A group at George Washington University has been working to open a de novo institution to serve students, but the would-be institution faces a variety of hurdles before it can open its doors.

The Virginia company, which shuttered 14 locations in September, will close another five branches early next year.

The challenger bank will start by recommending how much users should allocate toward savings and spending, and will later transfer those amounts automatically.

On Jun. 30, 2020. Dollars in thousands.

On Jun. 30, 2020. Dollars in thousands.

Financial institutions like Ally Financial, Clinton Savings Bank and First National Bank of Omaha are recruiting personal finance experts, college students and local personalities to promote their products and services.

The forthcoming measure could override staff opinions that helped certain deposit-gathering companies partner with banks.

Former CEO John Stumpf agreed to pay a $2.5 million penalty to settle civil charges tied to the bank’s fake-accounts scandal. Former community bank head Carrie Tolstedt did not agree to a settlement and is now facing a lawsuit that alleges she committed fraud.

Consumer savings are up, yet so are evictions. Banks need to reach out more to those who are struggling financially, and they could use data as a guide.

The fintech startup, which originally helped users cancel duplicate subscriptions, now wants to encourage healthier financial practices.

Big financial institutions are worried that online wagers made with credit cards pose a heavy risk of money laundering. The possibility of tougher rules under the incoming Biden administration has only compounded their concerns.

Scammers may have had more success at duping fintechs than banks in obtaining Paycheck Protection Program loans. But there are reasons for this apparent disparity.

With many Americans and members of Congress questioning the results of the presidential election, financial services trade associations quickly vowed to work with the incoming administration.

The two companies first started collaborating last year, but now BBVA has white-labeled Prosper’s technology on its own website.

Dean, who joined Capital One in 2014, succeeds Kleber Santos, who left the bank earlier this month to lead diversity initiatives at Wells Fargo.

Many small banks are reactivating repurchase programs, signaling that capital levels remain strong and credit issues are under control.

Though most bank customers expect to return to calling or meeting in person with their bankers when the pandemic is over, Citigroup is gauging how much business it can keep in the videoconferencing channel.

Founder and CEO Neel Ganu has crafted a mobile app through which millennials can invest and spend using the same account.

Many credit unions offer these accounts to help members improve their financial behaviors, but some in the industry are wondering how long the surge could last.