The auto lender's earnings mostly surpassed expectations in the fourth quarter, but its financial outlook was dampened by its projection of a weaker labor market in 2026.
Prometeo aims to make business-to-business payments and remittances between the U.S. and Latin America easier and cheaper.
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The bank technology seller's deal with Sumitomo Mitsui Card Company is an opportunity to cash in on a government initiative to reduce cash — and comes on the heels of an earnings miss. Plus, Klarna plans to offer more credit options through a partnership with Walmart-backed OnePay, Revolut embraces agentic AI protocols and more in American Banker's global payments and fintech roundup.
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Executives surveyed by American Banker said companies vying to wrestle market share from banks are a major threat to operations in the coming year.
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President Trump in Davos, Switzerland, talked about his call for lower credit card interest rates and more affordable housing in a lengthy speech that mostly focused on his plan to take over Greenland.
Investors in alternative assets like private equity, private capital and venture capital often lock their money in for years, but Pluto's founders say its marketplace matches these wealthy investors who need cash with banks and investment firms willing to lend against those illiquid assets.
The regional bank recorded $130 million of legal charges during the fourth quarter in connection with the resolution of a legal battle involving overdraft fees. Its earnings also took a hit from $63 million in employee severance costs.
The Federal Deposit Insurance Corp.'s approval of industrial loan company charter applications for General Motors and Ford Motor Company generated only moderate pushback from banks as crypto, debanking and credit card rate caps dominate the industry's attention.
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Industrial loan companies play a vital role in local economies across the country, providing liquidity in areas that other banks overlook. Restricting the availability of ILC charters would be bad for business.
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The effort by the Consumer Financial Protection Bureau, meant to benefit borrowers, has instead led to higher delinquency rates, increased defaults and more loans being sent to collections.
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The real value of stablecoins lies in their ability to provide instant and secure transfers of value. But, in a world where every company has a bespoke stablecoin, that promise begins to break down quickly.
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State regulators say proposed changes by the Federal Reserve that would make state bank examiners the primary boots on the ground will make bank examinations faster, but could cause some issues to go overlooked.
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CEO Gunjan Kedia joined nearly 70 chief executives of Minnesota-based companies in calling for "an immediate de-escalation of tensions" in Minneapolis, where a second resident was fatally shot by federal immigration agents on Saturday.
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Pre- and post-purchase, buy now/pay later loans from Affirm will be available on Fiserv-issued debit cards. Last year, Affirm and FIS inked a deal to bring Affirm's BNPL loans to FIS-issued debit cards.
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President Donald Trump's recently filed lawsuit against megabank JPMorganChase and its CEO Jamie Dimon is not expected to succeed in court, legal experts say.
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TD Bank has said it's completed "the majority" of the action items for its U.S. compliance remediation.
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The U.K. conducted simulated cybersecurity attacks on its banks' live systems and found they lack basic patching and identity controls.
The president has called for a 10% interest rate cap and endorsed the Credit Card Competition Act. Michael Miebach expressed strong opposition to the CCCA while expressing concern about a cap's potential impact on access to credit.
Federal Reserve Chair Jerome Powell said recent data suggests less tension between the employment and inflation sides of the central bank's dual mandate, reducing the need for an immediate policy change.
Booth, who is BMO's head of U.S. personal and business banking, talked about how soccer has been at the center of the bank's marketing push in California.
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