The Swedish financial institution adds P2P payments as it tries to bolster its neobank aspirations. Payment firms don't like the U.K.'s potential restrictions on stablecoins and more in the American Banker global payments and fintech roundup.
Stellar, which started as a splinter group from Ripple, has formed a for-profit company called Lightyear.io to help financial institutions integrate its software.
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The Swedish institution is best known in the U.S. for its buy/now pay later lending. Its New York listing will be a bellwether for the payments technology industry, which is recovering from a post-pandemic slump
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GetAugie targets consumers new to credit, undercutting mainstream banks' secured cards that often charge an annual fee and carry hefty annual percentage rates.
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Retired banker Brad Schwartz is set to join First National as finance chief; Bar Harbor Bankshares agrees to acquire Guaranty Bancorp; CDFI Friendly America reveals new data on lending; and more in this week's banking news roundup.
It will be the third collaboration together for the new CEO and CTO at Pivotus Ventures.
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The credit unions are primarily in the eastern half of the country, with assets ranging from $11 million to nearly $7 billion.
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The $65 million-asset credit union earned the 2018 Growth and Progress Award from the Credit Union Association of the Dakotas for exceeding the state's average across a variety of growth metrics.
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The investment bank has asked Rob Rooney, an executive who wore multiple hats at the company, to focus full time on the data-oriented strategy he has devised for its wealth management, capital markets and other functions.
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Nonbanks claimed more of the top slots based on loan volume, while the origination gains experienced by Hispanic, Black and Native American borrowers were weaker than those of other groups.
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The consumer bureau is proposing to give companies until January 2022 to comply with one rule regarding communications from collectors and another clarifying disclosure requirements.
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One official at the bureau said this fall could be an “unusual point in history” for the mortgage market as delinquent borrowers exit forbearance plans. The agency proposed new steps for servicers to help consumers stay in their homes.
The top five bank holding companies have combined total consumer loan portfolios of more than $1.95 trillion.
Federal Reserve Chair Jerome Powell said during his regular press conference Wednesday that the process of determining tariff-related price increases was always going to be slow, but it has taken longer than he expected.
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Branch office deposit data is among the most confidential information at a bank, especially those with many branches. Why have regulators made this sensitive competitive data public for banks and thrifts annually for over 50 years but not for credit unions?
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A "true" stablecoin would benefit the economy by improving the money supply, facilitating frictionless payments and lowering the cost of borrowing fiat currency.
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The central bank is merely an instrument of Congress when it comes to setting card interchange fees. Only by making lawmakers feel the heat will the industry see meaningful change.
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Analysts say credit card companies could face a major hit to earnings, while banks would also be under pressure.
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The American Bankers Association and other groups contend the president's plan to cap credit card interest rates at 10% would drive consumers toward less regulated, more costly alternatives.
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A report from the Cato Institute, a libertarian think tank, released Thursday found that most sudden account closures were spurred by supervisory pressure rather than political or religious bias on the part of the banks, a finding that is at odds with the White House's framing of the issue.
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Research from American Banker finds that bankers are still extremely worried about fraud, but hope that raising budgets for artificial intelligence could help.
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Banks will start reporting their fourth-quarter earnings on Tuesday. But it's what bankers say about the next 12 months that will probably attract the most interest from industry observers.
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San Diego County Credit Union and California Coast Credit Union, which last year announced plans to merge, are now duking it out in court. SDCCU alleges there are widespread compliance problems at Cal Coast, which Cal Coast denies.
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President Trump said he would prohibit large institutional investors from buying single-family homes. While the executive couldn't bar such investments on its own, a legislative ban could gain bipartisan support.
The company's asset and wealth management business is completely cutting ties with proxy advisors, opting to build its own research and public company voting system. JPMorgan is the first bank to stop using firms such as Glass Lewis and ISS.
The 23rd annual ranking of women leaders in the banking industry.
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