The Royal Bank of Canada's base outlook is that tariffs will remain at their current levels. But it also sees a possibility that U.S. trade policy will bring on a severe North American recession.
The fintech is partnering with WebBank to offer a normal-rate, unsecured credit card for people with no credit or a thin file. Petal will consider how much money consumers make, the bills they pay on a monthly basis, and trends in volatility in their income and expenses.
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The payments company has used an acquisition of digital asset firm Bridge to gain ground, reminiscent of how fintechs have honed in on banks' payment turf for years.
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Stablecoins don't compete with payment platforms. They do, however, provide a turbo-powered springboard for new projects that will, just as incumbents are adapting to the new tools.
Senior banking leaders are very much aware of and interested in generative AI, but while no one wants to get left behind, there's also no great urgency to be the first mover.
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The San Diego company will pay $55 million to Morgan Stanley for a business that has 200 custody relationships, $23 billion of custodial assets and $1.2 billion of deposits.
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After just 45 days on the job, the Citigroup CEO is jettisoning uncompetitive overseas operations, vowing to ramp up wealth management and touting the long-term importance of the company’s Banamex unit. More moves are on the way, she says.
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Jordan Summers, formerly the Detroit bank's chief fiduciary officer, succeeds Robert Sajdak as CEO. Sajdak recently retired after leading Credit Union Trust since its 2018 launch.
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Relationships with brokers will be terminated on Dec. 6, but company officials stressed there would be no impact to its loan servicing or other mortgage channels.
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The program helped more than 23,000 consumers establish credit scores in its first year through partnerships with three fintechs, all of which were chosen to renew their participation.
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In addition to expense-reduction measures, the Wisconsin-based regional bank is selling almost $2 billion of mortgages and securities and will invest in its lending and deposit-gathering capabilities.
The American Bankers Association's Economic Advisory Committee expects the economy to grow, albeit at a slower pace than it previously anticipated. The group pointed to stubbornly high inflation and a weakening job market.
Pornographers, private-prison operators and digital-asset firms were among the industries that major banks curbed ties with over moral or reputational concerns, according to the Office of the Comptroller of the Currency's preliminary findings in its "debanking" probe launched earlier this year.
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Just as two North Carolina universities have dominated college basketball in recent decades, two banks from the Tar Heel state have dominated much of U.S. banking since 1990, turning Florida, especially, into a "banking colony."
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Despite dire warnings of catastrophe, the deregulation of surface transportation in the 1970s delivered huge benefits to consumers. The banking industry is ripe for a similar regulatory restructuring.
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Rather than trying to police the way banks' artificial intelligence models are designed, regulators should assess the results they produce and make sure they adhere to existing consumer protection rules.
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The nation's largest bank said Monday that it will continue to invest in artificial intelligence, despite fears that the technology may harm lenders, and in private credit, despite concerns of cracks in asset quality.
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The investors agreed to buy 499 million shares of Citi's Mexican retail unit for around $2.5 billion. The sale was at a small premium to the initial stake the megabank sold to Mexican billionaire Fernando Chico Pardo last year.
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Credit One Bank agreed to a $10.2 million settlement after almost five years of litigation with a group of California district attorneys. The suit alleged that the bank's vendors made harassing phone calls to borrowers.
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The platforms, where bets are placed on everything from U.K. soccer teams to the price of bitcoin, are getting traction from investors and attention from regulators.
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Hackers used stolen credentials to access the French FICOBA database, exposing names and account numbers but failing to access funds directly.
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Social Security numbers, business addresses and other sensitive information were exposed. The company has fixed the error and refunded the victims.
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Federal Reserve Gov. Christopher Waller said during an appearance Monday his decision on whether or not to support a cut to short-term interest rates depends on labor market indicators.
A written agreement between Kentucky First Federal Bancorp and the Office of the Comptroller of the Currency was terminated in 20 months, less than half the time that management feared it might take.
The 23rd annual ranking of women leaders in the banking industry.
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