Polo Rocha

In a 5-4 ruling, the Supreme Court said that a majority of plaintiffs in a class action were not entitled to damages because the credit reporting company did not share faulty information with banks, landlords or other third parties.

Gripes against peer-to-peer payments services spiked during the past year as U.S. consumers flocked to Venmo, Cash App, Zelle and the like to transfer money.

Cannabis, though still illegal at the federal level, continues to inch into the financial mainstream. Small credit unions and lenders as large as Valley National and East West have moved beyond just taking deposits from marijuana companies.

Julie Caperton, a longtime executive at the $1.9 trillion-asset bank, succeeds Julia Wellborn, who left the company in April.

Inventory shortfalls continue to constrain commercial lending, while the savings glut is holding back consumer borrowing, industry executives say. The good news: At some banks, pipelines are at or above pre-pandemic levels.

Under the deal, the $425 billion-asset bank will become the exclusive card issuer for the home furnishings retailer, which long partnered with Alliance Data Systems.

KMD Partners, which makes high-interest rate loans through its CreditNinja brand, has agreed to acquire the $11.7 million-asset Liberty Bank. The purchase is likely to draw scrutiny, but the companies argue that it will help borrowers with lower credit scores qualify for less expensive loans.

Brian Doubles, who became the card issuer’s chief executive in April, also expressed optimism that pent-up consumer demand will spur renewed spending this year.

The product, which will compete against Citi’s Double Cash card, is the first step in CEO Charlie Scharf’s revamp of a business segment that has long trailed top competitors.

Even though industry economists and Federal Reserve officials expect the recent price surge to wane, some big-bank executives are expressing concern about the risk of an inflationary spiral hindering the recovery from the pandemic recession.

The online bank's decision to stop charging the fees is part of a broader reassessment across the industry. Ally had waived overdraft fees early in the pandemic and has historically been less reliant on them than many other institutions.

The store-branded credit card issuer is expanding from three sales divisions to five, a move that CEO Brian Doubles says will help by “aligning our organization for faster growth and execution.”

Acquiring the U.K. bank’s East Coast branches and online-only bank is “great for our balance sheet, great for our physical footprint” and will accelerate the growth of Citizens’ own direct bank, says Chief Executive Bruce Van Saun.

Events that unfolded in Minneapolis a year ago ultimately led to debt relief for Black farmers, bigger investments in Black banks, greater support for public banking, and more.

In an interview, the Hong Kong native spoke about the fears of his employees, 74% of whom are Asian American, as well as about his optimism regarding hate crime legislation President Biden signed last week. East West and several other banks have donated to groups working to track and reduce the recent spike in anti-Asian violence.

The two companies are the first banks to sign on to a philanthropic initiative from the asset manager BlackRock. The aim is to test ideas that make it easier for more households to establish financial safety nets.

Only 0.9% of mortgage borrowers are currently at least 90 days delinquent. That figure could rise as high as 3.8% once pandemic-related deferrals lapse — still well below the 6% mark reached after the Great Recession, according to research by the New York Fed.

Cardholders can now opt for installment loans at the point of sale on Amex's travel platform.

The reduction in debt during the first quarter was the second largest on record, according to a new report by the New York Fed. Government stimulus payments and continuing limitations on travel and entertainment spending are key factors.

After more than 100 years of mostly in-person operations, the subprime installment lender is seeking to adapt to changing consumer preferences — launching an online loan platform just before the pandemic and recently striking a deal to acquire a financial wellness app.