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Under terms of the settlement approved by a Georgia court Monday, Equifax may also have to pay an additional $125 million if the initial amount doesn't cover all the claims.

Lenders grew more optimistic that Congress will undo or narrow the loan-loss accounting standard after members of a House subcommittee assailed Russell Golden for approving the rule without studying its impact on credit availability.

Data security and infrastructure custodian Very Good Security (VGS) received a strategic investment from Visa, which has been spending heavily this week on fintech.

Visa's deal to acquire the data aggregator Plaid is likely to have ripple effects throughout the industry, including reduced tension between banks and fintechs over data sharing.

Alan Kline, a 22-year veteran of American Banker, has previously served as editor-in-chief of US Banker.

Savings for the top six U.S. banks from President Donald Trump's signature tax overhaul accelerated last year, now topping $32 billion as the lenders curbed new borrowing, pared jobs and ramped up payouts to shareholders.

Plaid may be a more problematic acquisition than Visa made it out to be. But without Visa, those problems were likely to get a lot worse.

Despite the weaker-than-expected results, interim CEO Thomas Gibbons pledged to continue spending heavily on tech upgrades aimed at cutting costs, improving efficiency and developing innovative products.

In partnership with state leagues, the credit union trade group is committing to $7 million in campaign contributions for the upcoming presidential and congressional contest.

French mobile payments app Lydia has raised €40 million (about $45 million) in a Series B fundraising round led by Tencent Holdings, owner of WeChat Pay.