'Absolute scam': Complaints about credit monitoring plans flood CFPB
Regulators have long warned the credit bureaus about deceptive marketing that causes consumers to sign up unwittingly for paid monitoring services. But the practice has persisted, according to complaint data.
Midsize players like BankUnited, BOK and Fulton Financial plan to rely on selective M&A, catering to niches overlooked by big banks, aggressive recruitment of commercial lenders and other strategies to stimulate revenue growth.
Both the Federal Deposit Insurance Corp. and the American Bankers Association are encouraging the industry to offer basic products that could bring more unbanked households into the financial mainstream.
Southern Bancorp in Arkansas, which raised $35 million in capital from private investors, is out to prove that that community development financial institutions can deliver attractive returns and fulfill their missions to help the underserved.
MagicCube’s i-Accept is a hardware-free option for accepting card and electronic payments that could appeal to cost-conscious small businesses and open up a new market for banks that provide them payments services.