McLEAN, Va. - (10/21/04) -- Online Resources Corp. said thirdquarter earnings rose to $2.1 million, or 11 cents a share,compared to just $364,000, or two cents a share, for the sameperiod last year. Revenues grew a strong 19% to $11 million for theperiod. During the quarter Online Resources increased its clientbase by 10 financial institutions to a total of 697. Through thefirst three quarters of the year the company reported an 8% rise inrevenues to $31 million, and net earnings of $3.8 million, or 19cents a share, compared to $2.4 million, or 15 cents a share, forthe same period last year.
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In line with broader trends, the GSEs have been putting new limitations on forbearance and putting more of an emphasis on mods.
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A new survey found artificial intelligence was a top compliance-related priority for 85% of firms responding, while cybersecurity was only a concern for 37%.
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Digital lender Chime and Visa this week became the latest firms to cite AI as part of a downsizing. While bots usually aren't directly replacing workers, machine learning changes customer access to financial products in a way that's increasingly making some work less necessary.
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Fincen's Andrea Gacki will join Citi as global head of sanctions, BBVA promoted Gonzalo Rodríguez to chief financial officer, HDFC Bank penalized three senior officials for their role in a controversial deposit arrangement, and more in this week's banking news roundup.
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A recipe of no securities, mostly adjustable-rate loans and a cheap rural deposit base made the Texas bank the top performer in the $2 billion-$10 billion asset class.
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"Increase Bank is the bank I needed at Stripe," CEO Darragh Buckley said as he announced the rebrand of a community bank he acquired last year.
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