The lawsuit alleges the fintech giant secured its own corporate data with strong MFA while leaving client systems vulnerable to compromise.
Older Americans control more than two-thirds of the deposits, so why do millennials get all the attention in digital banking? Banks are perhaps missing out on a major opportunity to build value by not focusing on this group.
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The Federal Deposit Insurance Corp.'s proposed rule on brokered deposits would be a step backwards for the agency and the industry it regulates.
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Interchange fees and financial incentives for merchants, banks and mobile wallets could come under pressure if the government forces the card brand to alter its policies.
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The workforce management platform and payment company launched a card to pay corporate expenses, an option that the country's large banks have mostly avoided.
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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BNY Mellon's Karen Peetz tops the 25 Most Powerful Women in Banking list; the 25 Most Powerful Women in Finance list is led by Mary Callahan Erdoes at JPMorgan Chase; and Nandita Bakhshi at Bank of the West heads the 25 Women to Watch list.
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Johnny Burris, an investment advisor, has been embroiled in a four-year dispute with the bank, his former employer, which he says pressured him to push his clients into the bank's own or favored investment products. JPMorgan, and now Finra, accuse Burris of causing the (three-figure) client loss and neglecting to make his superiors aware of the problem.
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JPMorgan Chase has made an equity investment of an undisclosed size in InvestCloud, a startup that provides cloud-based software to the securities industry.
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Lenders implemented stricter underwriting across all loan types in the first quarter as the pandemic upended the economy, the Federal Reserve said in its survey of loan officers.
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Nearly 70% of U.S. adults between the ages of 26 and 40 said their earnings had been negatively affected by the outbreak, about 10 percentage points higher than other age groups.
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The bureau issued an interpretive rule clarifying that consumers under certain conditions can modify or waive waiting periods required by the Truth in Lending Act and Real Estate Settlement Procedures Act.
The Toronto-based bank set aside CA$1.5 billion in its fiscal fourth quarter to cover potentially bad loans. Executives say higher-than-normal impaired losses could persist next year.
As the Federal Deposit Insurance Corp.'s Deposit Insurance Fund inches toward replenishment, acting Chair Travis Hill suggested that banks should be assessed on a range of metrics rather than insured deposits alone.
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Subjecting the Consumer Financial Protection Bureau to congressional appropriations would throw a wide range of essential regulatory activities into disarray, disrupting the industry and putting consumers at risk.
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The indictment of Senate Banking Committee member Bob Menendez, D-N.J., on bribery and corruption charges may not have a lot of impact on banks' near-term legislative priorities, but it is emblematic of a deeper struggle to preserve the rule of law.
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Long-term business profit is inextricably tied to sustainability. The head of the U.K.'s Chartered Banker Institute explains that financial services leaders have a special responsibility to understand and communicate that fact.
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JPMorgan's Ben Carpenter will join Evercore as a senior managing director; Wells Fargo appoints Jackie Krese to head syndications within its fund finance group; the SEC is probing Jefferies over its relationship to bankrupt auto parts supplier First Brands Group; and more in this week's banking news roundup.
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The agency is weighing costly infrastructure needs, fraud risks and long-term decline in check use as it solicits public input on the possibility of winding down checks following an executive order phasing out paper in federal payments.
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The Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. announced Friday that they are withdrawing from a 2013 interagency leveraged lending guidance, arguing it was overly restrictive, pushed activity to nonbanks and sidestepped official rulemaking.
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The Trump administration's decision not to seek funding for the CFPB and transferring remaining enforcement cases to the Department of Justice were cited as reasons for the resignation of Michael G. Salemi, who took over as CFPB enforcement chief earlier this year.
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The state is requiring merchants to accept cash denominations of $20 and under and prohibits them from charging extra to accept cash. The law, which goes into effect in March, comes as merchants are responding to the Trump administration's abrupt cancellation of penny production.
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A bipartisan housing provision has emerged as a critical negotiating point for passage of an uncommonly bank-relevant defense authorization bill.
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U.S. commercial banks and savings banks have reduced employment by nearly 81,000 since the first quarter of 2023, including a net loss of 7,463 positions during the third quarter of this year, according to a new report from KRBA Financial Intelligence. Big banks, which have been embracing artificial intelligence, were big contributors to the decline.
The activist investor HoldCo Asset Management alleges that Comerica and Fifth Third used a "flawed" process to arrive at a $10.9 billion merger agreement. On Tuesday, a Delaware judge said she will hold a hearing to determine if the banks omitted material information in their public disclosures.
The 23rd annual ranking of women leaders in the banking industry.
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