The Latest

JPMorgan Chase, State Street, Wells Fargo, Citigroup and Bank of America decreased their holdings of tax-exempt bonds by nearly $16 billion in the first half of 2018, according to quarterly filings with the U.S. Securities and Exchange Commission.

Russia's S7 Airlines implemented its first blockchain-based smart contract for the refueling of one of its aircraft.

The service can be useful for customers short on cash, but financial institutions need to clarify overdraft rules and develop alternative forms of credit.

Unilateral approaches to bank regulation are risky, but the OCC's plan to seek public comment independent of the other agencies could help shed light on a CRA debate that is now being waged internally.

Jeanne Walker will leave Houston-based Southern Federal Credit Union later this year, with Credit Union Resources leading the search for a successor at the $93 million-asset institution.

To expand its Asia Pacific regional reward redemption program, Pay with Points, Citi announced that it is enabling credit cardholders to spend their rewards points and miles to pay for a Spotify premium account.

Wirecard is expanding its reach in Brazil by enabling small businesses and to send funds and pay bills through its digital platform, with plans to add card payments this year.

Organizers of new banks want to cater to underbanked minorities, entrepreneurs, military veterans and other specialized groups.

In the same way a card skimmer steals credentials at an ATM, gas pump or point-of-sale terminal, the Magecart malware hides beneath the surface of a website with a digital skimmer to obtain card and personal information.

Seth Frotman, whose student lending unit had been gutted in May, said the bureau's current leadership "has abandoned its duty to fairly and robustly enforce the law.”