In|Vest 2018 Direct

Credit quality at the largest U.S. bank by assets remains strong for now, but a top executive issued a warning about what may lie ahead.

The Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau, which levied the penalties, say Bank of America unfairly froze customer accounts in its effort to stop rampant fraud in a program that distributed pandemic aid through prepaid debit cards.

Nikhil Rathi, CEO of Britain's Financial Conduct Authority, said the recent cryptocurrency market crash has underscored the need for regulation on both sides of the Atlantic.

Issuers that offer cash rewards can benefit from consumer anxiety over rising prices for gas and groceries, but have to find ways to make sure their own costs don't rise in tandem.

A class action said the company, which has suffered two breaches in the past year, also was responsible for a larger breach and “downplayed” the situation when it notified consumers.

Financial terms of the Rhode Island bank’s agreement to acquire Paladin Advisors were not disclosed. Paladin is expected to join a division that grew out of a 2018 deal for Clarfeld Financial Advisors.

The boss of the U.K. digital bank Monzo Bank said he’s targeting growth rather than immediate profit during a turbulent time for the fintech industry, after nearly doubling annual revenue while widening losses.

The Polish American Credit Union Support Fund is gathering donations from members to help purchase ambulances and medical supplies, while also securing more stable housing for those fleeing the conflict.

In an internal memo to staff, Deputy CFPB Director Zixta Q. Martinez announced a realignment of the bureau’s legal and student loan offices with an expanded strategy team.  

Latisha Carter, head of partner at Xero, helps lead all partner growth channels across Xero’s U.S. sales organization. Her teams are focused on regional and enterprise partner consulting. She previously served as head of partner services at Xero and brings 19 years of experience in the accounting software industry where she held different positions across marketing, sales and professional services throughout her career at Sage. She is based in Atlanta.