The Latest

Student loan platform Social Finance has withdrawn its application for deposit insurance, a month after former CEO Mike Cagney retired in the wake of sexual harassment allegations.

Efforts to make it easier for small businesses to apply for SBA loans, coupled with key community banks' outreach initiatives, contributed to the third consecutive record for 7(a) lending, but credit union participation is still lagging.

Randal Quarles becomes the first of President Trump's nominees to be confirmed to the Fed board and the first person to become vice chair of supervision at the central bank.

The embattled company has begun offering cash bonuses to certain customers who open accounts, but at least for now pricey deposit rates would not ensure that customers stick around, executives said Friday.

The Consumer Financial Protection Bureau said Friday that Anthony Alexis, its enforcement chief, plans to leave the agency after more than five and a half years.

Third-quarter results from PNC, Bank of America, First Horizon and others suggest that demand for commercial loans may not be as weak as bankers and investors had feared. Or maybe some banks are just getting really good at poaching rivals’ customers.

Bank of America set aside $100 million in its reserves for representation and warranty claims ahead of a pending settlement to resolve legacy mortgage issues.

Fintech solutions to send cross-border payments to unbanked consumers through smartphones are gaining momentum globally, but the volume of remittances going to bank accounts in developing countries is also on the rise, according to Small World Financial Services.

"Jamie Dimon gets paid to worry about bitcoin because he's a rent-taker," said Mike Novogratz, a former principal and macro fund manager at Fortress Investment Group. "The decentralized revolution is about going after the rent-takers."

Vantiv's $11.6 billion acquisition of U.K.-based Worldpay Group in August was the largest transaction in the financial technology and information sector during the third quarter of 2017, according to the latest report from investment bank Berkery Noyes.