The crypto lender issued over 5,000 loans to residents without a license and failed to assess repayment ability, the DFPI said.
Bank of America is giving its "erica" chatbot more time to learn the nuances of language and banking basics. A profanity filter is one recent addition.
-
Trade groups, citing federal banking conflicts, are asking for summary judgment to permanently block a state law banning interchange fees on taxes and tips.
-
American Banker surveyed 100 banks, credit unions and payment firms on how gen AI, President Donald Trump's policies and consumer habits are changing their investments.
-
Small businesses and consumers deserve the relief that legislation like the Credit Card Competition Act would bring from the fees that burden every card-based transaction. Banks can easily afford it.
The onset of artificial intelligence and machine learning could serve as the safety net some companies need, providing a different and more thorough twist on traditional underwriting and credit checks.
-
Royal Bank of Canada, CIBC and Toronto-Dominion have the capital to do deals, but they would rather use it to build out new business lines or expand into new markets than buy other banks. Here’s why.
-
Venu Krishnamurthy is joining the asset management giant at a time when it is reorganizing itself and tinkering with product offerings to ward off fintechs and other challengers.
-
Senate Democrats want acting CFPB Director Mick Mulvaney to explain why the agency is no longer policing student loan lenders and servicers, but any impact on credit unions remains to be seen.
-
The Consumer Financial Protection Bureau disputes a district court ruling that misconduct claims against the company were already covered by a previous settlement.
-
The Dallas company agreed to sell MSRs tied to $14 billion of mortgages to PHH Mortgage.
-
The quarter-to-quarter increases bested expectations, suggesting that large banks are regaining market share in mortgage lending
The North Carolina House of Representatives this week passed a measure that would allow credit unions to expand into geographic areas with few, if any, bank branches. Banks say such a change could open the door for credit unions to expand far beyond their limited missions.
The data shows a sharp uptick in credit union acquisitions of banks, drawing the ire of community bankers as they lobby for credit union taxes.
-
Gaps in traditional means of assessing creditworthiness are being filled by new kinds of information, such as cash flow data. The result will be good for both banks and borrowers.
-
Even the conservative Supreme Court could see through the baseless arguments put forward by opponents of the Consumer Financial Protection Bureau, assuring that the agency will continue to fight to protect American consumers.
-
The Securities and Exchange Commission, having already approved spot bitcoin ETFs, ought to follow through and grant the same approval to spot ethereum funds. Doing so would create a new surge of investment, with positive economic impacts.
-
Financial markets took a tumble Monday morning after Federal Reserve Chair Jerome Powell announced that he was the subject of a Justice Department inquiry concerning the central bank's headquarters renovation. Lawmakers and former Fed officials decried the move as political intimidation.
-
Coastal Financial in Washington State has acquired GreenFi, one of its fintech partners. The move is designed to buy time in order to figure out the best long-term strategy for the struggling neobank.
-
Continuing to retreat from Biden-era rules, the Consumer Financial Protection Bureau and Department of Justice withdrew a 2023 advisory opinion that had cautioned about denying credit to immigrants.
-
The U.K. payments processor announced its acquisition of an alternative merchant acquirer license from the state of Georgia as part of its U.S. expansion.
-
The 6-2 vote represents a win for the megabank, which has been fighting a nationwide push to organize its workers. Some 28 branches have voted in favor of unionization, while three have rejected unionization.
-
Despite attracting $2 billion in deposits, the cloud-native unit proved too expensive to maintain, prompting a strategic retreat by parent company SMBC.
- Daily BriefingDelivered Every WeekdayIdeas that impact your business delivered to your inbox every day.
- TechnologyWednesday, ThursdayThe latest industry developments from digital banking to cybersecurity to AI.
- PaymentsDelivered Every WeekdayAn early-morning roundup of important headlines from the past 24 hours.
- Best of the WeekFridayThe most important and widely read stories from the previous week.
One of the leading makers of pre-packaged salads has acquired a 16.3% stake in Salinas, California-based Pacific Valley Bank. "It's a real vote of confidence," the bank's CEO said.
The deal ends more than a year of speculation of who would take over Apple's coveted credit card portfolio.
The 23rd annual ranking of women leaders in the banking industry.
- Sponsor Content from Ren
- Sponsor Content from Red Hat
-
Partner Insights from Alkami -
Partner Insights from Alkami
