In an expanded partnership announced Monday, the card network and payment fintech will enable hundreds of millions of consumers and tens of millions of merchants to use new forms of artificial intelligence for shopping and payments.
Q2, in Austin, Texas, paid $10.6 million to acquire all outstanding interests in Social Money, according to a Tuesday news release. The purchase price was subject to a customary working capital adjustment.
-
The top five fintech and payments M&A deals had a combined dollar volume of more than $23 billion.
-
Sens. Dick Durbin, D-Ill., and Roger Marshall, R-Kansas, have added Sens. Josh Hawley, R-Mo., and Jack Reed, D-R.I., as cosponsors to a bill aimed at increasing credit card competition and lowering consumer fees.
-
The major U.S. card networks are pursuing financial inclusion in Egypt, the Reserve Bank of India works to bring central bank digital currencies to more users, and other news in this week's global roundup.
A near-collapse of the global software vulnerability database exposed critical weaknesses that could leave banks unable to track cyber threats.
-
Bank of America Corp.'s Merrill Lynch named John Thiel as the new head of U.S. Wealth Management, one of the top positions in the bank's Global Wealth & Investment Management group, according to an internal memo.
-
Carlyle Group, the buyout firm that on Wednesday unveiled another major investment in the banking sector, distributed more than $6.4 billion to investors in the first quarter.
-
-
Adolfo Marzol, who has served as an adviser to HUD Secretary Ben Carson, will now report to the new director of the Federal Housing Finance Agency.
-
The bank’s CFO says it has enough liquidity to meet loan demand in the short term, but how long can it keep its loan-to-deposit ratio below 100%?
-
The new head of the agency regulating Fannie Mae and Freddie Mac will be at the forefront of reforming the housing finance system.
Later this week, the Federal Reserve will release the results of its annual check-up on larger banks' balance sheets. Experts say there are always surprises, but that pending capital rules may have a bigger impact than the stress-test results on banks' dividend and buyback decisions.
At a court hearing on Monday, lawyers for the Trump administration said statutorily required work is being done by the Consumer Financial Protection Bureau, while the union claimed the government is trying to shut the agency down.
-
The middle of a housing market downturn is no time to experiment with untested underwriting tools.
-
The Federal Housing Finance Agency soon will commence a review of the Federal Home Loan Bank System. For the process to be successful, the actual users of the system and the institutions that will be the most impacted by any changes to its mission, mandate or role need to add their voice to the conversation.
-
Jamie Fiore Higgins, a former executive at Goldman Sachs, describes the toxic work environment she endured during her 18 years at the investment bank in her memoir, "Bully Market."
-
At American Banker's Most Powerful Women in Banking Conference in New York City, former Most Powerful Women in Banking honorees said to build skills that you can take with you outside of a big bank, and that banks should reward risk-taking and building over incremental change.
-
Bank of America has a playbook for government shutdowns, which includes providing fee and payment waivers as well as loan deferrals and forbearance programs, CEO Brian Moynihan said at the American Bankers Association's annual convention.
-
New guidance outlines specific due diligence and oversight steps banks must take, reinforcing that they are ultimately accountable for vendor failures.
-
Federal Reserve Gov. Christopher Waller has directed central bank staff to explore the concept of a limited payment account, which would give nonbank entities in the payments space — including crypto firms — access to traditional payment systems.
-
Senate Banking Committee Republicans, led by committee chair Tim Scott, R-S.C., introduced a bill that would raise the mandatory reporting threshold for certain currency transactions, a move meant to ease banks' anti-money laundering compliance obligations.
-
Senate Banking Committee ranking member Elizabeth Warren, D-Mass., is urging the Federal Deposit Insurance Corp. not to approve new Industrial Loan Company charters until Congress passes a law subjecting ILCs to bank holding company rules.
- 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.
New research from American Banker finds that most are still hashing out plans for crypto and stablecoins, but a handful have already launched projects.
CEO Bill Demchak said there seemed to be "some confusion," after PNC's stock fell some 4% on Wednesday.
The 23rd annual ranking of women leaders in the banking industry.
- Sponsor content from Modo Modo
- Sponsor Content from Oracle
- Partner Insights from Accenture
- Partner Insights from Fannie Mae