The Department of Justice told a court that the Consumer Financial Protection Bureau cannot legally request funding from the Federal Reserve System, arguing that the Fed has not turned a profit since 2022 and thus cannot fund the CFPB.
Affirm, a three-year-old online lender that finances consumer purchases at the point of sale, has raised a $100 million in equity funding to help it boost distribution and develop new products and services.
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By training a core payment card fraud-detection platform on more than 15 billion transactions, the card network is honing the accuracy of warnings sent to issuers about suspicious purchases.
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Incumbents face the challenge of updating their infrastructure for digital payments, while newcomers are pushing to compete by using artificial intelligence, cloud hosting and other technologies.
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Big national retailers will capture all the financial benefits from proposed reductions in swipe fees, while consumers will be left with fewer benefits programs and less secure transactions.
A near-collapse of the global software vulnerability database exposed critical weaknesses that could leave banks unable to track cyber threats.
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The nation's largest independent broker-dealer, LPL recently signed a contract with a social media compliance service and has signed up 1,000 advisors to use sites including Facebook, LinkedIn and Twitter. It is adding about 100 more each week, said Andy Kalbaugh, executive vice president of business consulting at LPL Financial.
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Congress may hand oversight of almost 12,000 investment advisors to Wall Street's self-funded regulator as a cost-saving measure. The price could be paid by investors.
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Lehman Brothers Holdings Inc. reached an agreement on a $65 billion liquidation plan with derivatives creditors including Goldman Sachs Group Inc. and bondholders led by the hedge fund Paulson & Co., ending a dispute that threatened to delay its exit from bankruptcy.
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Consumer Financial Protection Bureau Directors Kathy Kraninger is under pressure to ask a federal judge to lift a stay that has kept the agency's short-term-lending rule from going into effect.
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Seeking to expand financial services access, tribal officials and some firms want regulators to award Community Reinvestment Act credit to any bank that funds projects in Native American communities.
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Readers react to jilted GSE legacy shareholders and a proposal making it harder to cite disparate impact, criticize Democrats asking the CFPB to stop its payday rule revamp and more.
The $23 million cash transaction boosts Old Second's presence in its home Windy City market, while marking Muncie, Indiana-based First Merchants' exit from Illinois.
Sen. Joni Ernst, R-Iowa, is pressing Federal Deposit Insurance Corp. Inspector General Jennifer Fain for answers on whistleblower allegations of fraud, financial mismanagement and retaliation at the agency's watchdog office.
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A cap on deposit insurance for yield-bearing accounts will still provide necessary market discipline, but other important reforms are needed to assure the safety of the banking system.
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Properly executed, the new anti-money-laundering program has the potential to cripple laundering networks by altering the landscape for financial services professionals.
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The Home Loan banks should not be held harmless when they shovel billions of dollars in loans into troubled banks.
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The volume of home equity lines of credit expanded for the 14th consecutive quarter, driven largely by fintechs and other nonbanks that are accounting for more and more of the business.
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The payment and commerce company's stock fell as much as 12% in afterhours trading on Thursday after the fintech missed Wall Street's earnings estimates, despite posting growth in all lines of business and increasing its full year guidance.
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Federal Reserve Gov. Christopher Waller said there was a popular "misunderstanding" Thursday regarding who can qualify for a "skinny" master account, noting that only firms with a bank charter would qualify for approval.
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The digital neobank is expecting spending to stay strong through current economic conditions, and a new credit card is projected to bring in increased revenue.
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Analysts say the fintech must "grow like a fintech, but be profitable like a bank" as its capital base shrinks to its lowest level to date.
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Comptroller of the Currency Jonathan Gould said Thursday that a proposal to reimagine bank supervisory practices is meant to empower rather than handcuff supervisors by limiting the scope of their examinations.
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Until August, Bell was the executive director for loan guaranty service at the Department of Veterans Affairs, where he was credited with growing the program.
The 30-year rate dropped just 0.2 percentage points, as Federal Reserve Chair Jerome Powell's recent comments caused Treasury yields to rise.
The 23rd annual ranking of women leaders in the banking industry.
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