As customers expect banks and financial institutions to conduct business on their behalf in real time,
A task force convened by the Federal Reserve has made substantial progress in its first few months, but the path to real-time payment in the U.S. is still littered with challenges.
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The Federal Reserve would seem to offer a compelling alternative to the bank-backed RTP network, but some credit unions — which typically see bank systems as competitive threats — are making more nuanced choices.
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In the news this week: A consumer group filed a complaint against Starbucks over its mobile app and reloadable gift cards, Apple Pay added a new payment tech firm, The Clearing House hired Amanda Stewart as its new marketing chief, and more.
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These executives have taken charge at firms like PayPal, Discover and Early Warning Servcies during a volatile time for the entire industry.
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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Investors in externally managed and subadvised accounts could save about $1 billion a year in commissions paid to brokerage firms by their fund managers.
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Pacific Investment Management Co. has nabbed two bank loan portfolio managers from Lord Abbett & Co. Elizabeth MacLean and Jason Duko will join PIMCO in early April.
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Mark Calabria, who could be confirmed as early as this month, is expected to focus on changes to Fannie Mae and Freddie Mac’s conservatorships to let the mortgage giants keep more of their profits.
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The industry cheered the bureau’s proposed repeal of its ability-to-repay requirement, but another part of the rule — on account debit restrictions — was left intact, and some companies aren’t ready to comply.
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The Atlanta company, which reported fourth-quarter results Tuesday, said that the lending partnership with American Express will launch in Atlanta, Chicago, Dallas, Los Angeles and Dallas within the next 60 days.
The small business lender's bankrupt shell has agreed to pay up to $120 million in connection with allegations that its verification processes for Paycheck Protection Program loan applications were faulty. The government argued that Kabbage reaped larger fees by enabling fraudulently inflated loans.
The $35 billion transaction has faced pushback from critics on antitrust grounds since it was announced a year ago. The vote today puts the deal one step closer to closing.
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If the inflation figures begin to move lower, then there is a reasonable chance of working through this cycle of rising rates without experiencing a recession.
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Community development financial institutions proved themselves indispensable during the COVID-19 pandemic. They have earned a seat at the table.
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Constraining consolidation will only hurt the goal of expanding consumers' access to banking services and credit.
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A federal judge in San Francisco ordered a temporary halt to reduction in force orders issued by the Office of Management and Budget during the government shutdown, while OMB Director Russell Vought has said he expects to lay off more than 10,000 federal workers.
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Mastercard has added an "agentic cloud" to speed deployment, while Visa has issued a protocol to help AI agents communicate. That and more in American Banker's global payments and fintech roundup.
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The conditional approval came with residency waivers for board directors and green-lights the bank's business model, which is aimed at serving tech companies and ultra-high net worth customers in the digital asset space.
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Federal Reserve Gov. Christopher Waller said Wednesday that breakthroughs in artificial intelligence will undoubtedly make life easier and lead to growth, but acknowledged that the technology's adoption will lead to short-term labor market disruptions.
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Acting Federal Deposit Insurance Corp. Chair Travis Hill said the agency will open the bidding process for failed banks to private equity and other nonbanks, streamline resolution plans and revamp its bidding and funding models, reforms spurred by 2023's bank failures.
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Federal Reserve Governor Stephan Miran said the economic standoff with China could increase market volatility, further necessitating the central bank to move its policy stance to neutral.
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The messaging service is building a network of banks to support the technology that underpins digital currencies. Technology experts say this "single location" concept encourages legacy institutions to adopt digital assets, but it's just one of many options.
Chayt said the bank has been able to onboard customers "at the speed of fintech" rather than "the speed of banking."
The 23rd annual ranking of women leaders in the banking industry.
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