Finance

The demand for embedded finance is not going away, but the initial rollout of banking as a service relied far too much on middleware providers without expertise in compliance and oversight. BaaS 2.0 must feature a more bank-centric approach.

Sam Valverde, acting president of Ginnie Mae, has resigned after about six months in the job.

The Federal Reserve chair said there are no economic indicators calling for rapid rate cuts. He also addressed Fed independence, the impact of Trump's economic agenda and more.

In a speech, Federal Reserve Gov. Adriana Kugler said sound monetary policy comes when electoral politics are kept out of central banking.

The New York bank's planned $125 million public offering comes less than a week after Valley National raised more than $400 million with a similar transaction.

The growth in mobile banking has lowered barriers to accessing the banking system, but the Federal Deposit Insurance Corp.'s National Survey of the Unbanked and Underbanked released Tuesday reveals that minority households are still disproportionately underserved.

Donald Trump's ascension to the presidency creates regulatory uncertainty, but Block's CEO says the company hopes for more clarity for bitcoin and is developing technology to be flexible.

Sens. Elizabeth Warren and John Hickenlooper say recent data suggests there is "no need for restrictive interest rates" and easier monetary policy is necessary to lower housing costs.

Initial employment data shows virtually no job growth in October. With the Federal Reserve's focus on the labor market, the reading could seal the deal for a November rate cut.

The Honolulu-based banks were reportedly in advanced discussions. But the would-be buyer said "the parties are no longer currently engaged in discussions."

Transaction volume and nonpayment services boosted earnings, and the card network expects these trends to continue into 2025.

Core PCE held steady as service costs rose, but the overall report maintains the central bank's flexibility ahead of next week's Federal Open Market Committee meeting.

The processor's sale of medical software firm AdvancedMD comes as it prioritizes small-business payments, according to Cameron Bready.

Drey Roberts and his team move to de novo warehouse lender Primis Bank as former home Independent Bank makes a strategic exit.

The $24 billion-asset bank fully integrated its acquisition of Lakeland Bancorp during the third quarter, and that milestone has positioned the bank for growth, executives said.

CEO Ryan McInerney said the case showed a "clear lack of understanding of the payments ecosystem" after the payment card processor posted better-than-expected earnings.

The Dallas-based bank swung to a loss in the third quarter after reclassifying a large bundle of multifamily loans that it plans to offload under a recently announced strategy pivot.

Bank executives and industry advocates welcomed the Federal Reserve's interest rate reduction but warned that careful planning for future drops is necessary to avoid creating market turmoil.

Alex Chriss says the impact of new payment innovation and strategies at units like Venmo and Braintree will take time.

The San Francisco-based fintech reported record adjusted net revenue of $689 million for the third quarter, fueled by a 64% jump in its financial services and tech platform segments.