Amex's immigrant assist, the Libor void, bank failures: Top stories of the week

New tech lets American Express instantly issue cards to immigrants

Sara Milsten, senior vice president of new member acquisition for U.S. Consumer Services at American Express

NEW YORK, NY, USA (02/11-13/2019) The American Express Global Leadership Summit is held Monday-Wednesday, February 11-13, 2019 at the Grand Hyatt Hotel in NYC. Matt Rainey for American Express

Matt Rainey/MR

Newcomers to the U.S. tend to have a hard time getting credit cards because they lack credit history here. Amex has deployed technology from a fintech, Nova Credit, that could change this.

(Full story here.)

Capital One's triple whammy

Capital One signage is displayed outside a bank branch in New York.

Capital One Financial Corp. signage is displayed outside a bank branch in New York, U.S., on Saturday, July 13, 2019. Capital One Financial Corp. is scheduled to release earnings figures on July 18. Photographer: Mark Abramson/Bloomberg

Mark Abramson/Bloomberg

The credit card issuer, which recorded an 11% decline in net income last quarter, took one-time charges in connection with a U.K. sales scandal, the start of a new partnership with Walmart and a recent data breach.

(Full story here.)

Regulators shutter banks in Kentucky and Ohio

A man films the exterior of the Federal Deposit Insurance Corp. headquarters in Washington, D.C., U.S., on Tuesday, Sept. 29, 2009. The FDIC, seeking to replenish deposit reserves as banks fail at the fastest pace in 17 years, today voted to unanimously to have lenders prepay fees through 2012 raising about $45 billion. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

Louisa Community Bank and Resolute Bank were closed on Friday, raising the year's total to three failures.

(Full story here.)

Capital One subpoenaed by N.Y., feds over taxi loans

The consent order between the Federal Reserve and Capital One required the bank to submit progress reports on its efforts to improve its risk management functions.

Michael Nagle/Bloomberg

The company is under law enforcement scrutiny for loans that helped propel a boom and bust in the taxi medallion market in New York City.

(Full story here.)

Nothing comes easy for CFPB in payday lending rule

Kathy Kraninger, director of the Consumer Financial Protection Bureau (CFPB), listens during a discussion at the Bipartisan Policy Center in Washington, D.C., U.S., on Wednesday, April 17, 2019. Kraninger, confirmed in December by the Senate, took over an agency created by the 2010 Dodd-Frank Act that regulates everything from credit cards to mortgages. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

The restriction on how often a borrower's account is debited was supposed to be relatively straightforward, but one lender is trying to fight that provision.

(Full story here.)

CFPB chief mentions payday 'research,' and heads turn

Signage is displayed inside the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., on Monday, March 4, 2019. House Financial Services Committee Chair Maxine Waters will hold a hearing this week on the semi-annual review of the CFPB. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

A remark by Director Kathy Kraninger during a congressional hearing has renewed a fierce debate over how the agency uses academic studies to support rulemakings.

(Full story here.)