Acting CFPB Director Russell Vought agreed to request $145 million in funding from the Federal Reserve, yielding to a court order to avoid a contempt citation.
Digit's decision to charge a monthly fee for its savings help speaks to the challenge of making fintech profitable.
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The payments company, which is unifying parts of its operation to deepen its reach with consumers and businesses, saw its stock fall more than 10% after reporting mixed earnings, though analysts are more bullish on the company's future.
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By enabling consumers to link multiple payment options together, the card network can counter similar moves by rival Visa and fintechs such as Curve.
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Regulators are investigating the technology giants over concerns their financial apps are violating competition rules. That and expanding tech in emerging markets highlight this week's American Banker global payments roundup.
Sageworks, a financial services software firm that provides institutions with lending and risk solutions, was sold to Silicon Valley-based Accel-KKR.
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The bank joins a small group of companies that believe short-term forecasts will ultimately help customers build healthier financial lives.
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It’s not just hourly workers who struggle to make ends meet — many managers also often find themselves short on cash each month. To help employees cope, the retail chain is using a tool developed by the fintech Even to give them access to their wages before the next pay period.
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Digit, which launched as an automated savings app in 2015, has decided chatbots are a flawed interface. Now it’s redesigning its popular app to reflect its new vision.
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The company also reported a large fourth-quarter loss that reflected a significant increase in its loan-loss provision.
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Though the pandemic recession has driven up the delinquency rate on Federal Housing Administration loans, the president's appointees are widely expected to reduce mortgage insurance premiums by at least 25 basis points to make home loans less expensive.
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The company is exploring a range of options to diversify its balance sheet, but new CEO Thomas Cangemi says the best plan of attack is to merge with or acquire another institution.
The KBW Nasdaq Bank Index is down more than 7% year to date. Analysts blame confusion caused by President Trump's evolving tariff policies and heightened worries about an economic downturn that could hurt banks' credit quality.
Some last-minute drama has derailed planned votes on crypto and stablecoin in the House, but the political maneuvering isn't likely to improve the long list of criticisms that bankers have raised about the legislation before it heads to President Donald Trump's desk.
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Federal Deposit Insurance Corp. Chair Martin Gruenberg said last week that regulators have the tools they need to allow big banks to fail in an orderly fashion. But resetting public and market expectations is not so easy.
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The Basel III proposals are a major step in completing the implementation of global agreements to ensure large banking organizations are appropriately capitalized to better withstand all manner of economic disruption.
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The Fed's willingness to rethink the Basel endgame is good news for banks, but many large institutions are still going to want to push forward with credit-linked notes and similar strategies.
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The 81-year-old Metamora State Bank renamed itself Bank419 to better align its brand with its business after years of regional expansion.
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The Kansas City, Missouri-based bank completed its first bank acquisition in 12 years on New Year's Day. Now it's focused on retaining and growing FineMark Holdings' high-net-worth clients in markets such as Southwest Florida, South Carolina and Arizona.
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PicPay is making a second attempt at entering the U.S. market as a profitable digital bank and a competitor to fellow Brazilian fintech Nubank.
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Attackers stole over $340,000 in stablecoin from the Venezuela-focused app. The incident adds to recent troubles including frozen accounts at JPMorganChase.
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A housing official renewed his call for credit bureaus to address lenders' concerns. Low pull-through magnifies a cost that's small relative to others.
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As the Senate Banking Committee stands poised to mark up crypto market legislation within days, banks are focused on blocking crypto exchanges from offering rewards on stablecoins, which they fear could siphon deposits away from community banks.
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The year was marked with six state regulations, new entrants, product and market expansion from existing EWA providers and buy-in from investors.
The fintech IPO drought ended this year with several large public exits by firms such as Chime, Klarna and Circle.
The 23rd annual ranking of women leaders in the banking industry.
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