Profitable community banks based in Georgia and New Mexico have announced deals to sell themselves to credit unions this week, drawing the ire of banking advocates.
The companies will use an application programming interface to let Chase customers send the data to the apps Finicity supports, including personal financial services apps and income verification tools.
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Following a media report that Department of Justice staffers have expressed concern about how Capital One's purchase of Discover would affect competition in the subprime credit market, analysts said the portfolio would be tough to sell. But they remain optimistic that the deal will get over the finish line.
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Credit cards offer consumers three things stablecoins currently cannot: interest-free short-term loans, rewards programs and transaction reversibility. Your Visa card is going to remain in your wallet for a long time.
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Bank technology firm Fiserv agreed to buy the Netherlands-based company, which sells multichannel processing systems. Also: the FCA looks to lighten contactless checkout limits; Ripple's Garlinghouse said the SEC has dropped a suit against his firm; and more news in the global payments and fintech roundup.
Onuu uses artificial intelligence to help its customers with budgeting.
The midyear fee hike was necessary to reverse a revenue shortfall in the agency's 7(a) program, according to Administrator Kelly Loeffler.
New research from the Federal Reserve Banks of New York and San Francisco says markets put the odds of zero interest rates lower today than in the recent past, but economic uncertainty raises the potential for drastic cuts in the "medium to long term."
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The most important issue on voters' minds is inflation, and the inflation blame game has heated up with the upcoming presidential election. Putting politics aside, an objective economist would blame neither candidate, since the underlying cause of our inflation, like so many other problems today, was COVID-19.
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The fate of Capital One's acquisition of Discover should be determined based on its own merits and not be maligned for the foibles of other failed banks.
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The OCC's new Vital Signs initiative gives bankers an important tool to help them assess the financial health and stability of their customers, and to help them build a strong foundation for the future.
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The payments fintech recently introduced AI agents to its lineup of products banks and credit unions can pick from and add to their existing technology stacks.
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Haiqu's new encoding technique allows quantum computers to process high-dimensional financial data, showing improved performance in spotting anomalies.
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The Virginia-based bank had been an example of what can go wrong when banks partner with fintechs. After being released from an OCC enforcement action, Blue Ridge is now focused on operating as a traditional community bank, said CEO Billy Beale.
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The payments company is expanding the transfer app in an effort to entice more consumers to use the service as their primary banking relationship
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Customers of fintechs like Yotta and Juno, who in some cases lost their life savings, may start to get reimbursed out of the agency's Civil Penalty Fund, but no timeline has been announced for repaying them.
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MetroCity Bankshares in Doraville, Georgia, plans to finalize its acquisition of First IC Corp; Rockefeller Capital Management's Brian D. Riley will join BNY Wealth as global head; Blackstone appoints former Morgan Stanley rainmaker Franck Petitgas to a top role in Europe; and more in this week's banking news roundup.
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The Bureau of Labor Statistics Tuesday reported that the economy added 64,000 jobs in November after posting a loss of 105,000 jobs in October, which was largely attributable to the onset of the government's deferred resignation program. Unemployment also ticked up to 4.6% from 4.4% in November.
As AI makes financial scams more and more convincing, banks would do customers a real service by allowing them to opt in to dual approval of transactions above certain dollar limits.
The 23rd annual ranking of women leaders in the banking industry.
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