Despite record loan applications, Upstart's AI pulled back, causing a revenue miss and raising "incremental uncertainty" about its core underwriting model.
Well, something has to. For proponents of modernization and greater efficiency in the syndicated loan, bond, swaps, and private placement markets, it's well past time to put investors, banks, brokers and borrowers on the same technological page.
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The credit and debit card-issuing giant's Chase Media Solutions will help fund new loyalty programs to offset downward pressure on card-swipe fees and the potential erosion of card spending volume from the rise of faster payments and open banking, experts say.
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Visa is working with Thunes; LemFi and Western Union to expand its reach; Swift has completed testing of 38 global digital currencies, and more.
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Weekend direct deposit would benefit workers, consumers and businesses. The Federal Reserve itself said it was in favor of such an expansion nearly a decade ago. There is no better time than now.
A near-collapse of the global software vulnerability database exposed critical weaknesses that could leave banks unable to track cyber threats.
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RBC Wealth Management would like to see its 2,000-plus U.S. brokers raise their individual annual production to US$1 million, a target the head of its wealth unit sees as reachable in five years.
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Most new financial advisers are encouraged to find a niche and develop expertise in handling a certain type of client. That expertise should lead to more clients and an efficient, prosperous practice.
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An arbitration panel has ruled that certain comments regarding a broker's termination from Banc of America Investment Services Inc. in 2009 be expunged from his record.
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Membership continues to rise across the Wolverine State, though at a slower pace, but lending overall is on the decline.
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Former Freddie Mac CEO Donald Layton has joined the Harvard Joint Center for Housing Studies as a senior industry fellow focused on reform of the government-sponsored enterprises.
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In a downturn, some fintechs, such as independent lenders, will be more vulnerable to economic forces than those working to service banks' regulatory needs.
The KBW Nasdaq Bank Index was up 18% year to date through July, supporting expectations for more banks to use their shares as currency to take out competitors.
The banking industry groups suing the Federal Reserve over its stress testing practices filed a motion for a summary judgment in the case, arguing that a quick resolution could ensure changes are made prior to the 2026 stress testing cycle.
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U.S. regulators show far too much deference to an international body with no actual legal authority.
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Burdensome regulations have decimated correspondent banking relationships, harming the most vulnerable in the U.S. and abroad.
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Rules being considered by the Financial Crimes Enforcement Network would needlessly hinder banks seeking to do due diligence on their customers.
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New York State's former top regulator Adrienne A. Harris has rejoined Sullivan & Cromwell as of counsel and senior policy advisor; Founders Bank appointed Karen Grau to its board of directors; Deutsche Bank's DWS Group is opening an office in Abu Dhabi; and more in this week's banking news roundup.
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Earned wage access provider EarnIn, which historically has been known for direct-to-consumer EWA, is now offering a payroll software solution. The move comes as consumer advocate groups step up efforts for stricter regulation of the industry.
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As the political dispute drags on, there are implications beyond government disbursements, potentially harming corporate cash positions and the larger economy, according to payment experts from Billtrust and research firms.
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As the Office of the Comptroller of the Currency receives a spurt of applications for national trust charters from crypto and payments firms, bank trade groups are urging regulators to ensure proposed activities fit within the statutory limits of the charter and the law.
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A new study has decoded banks' television commercials, analyzing what the messaging reveals about the bank behind the advertisement. When an ad leans too hard on emotions, researchers found, viewers should beware.
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The head of the government-sponsored enterprise's oversight agency said the cuts were made to positions that weren't central to mortgages and new home sales.
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The Long Island-based bank hasn't been profitable in eight quarters, but executives maintain that it's on the right path, citing more loan book diversity, lower expenses and an improved margin.
From baby boomers' family needs to the fearlessness of Gen Z, three bank executives discussed the work habits of different age groups at American Banker's Most Powerful Women in Banking conference.
The 23rd annual ranking of women leaders in the banking industry.
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