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.
By partnering with Intuit, Wells Fargo is continuing its journey toward API-based data sharing, and away from screen scraping.
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The Consumer Financial Protection Bureau said that, although the Google Pay app has been discontinued, the bureau can make the determination based on past behavior, and that the tech giant could decide to reenter the person-to-person payment space.
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The long-time bank and financial services technology executive has a record for cutting costs and supporting rapid automation, skills that could be put to work at the 90-year-old agency.
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A collaboration with Booking.com is designed to encourage consumers to use the bank to manage airline tickets and hotels, a lucrative market that's drawing attention across the financial services industry.
While much of artificial intelligence technology is about automating tasks, it also holds the possibility of enhancing bankers' ability to serve customers.
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The tie-up comes as banks put more resources into helping customers manage their finances digitally.
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After its CEO struggled with the college planning process for her daughter, a new in-house team was established at CommunityAmerica CU to assist members with everything from choosing a school to deciding how to pay for it.
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Through the partnership, Clarity Money customers can use Acorns’ automated investing features, while Acorns users can see a snapshot of their investing activity in the Clarity app.
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Lenders initially won't be able to pass on the cost of the Federal Housing Finance Agency's "adverse market fee" to borrowers whose rates on GSE-backed mortgages and refinances are already locked in.
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The Consumer Financial Protection Bureau says the proposal would increase access to credit, but consumer groups argue that it will encourage lenders to make high-cost loans while protecting them from legal liability.
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The Consumer Financial Protection Bureau says the proposal would increase access to credit, but consumer groups argue that it will encourage lenders to make high-cost loans while protecting them from legal liability.
The Indiana-based company grew fourth-quarter loans and profits in part because of an acquisition in Nashville, and it expects to bulk up further with a deal in Minnesota's Twin Cities that was among the largest announced in 2024.
A group of more than 50 bipartisan financial experts, including former Fed Chairs Ben Bernanke and Janet Yellen, said that effectively eliminating the Office of Financial Research and weakening the Financial Stability Oversight Council would have devastating effects for the financial system.
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While stablecoins do find utility as a base currency for navigating between volatile cryptocurrencies, their broader application as a fiat money alternative remains elusive.
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Like a ratchet, price controls in the payments industry move only one way, destroying value and reducing incentives for innovation.
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The country's largest credit union is learning the hard way that failure to assure inclusivity in lending practices is a recipe for both financial and reputational damage.
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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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The Department of Justice wants Federal Reserve Chair Jerome Powell to state if the central bank is profitable again and can, therefore, fund the Consumer Financial Protection Bureau.
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The Financial Services Forum, which represents the largest U.S. banks, formed a new 501(c)(4) advocacy group to amplify big banks' policy preferences, a move that could counter the crypto industry's growing political influence.
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A Consumer Financial Protection Bureau report on Pay in 4 buy now/pay later loans offered validation for an industry that has faced criticism for expanding into everyday spending, such as food delivery.
The firm's consumer account, which offers a 3.5% yield on savings, could appeal to the founders of startups that it already serves.
The 23rd annual ranking of women leaders in the banking industry.
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