Credit One Bank agreed to a $10.2 million settlement after almost five years of litigation with a group of California district attorneys. The suit alleged that the bank's vendors made harassing phone calls to borrowers.
Some Wells Fargo customers on social media Thursday afternoon expressed frustration with not being able to log in to accounts digitally. The San Francisco bank responded in a tweet acknowledging the problem.
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By using a public blockchain, a potential digital euro could be made more widely available. Plus, Klarna expands its merchant reach as it resurrects plans for an IPO, Binance faces an audit and more in the American Banker global payments and fintech roundup.
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U.S. Bank's merchant acquiring unit has expanded its partnership with embedded finance fintech Liberis to offer its small business clients working capital loans.The two companies previously offered loans in the U.K., Ireland and Poland.
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The card brand is reportedly focusing on other markets amid uncertainty in U.S. regulations and as banks consider fees for data sharing.
The firms are increasingly seeking to integrate generative artificial intelligence into their products, and banks are potentially interested customers. But such efforts are costly, the risks are high and "they want to make sure that they get it right," experts say.
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A program from the Worldwide Foundation for Credit Unions will provide personal protective equipment for CUs in the Eastern European nation after they were forced to close earlier this spring amid the outbreak.
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Through its partnership with SpringFour, a fintech BMO Harris mentored in 2017, the Chicago bank is referring customers — including many hurt by the pandemic — to reputable nonprofits to help with job training, financial assistance and more.
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Industry giving is likely to decline in the wake of the pandemic, but it could force the movement to update its giving platforms.
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Consumer advocates are protesting specific risk-weighting changes affecting borrowers with lower down payments. Also, a broader increase in requirements may discourage depository holdings of servicing.
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There's divergence of opinions between one more rate hike this cycle and no further actions.
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The 30-year fixed, which was threatening going above 7% again according to Freddie Mac data, was 18 basis points lower this week.
Erik Porter will succeed Lisa Oliver as president and CEO of the Cooperative Bank of Cape Cod; Gary Hall and Sobani Warner are named co-presidents of Siebert Williams Shank; Faiz Ahmad and Mike Joo will lead Bank of America's global investment banking unit; and more in this week's banking news roundup.
Former U.S. Bank veteran files for a de novo charter to launch VALT Bank, a tech-heavy business lender targeting 'digitally demanding' small businesses.
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Whether addressing a large audience or interacting with individual employees, the most effective communicators are those who leave their audience feeling a little smarter for having listened to them.
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Much of the conversation about artificial intelligence in banking focuses on compliance. But we should seriously consider the potential AI-powered regulation could have to deliver more adaptive and responsive oversight.
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The agency's attempt to impose its oversight on asset managers who passively invest in banks is duplicative of efforts by the Federal Reserve. It will result in higher costs for banks and lower returns for investors.
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About 70% of bank CEOs said in a recent survey that they are the AI decision makers in their companies. The reasons for this range from the huge impact AI can have on an organization to the fear of missing out.
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A White House Council of Economic Advisers report published Tuesday found that the CFPB cost consumers between $237 and $369 billion since its creation, an analysis that consumer advocates and some financial academics say is flawed.
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Beneficial State Bank in Oakland has reached a three-year agreement with the Communications Workers of America. The deal follows a groundbreaking union pact the bank signed in 2021.
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Alexis Goldstein, who was terminated from the Consumer Financial Protection Bureau last week, is running for Congress in Maryland's 6th District, which hosts a disproportionate number of federal workers.
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Banks and credit unions are pairing AI-driven efficiency with stable staffing and cross-training to scale mortgage production as originations rebound and technology expands capacity.
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The Federal Reserve is moving quickly to implement its proposed "skinny" master account, giving state-chartered fintechs more access to the central bank's payment systems. But experts say a legal challenge to the rule is almost certain, regardless of where the Fed draws the line.
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Research from American Banker finds that executives are under pressure from nonbank firms and are concerned about identity theft in 2026.
The Office of the Comptroller of the Currency Tuesday issued a proposed rule that would create an independent appeals board, de novo review standard for banks and uninsured firms like trusts, OCC says it'll increase trust in the system.
The 23rd annual ranking of women leaders in the banking industry.
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