Personal income, which rose $95.7B in August, was overtaken by consumer spending, which jumped $129.2B, pushing the saving rate to 4.6% amid steady inflation and higher wages.
NCR has been working to become a "hardware-enabled, software-driven business" for eight years. With its purchase of online and mobile banking vendor Digital Insight and transaction switching and fraud detection software company Alaric Systems, it's taken a big step forward.
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U.S. consumers set a new record during the second quarter, as card debt reached $1.03 trillion. Bankers say a healthy job market has allowed consumers to keep making their monthly payments, but they're also on guard about the impact of the upcoming resumption of federal student loan payments.
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Despite faster payments' momentum, fragmented systems and cash's resilience continue to hobble cross-border peer-to-peer remittance speed, says MoneyGram CEO Alex Holmes.
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The payment company's sizable audience and existing technology differentiate it in a market that is otherwise dominated by startups.
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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The brokerage firm Benjamin F. Edwards & Co. of St. Louis has extended its reach to North Carolina with a branch opening and the appointment of Steven R. Perry as the branch's manager and vice president of investments.
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The private-equity giant Carlyle Group agreed to acquire a majority stake in a Claren Road Asset Management, a $4.5 billion long-short hedge fund.
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The average immediate annuity premium is $107,000, and 90% of policyholders purchase additional riders that either keep payments flowing to heirs, or that return the balance of the contract to heirs, if the contract holder dies unexpectedly early, according to Limra research.
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Fannie Mae and Freddie Mac may need to tap into U.S. Treasury funds when they adopt CECL, a new accounting rule that makes companies set aside money upfront for expected loan losses.
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Brian Montgomery is examining why the reverse mortgage program has suffered big losses, but he said he opposes any changes that could make it harder for the elderly to stay in their homes.
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The California Democrat would have more of a bully pulpit as chair of the Financial Services Committee, but some say she could take a pragmatic approach to passing banking legislation.
The Cleveland-based regional bank was not well positioned for the sharp rise in interest rates last year. But executives say the year ahead will be different, pointing to strong credit quality and a repricing of Key's securities portfolio.
Paul Atkins, a noted critic of the Consumer Financial Protection Bureau, will join the Financial Stability Oversight Council, where he will play a role in shaping housing policy.
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The time has come for the payments industry to take a long, hard look at how we market and sell enhanced pricing programs, says Clearent's Phil Ricci.
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We’ve seen many companies embrace faster and easier payments systems, says Citizens' Matt Richardson.
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It’s easy — but pointless — to lament the havoc that the economy has wreaked on performance metrics lately. Instead, draw up an opportunistic new plan, urge your employees to focus on execution and worry less about what rivals are doing.
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The company is selling its Genius platform to large restaurant and entertainment companies in an attempt to counter the wave of improvements from its rivals.
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Federal Reserve Bank of St. Louis President Alberto G. Musalem would not directly say whether central bank independence is under threat, instead highlighting that the topic has received more attention.
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Stablecore, a recently founded fintech, completed its first funding round with the goal of bringing stablecoin technology to banks and credit unions.
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Prior to this week's Federal Open Market Committee meeting, many onlookers thought a Trump-aligned and oppositional voting bloc could emerge, complicating the central bank's message. But the quarterly economic projections show that not to be the case.
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Signs of elevated stress are emerging within the $1.7 trillion private credit market as default rates are rising and more borrowers are choosing to defer cash interest payments, according to a Bank of America Corp. report.
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Triumph Financial took steps to guard and move scores of cars backing its $23 million loan to Tricolor Holdings after the subprime auto lender filed for bankruptcy last week.
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The bank is selling a bundle of products that enable businesses to store global currencies inside the U.S. in FDIC-insured accounts, lowering foreign exchange risk and reliance on third parties.
The White House has appealed a D.C. District Court ruling allowing Federal Reserve Gov. Lisa Cook to remain on the Fed board pending the outcome of her challenge to President Trump's moves to fire her.
The 23rd annual ranking of women leaders in the banking industry.
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