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Challenger bank rolls out first FICO-free credit card

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TomoCredit relies strictly on cash-flow data to gauge the creditworthiness of immigrants and young consumers, who often have too little financial history for traditional scoring models.

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First penalty for pot banking violations lands on credit union

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Seven years after regulators issued guidance to financial institutions, a small Michigan credit union was ordered to stop opening new accounts for marijuana businesses.

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Blame Treasury, IRS for delay in stimulus payments, banks say

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Banks have borne the brunt of the criticism from consumers still waiting for coronavirus relief funds to land in their accounts. But the industry says the lag time is the fault of the government and its antiquated payments system

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Flagstar's data breach, and what banks can learn from it

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The Michigan bank is the latest company to have customer data compromised through a software vulnerability. The incident reinforces the importance of attack simulations, constant searches for intrusions and exchanges of intel with peers.

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Sherrod Brown quickly shifts Senate Banking panel's course

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With a steady stream of Senate hearings held on the racial wealth gap and inequities in the financial system, the new chairman has set a consumer-focused agenda that leans further left than even past Democratic chairs.

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Truist is first regional bank to issue a social bond. It won't be the last.

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Big banks led the push to offer multibillion-dollar bonds that fund affordable housing, education and nonprofits that serve needy communities. But Truist's recent $1.25 billion bond is a sign that regionals want to attract progressive institutional investors — and burnish their images.

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Aspiring CEOs should check out why Associated hired Andy Harmening

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Harmening, set to take the helm of Associated Banc-Corp next month, is being asked to replicate the digital transformation he led at Huntington Bancshares. His career path is a signal to the industry's rising stars that the road to the corner office includes hands-on technology work.

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Unbanked stimulus seekers rush to open checking accounts

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The IRS, FDIC and more than 70 banks and credit unions are urging consumers to open affordable accounts so they can receive their Economic Impact Payments quickly and safely. Many people have signed up, but millions lack accounts and will be harder to serve.

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Small Minnesota bank's novel hire: Chief M&A officer

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Acquisition-hungry Stearns Bank has been fielding so many calls from would-be sellers that it has brought in a merger specialist to sort through them.

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Sign of fintechs' evolution: Two new D.C. trade groups

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The American Fintech Council and the Financial Technology Association say they'll promote responsible innovation, fair access to financial services and more. Their dozens of members include some of the biggest names in fintech.

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