The Latest

The suit was filed by three New Jersey residents who alleged that BofA froze their prepaid debit cards during a pandemic-era fraud wave, blocking them from accessing unemployment benefits.

While it can be difficult to recover the funds victims lose to the scams, the U.S. has created a legal safe harbor that banks can use to share intel to prevent fraud.

Some of the country's largest banks, including Bank of America, Citi and Morgan Stanley, said they support efforts to increase capacity, highlighting nuclear's role in the clean energy transition.

After doing "some really intensive thinking," the Buffalo-area lender said it found the partner it was looking for in the Norwich, New York-based NBT Bancorp.

The new bank-led digital wallet is signing up financial institutions, but payment experts say broadening its merchant base and reaching consumers will be an uphill climb.

If companies want to keep partnering with banks to build innovative financial services, they need to stop thinking about regulation as their partner banks' problems and start being part of the solution.

The new rules on custodial account records could address the issues that the Synapse bankruptcy caused in the fintech world but also could complicate relationships between banks and fintech partners, experts say.

Ally customers are blaming the bank for data breaches at its vendors, arguing that basic cybersecurity measures would have prevented the thefts.

This week, Federal Reserve Gov. Michelle Bowman cast the first dissenting vote at an FOMC meeting in years. On Friday, she explained why the economic data she's seen didn't convince her of the need to cut rates as much as her fellow governors thought.

Liberty Capital Bancshares in Texas agreed to acquire in-state peer Southwestern Bancorp; BNY announced it will buy managed-account software company Archer; Louisiana is supporting crypto but pushing back on CBDCs; and more in this week's banking news roundup.