The Consumer Financial Protection Bureau in an advisory opinion said that "covered" earned wage access products should not be considered an extension of credit under the Truth in Lending Act. It also said that expedited delivery fees and tips should not be considered finance charges.
The latest generation of anti-money-laundering software uses agentic AI to help alleviate AML alert fatigue. Experts say this use of the technology is promising, though they offer some caveats.
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Buy now/pay later popularity has been on the rise as more consumers are turning to short-term installment lending to finance everyday purchases. The Swedish financier will find out if that momentum will be a winner with investors in the U.S.
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Elevations Credit Union is paying athletes at the University of Colorado Boulder by way of a new credit card. The annual fee, plus two cents per transaction, will go to a collective that provides financial support to Buffaloes players.
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The card brand uses a new form of generative AI that improves data sourcing, making human involvement less necessary.
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The funding comes as the financial services industry continues to search for safer ways for customers to share their account data with third-party apps.
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State Street won $110 billion of new asset-servicing business in the quarter.
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The startup Dave (just Dave) sells an app that forecasts short-term bank balances and sends users small-dollar advances when necessary, part of a wave of efforts to improve consumers’ financial health using digital tools.
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Citing possible exploitation, Bank of America instituted a policy that put limits on loans to persons in guardianship. It later ended the policy.
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Home-renovation loans to add features such as offices and pools could be one source of lending as credit unions struggle with overall sluggish loan demand.
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Delinquencies have been ticking up since the start of the coronavirus pandemic and Capital One is warning of more pain unless the government provides additional relief to tenants and landlords.
The jobs of chief investment officer departments and financial advisers are likely to change as banks and stand-alone wealth managers adopt artificial intelligence to inform the advice they give clients.
The Federal Reserve Board on Friday approved UMB Financial's pending $2 billion acquisition of Heartland Financial.
The Texas senator pitched Republican senators on ending the Federal Reserve's authority to pay interest to banks, claiming it would save $1.1 trillion over a decade.
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Banks are perfectly willing to comply with a reasonable data collection standard. The problem is that the Consumer Financial Protection Bureau's final rule makes demands far in excess of what the law requires.
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While medical debt is not a problem created by the financial services industry, the industry has a critical role to play in addressing it.
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As innovation in other domains accelerates, the inertia plaguing our international payment systems is a critical bottleneck, stifling U.S. businesses that choose to engage in global commerce.
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The Treasury official renewed a pledge to avoid hurting how mortgages trade in a Fox Business News interview as a new study highlighted one way to do that.
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A federal appeals court agreed to have the full bench rehear arguments by the Consumer Financial Protection Bureau's union about whether the Trump administration planned to gut the agency through mass firings.
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Daryl Byrd, who led Iberiabank until it was acquired by First Horizon, has assembled an investor group to acquire MC Bancshares and its subsidiary, MC Bank & Trust Co. in Morgan City, Louisiana. Byrd will become CEO.
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Nine banks and lenders were impacted by the yearslong, $923 million fraud enterprise, according to an indictment of top Tricolor executives. The banks were not publicly named, but JPMorganChase, Fifth Third, Barclays, Louisiana-based Origin Bancorp and Texas-based Triumph Financial have said they would take write-downs.
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The National Institute of Standards and Technology's preliminary draft helps banks integrate artificial intelligence into their existing security strategies.
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The regulator signed off on the transaction just two months after the banks applied to merge.
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Enova International, a nonbank lender in Chicago, plans to gain scale by taking over Grasshopper Bank's national bank charter. The deal already faces skepticism from critics of Enova's high-cost lending model.
The payments fintech reported an $8 billion valuation as it aims to establish a second global headquarters in Silicon Valley and expand into Europe and the U.K.
The 23rd annual ranking of women leaders in the banking industry.
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