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The bank is offering earned wage access, a product that can reduce overdrafts and employee retention, but which may someday run afoul of regulators.
July 7
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Under a written agreement, Quontic pledged not to distribute capital without the permission of its regulators. It's the third enforcement action in five years against the small New York-based bank.
July 6
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Dan Kimerling, whose former company Standard Treasury was acquired by Silicon Valley Bank in 2015, shares his thoughts on what led to the bank's collapse, whether there will be a chilling effect on tech lending and if there is a future for niche banks.
July 6
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Eligible borrowers would receive a credit for up to $5,000 to pay for expenses like insurance, taxes and closing costs. The program comes months after fair-lending advocacy groups criticized KeyBank for its low rate of lending to Black borrowers.
July 6
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Long, founder and CEO of Custodia Bank, has pushed for digital-asset regulation in her home state of Wyoming. Now she's working on a national scale.
July 6
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The payment processor Worldpay was originally supposed to be publicly traded. By taking the unit private and retaining a stake, FIS can remain competitive n merchant services.
July 6
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A resilient U.S. economy, lingering inflation and comments from the Federal Reserve contributed to a 10-basis-point hike in the 30-year fixed rate, Freddie Mac said.
July 6
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The Consumer Financial Protection Bureau wants to wipe out $9 billion a year in consumer costs by cutting credit card late fees to just $8. But consumer complaints about late fees remain low, and experts say that's because many first-time late fees are forgiven.
July 6
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The company's longtime chief executive, Mark Tryniski, plans to retire at the close of 2023. Dimitar Karaivanov, the current chief operating officer, will succeed him.
July 6
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The top three fintech investors in the ranking have 42 combined VC investments at the end of Q1 2023.
July 6
