Renat Abramov, a former relationship manager in Brooklyn, bypassed know-your-customer protocols to open accounts for shell companies involved in a $14.6 billion scheme.
The heads of some of the largest U.S. banks are calling for a new security-focused mindset among executives, better forms of ID and collective action in the aftermath of the Equifax breach.
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The legislation has been able to garner a level of bipartisan support that was not possible in previous Congresses because of a lack of support from Democratic lawmakers, but many of those benefited from crypto industry contributions in the 2024 election cycle.
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Early Warning Services is teaming up with Fiserv to quickly drive uptake for its new Paze digital wallet with merchants and credit card issuers outside of its owner banks. Paze partnered with Worldpay earlier this month to unlock a similar distribution channel.
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Illinois Gov. J.B. Pritzker, a Democrat, signed a bill that delays the implementation of the interchange law for a year while banks fight it in court.
Elizabeth Warren, Sherrod Brown and three other Democrats asked nonbank lenders to ensure they comply with fair-lending laws following a report suggesting they charge higher rates to those who have attended historically black or predominantly Hispanic colleges.
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JPM exec shuffle, U.S. Bank’s first digital chief, CFPB and debt collection: Top stories of the weekWhether JPMorgan tipped its hand on a succession plan; U.S. Bank hires its first chief digital officer; all eyes on CFPB as it modernizes its debt collection rules; and more from this week’s most-read stories.
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In her first policy speech since being confirmed as the agency's director, Kathy Kraninger promised less focus on enforcement actions and more emphasis on consumer education.
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Bank of New York Mellon's clients shifted more of their deposits to higher-rate products. It was one of several trends that hurt the custody bank's bottom line.
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The 15-year average crossed the 5% threshold for the first time in over a decade.
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Frustrations with gatekeeping, a lack of diversity and the way home appraisal is overseen are spurring many practitioners to call for an overhaul of the industry's governance structure.
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Higher mortgage rates have led to a sharp slowdown in cash-out refinances. Second mortgages were up nearly 50% in the first five months of the year as homeowners looked for new ways to borrow against their equity.
In USAA's battle with banks over mobile deposit technology, which it says it invented, a bank has scored a rare victory.
The Office of the Comptroller of the Currency Monday said it will scrap fair housing reporting requirements, fast-track licensing for small banks and simplify regulation for smaller institutions overall.
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Banks' compliance teams have often been the source of innovative technologies with applications far beyond financial services. That is likely to hold true with artificial intelligence-related compliance solutions.
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With two excellent real-time payments rails now available in the U.S., enabling QR code transactions is essential. The financial services industry needs to come together and establish uniform standards.
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Government, private companies and civil society must continue pushing the kinds of partnerships that put mobile financial technology into the hands of marginalized people around the world.
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HP CEO and current PayPal board chair Enrique Lores will take over March 1, following a deep slump in the payment company's key metric.
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Some traditional bankers are unsettled by the wave of crypto and fintech banks getting bank charters. This Nashville bank CEO sees opportunity.
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The Swiss banking giant will come under the spotlight Tuesday at a Senate hearing.where the question of whether a 1999 settlement over Holocaust-looted funds should be reopened is expected to be discussed.
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President Donald Trump's support of legislation that would cap credit card interest rates at 10% has flagged in recent weeks, but experts say that the debate has highlighted significant gaps in regulators' understanding of the credit card market and how its risks are priced.
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The digital bank added two new board members and raised $123.9 million as it continues to manage regulatory costs amid its push for profitability.
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While stablecoins aren't widely used for merchant payments, blockchain tech firms such as BVNK and Polygon Labs are seeking opportunities to add speed to slow-moving international transfers.
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The credit card issuer said it had little to add to widespread discussions regarding the Trump administration's proposed 10% cap on credit card interest rates.
Even with the 4 basis point rise in the 30-year fixed over the past two weeks, mortgage rates are still hovering near three-year lows, Freddie Mac said.
The 23rd annual ranking of women leaders in the banking industry.
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