The challenger bank in the third quarter launched Cash Coach, an AI-powered customer insights engine that helps consumers optimize earned interest in deposit accounts and minimize interest charges on credit cards. SoFi plans to roll out a "more comprehensive" SoFi Coach that incorporates all areas of financial services as part of its strategy to rival banks.
House Republicans attacked the Consumer Financial Protection Bureau on Wednesday, arguing the agency is not able to safely secure the anonymous bulk data it collects on consumers' financial activities.
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The blockbuster merger proposal will be reviewed at a time when the Biden administration is expressing skepticism about consolidation. Its analysis will have to account for markets dominated by both big banks and the likes of Visa and Mastercard.
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Data, volume and potential regulatory carve-outs are among the benefits Capital One Financial would get upon the completion of its deal to buy Discover Financial Services.
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The Supreme Court justices grappled with the question of whether a newly formed company can challenge a regulatory rule after the six-year statute of limitations has expired, a decision that could have broad impact on plaintiffs' ability to challenge agency rules.
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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A 20-year veteran of State Street, CEO Jay Hooley concluded that the custodial bank's business model did not have to fundamentally change — it just had to keep up with investors whose strategies did.
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Bank 34 will no longer sell mortgages in the secondary market as it looks to reduce its reliance on volatile revenue streams.
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Two nonprofits threatened by the effort say the Department of Housing and Urban Development tried to avoid scrutiny last month when it announced the new policy outside the formal rulemaking process.
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There is anticipation that the Consumer Financial Protection Bureau could release its debt collections proposal later this week.
During a panel discussion at American Banker's Digital Banking conference last week, experts from American Commerce Bank discussed the launch of its virtual banking platform and theorized why other executives might be slow adopters.
Employers added 151,000 employees in February and the unemployment rate ticked up to 4.1%. The reading bolsters the Federal Reserve's argument to hold rates steady amid economic uncertainty.
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Legislation that would make it simpler for banks to work with cannabis firms is always just about to arrive. But it never does.
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The Biden administration is methodically laying out a regulatory framework for crypto markets, but until that is in place it's allowing those markets to reap what they have sown.
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The industry is largely missing out on a huge segment of the market for financial services.
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The agents could overcome the consumer inertia that keeps people in low-yield bank accounts, the consultants say.
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The credit card issuer added two programs with home goods retailers Raymour and Flanigan and Bed Bath and Beyond during the quarter while also increasing its stock buyback allocation and dividend payouts.
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A cohort of more than 100 Republican members of Congress sent a letter to Treasury Secretary Scott Bessent urging the administration to protect and fund a community lending program that has been gutted despite its legal mandate and Bessent's backing.
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The company's software automates much of the process of getting money transmitter, lending and other types of licenses.
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The company is leveraging its bank charter and strong customer acquisition, with app logins up nearly 50% from borrowers.
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The Dallas-based regional bank's return on average assets exceeded its goal of 1.1% for the first time, coming in at 1.3% for the third quarter. The bank has been in transformation mode since 2021.
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While borrowing activity increased from a year ago, seasonal patterns and economic concerns suggest near-term slowing, the Mortgage Bankers Association said.
Amid growing deepfake threats and successful biometric bypass attempts by fraudsters, the bank added an extra layer of security to strengthen the authentication process.
The 23rd annual ranking of women leaders in the banking industry.
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