Six years after buying a bank, the New York company plans to sell its banking unit to a group of investors. The decision to refocus on its core businesses comes 18 months after Thasunda Brown Duckett took the reins as CEO.

The Minneapolis bank disclosed the investigation four months after the Consumer Financial Protection Bureau reached a settlement with Bank of America over the distribution of unemployment insurance benefits on prepaid debit cards.

The fintech plans to use the capital to scale its platform, which uses machine learning to make loan decisions, with a goal of reducing bias in underwriting.

FDIC data shows an uptick in the number of Americans with access to basic banking services. That momentum has to continue.

By partnering with well-known payment providers like PayPal, Apple and Google, Bitstamp hopes to reach a broader audience.

The global climate coalition said in a new report that its members maintain "independent investment decision-making" authority after some U.S. banks grew concerned about legal exposure to rules requiring the phaseout of fossil-fuel investments.

Law enforcement's recent crackdown on shady operators paved the way for Amazon to bring broader scale and transparency to the lucrative market of lending to merchants.

Kristy Fercho, who's run the bank's home lending division since August 2020, will report directly to CEO Charlie Scharf and sit on the operating committee. Last year, she became the first Black person to chair the Mortgage Bankers Association, and she took the top spot in American Banker's Most Powerful Women to Watch this year.

The Platform Solutions group, headed by former chief strategy officer Stephanie Cohen, is building embedded banking solutions for corporate clients.

Legal experts are gaming out the various options for the CFPB after a three-judge panel of the U.S. Court of Appeals for the 5th Circuit ruled on Oct. 19 that the bureau's funding is unconstitutional.

The proliferation of mobile banking and online payment services like PayPal is one of several reasons more consumers have joined the financial mainstream, according to the FDIC's latest report on Americans' access to banking services.

Almost 70% of bank chief executives surveyed by KPMG said they envision fully in-office working environments within the next three years. That is close to double the average of other white-collar industries.

High-net-worth clients with large policies borrow, on average, $500,000 to $800,000 to pay their premiums. Peapack-Gladstone predicts the product, which it launched this month, will be one of its top business lines within six years.

Cashier-free checkout firms such as Nayax and Pye, which just inked a distribution deal with JPMorgan Chase, see opportunities for their technology to help retailers respond to economic and hiring trends.

Speakers at American Banker's Most Powerful Women in Banking gala acknowledged that many women have made it to high positions, but the number of female CEOs is still tiny.

Kristin Lemkau, CEO of J.P. Morgan Wealth Management, discussed the launch of the company's Personal Advisors hybrid advisory channel and the challenges of managing and recruiting talent at American Banker's Most Powerful Women in Banking conference.

Traditional banks are focusing on wealth management services in the next wave of digitization as retail banking returns weaken amid a proliferation of online consumer platforms.

The rule, which is not due out until 2024, will promote competition among financial institutions and data aggregators, Consumer Financial Protection Director Rohit Chopra said at a fintech conference.

Masons Financial will make it easier for lodges to collect dues and for members to pool money for charity.

New Consumer Financial Protection Bureau guidelines say overdraft fees "that a consumer would not reasonably anticipate" could be illegal. President Biden and CFPB Director Rohit Chopra promoted them at a press briefing Wednesday.