for merchant payments, blockchain tech firms such as BVNK and Polygon Labs are seeking opportunities to add speed to slow-moving international transfers.
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