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Frustrated by its inability to overcome loan-servicing mistakes that triggered three separate regulatory consent orders, Discover Financial Services elected to sell its student loan business. "When we looked at it, we have perennial issues in our ability to service that portfolio," a top executive said.

The OCC advises banks to implement robust risk management strategies for BNPL lending, emphasizing transparent loan terms, fraud mitigation and compliance with consumer protection laws.

Canada's government has finalized arrangements with Visa and Mastercard to cap credit card interchange for small businesses; Klarna is expanding its work with the Dutch payment processor Adyen; and more.

Equity, based in Wichita, Kansas, has agreed to buy the parent company of the Bank of Kirksville. The combined company would have $5.4 billion of assets and 74 branches, including 23 in Missouri.

Technology representatives from the six federal agencies testified in a House Financial Services fintech subcommittee hearing Tuesday.

MoneyLion and Pagaya, which were among the many payment companies that fought headwinds in the past two years, are using product and capital markets strategies to help them recover.

A report by the Roosevelt Institute argues that risks posed by imitation banks, online shadow banks mimicking traditional institutions can only be fully mitigated by an act of Congress.

Too few lenders are underwriting unsecured consumer debt, which could help borrowers pay down credit card balances with little risk to lenders.

A third-party provider for credit unions failed to fix a long-patched vulnerability, according to a cybersecurity researcher who has studied the situation.

The nation's largest bank has already completed many of the branch closings that can boost its earnings, leaving it with "less and less accretive opportunities to consolidate," according to a top executive.

The North Carolina-based bank is considering the idea of selling a portion of its securities portfolio as a way to build capital, CEO Bill Rogers said Tuesday. At the end of the third quarter, Truist's securities were worth about 20% less than what the company paid for them.

Rep. Patrick McHenry, chairman of the House Financial Services Committee, says he won't seek reelection next year. He is known for collaboration with Democrats on stablecoin and other issues.

The OCC, part of the Treasury Department, said Tuesday the products present credit, compliance and reputation challenges for the banks.

The passage of a Congressional Review Act resolution to rescind the Consumer Financial Protection Bureau's small-business data collection rule may be only symbolic, but the rule is designed to detect and stop discrimination — something everyone should support.

The credit card company is creating avenues for their staff, veterans and talent outside their organization looking to upskill.