The lender traps consumers in an "exploitative cycle of debt," Brandon Scott said.
Startups in the payday lending space say their use of artificial intelligence is allowing them to make better loans at lower rates with fewer defaults.
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The enhanced fintech partnership would build merchant scale, and selling U.K. and U.S. portfolios would free up cash.
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Cash App's parent company Block failed to investigate fraud and unauthorized transactions, and refused to refund customers, the Consumer Financial Protection Bureau said.
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The bank, which owns a minority stake in Viva Wallet, can take over the company in June if its valuation falls before a certain level — which has resulted in a legal dispute with Haris Karonis, the fintech's owner. That and more in American Banker's weekly global payments roundup.
Like many financial companies, the brokerage wants to go where customers are. Since that means communicating with them via a third-party platform, it is working through privacy and security issues.
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Deutsche Bank had a lot to contend with last year — not that Fiona Bassett let that hamper her.
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Fresh off helping lead TIAA's $2.5 billion purchase of Jacksonville, Fla.-based EverBank, Kathie Andrade took on another ambitious project this year.
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Politics has been on just about everyone's mind, but it is also a minefield topic that many people in business were just as happy to avoid. Not Paula Polito and her team at UBS.
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From finding new efficiencies to redefining the customer experience; fintechs are permanently changing financial services. But what does the actual acquisition process look like?
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The coronavirus pandemic has turned every industry on its head. For lending, it exposed the need for modernized, fully digital platforms.
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Banks, lenders, and fintechs have been on a path toward digitizing the mortgage process from end-to-end — long before the term coronavirus entered our daily lexicon. How has the pandemic affected progress?
The Ontario-based lender announced a partnership that represents the first dividend from its recent acquisition of a Minnesota-based community bank.
The Financial Technology Association — which had been granted the right to defend the Consumer Financial Protection Bureau's open banking rule after the bureau declined to defend it — filed a motion Sunday to preserve the rule.
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It won't be easy, but implementing a common-sense overhaul of how we measure banks' liquidity would help avoid the kind of crisis we experienced in 2023.
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Many deposits classified as brokered are actually very "sticky." Recognizing that would go a long way toward improving banks' stability.
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An investor in early stage fintech startups weighs in on the breakthrough technologies that will transform the relationships between banks and fintechs.
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From credit bureaus to software providers, 2025 saw attackers bypass bank defenses by targeting the supply chain and using social engineering.
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Fewer than 1% of members reported surges relative to total assets outside the normal range, making Silvergate's experience unusual, according to the GAO.
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Banks typically prefer to steer clear of politics. But in 2025, politics would not steer clear of banks
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CodeBoxx Academy is filling a void for banks and other companies that desperately need AI experts. Peret's time behind bars uniquely informed how he runs the school, he says.
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The Consumer Financial Protection Bureau will face an existential crisis in 2026 between the Trump administration's efforts to shut down the agency and the employee union and consumer advocates who want to stop them.
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The Federal Deposit Insurance Corp. has made big changes in 2025, including cutting headcount, walking back Biden-era rules and guidance and resetting the agency's approach to emerging technologies and crypto.
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The megabank cleared a regulatory hurdle when the Office of the Comptroller of the Currency freed it from a July 2024 amendment to a consent order. Two other orders, one from the OCC and the other from the Federal Reserve, remain in place.
Moving cannabis from a Schedule I to a Schedule III drug would not legalize cannabis or remove all barriers to cannabis banking, but it would allow operators to write off expenses, increase cannabis customer cash flow and eligibility for favorable loans.
The 23rd annual ranking of women leaders in the banking industry.
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