USAA won $200M from Wells Fargo in patent fight. Will others be on the hook? The remote deposit capture tech at the center of the dispute is used by 6,500 institutions. That may mean other institutions will have to pay licensing fees to USAA.
Ghost funding and sandbagging: Wells Fargo's sales tactics on trial
A lawsuit filed by a New Jersey branch employee who was fired in 2016 includes detailed allegations about the pressure that front-line workers faced to meet monthly sales targets. The case is scheduled to go to trial in February.
How much should banks fear a Democratic victory in 2020?
COLUMBIA, SC - OCTOBER 27: Senator Elizabeth Warren, a Democrat from Massachusetts and 2020 presidential candidate, speaks during the 2019 Second Step Presidential Justice Forum in Columbia, South Carolina, U.S., on Sunday, Oct. 27, 2019. The forum asked each participant to focus on what's next now that the First Step Act has been passed. Photographer: Logan Cyrus/Bloomberg
The financial policy views of progressive candidates atop the presidential field are sure to worry bankers, but it would be difficult for any new president to implement sweeping regulatory changes.
Citigroup's Corbat warns banks: Don't become 'the dumb utility'
Michael Corbat, chief executive officer of Citigroup Inc., listens during a House Financial Services Committee hearing in Washington, D.C., U.S., on Wednesday, April 10, 2019. The chief executives of some of the U.S.'s biggest banks should get ready for hostility as they're about to serve as political-theater targets at a House committee hearing, analysts say. Photographer: Andrew Harrer/Bloomberg
In a discussion about partnerships with technology and fintech firms, Citigroup CEO Michael Corbat said banks need to be careful not to give away too much, particularly the client-customer relationship.
Dems' new tack on gun control: Make banks police sales
Representative Jennifer Wexton, a Democrat from Virginia, waits for the start of a House Financial Services Committee hearing with Tim Sloan, president and chief executive officer of Wells Fargo & Co., not pictured, in Washington, D.C., U.S., on Tuesday, March 12, 2019. Scandals at Wells Fargo erupted in 2016 on the revelation that bank employees opened millions of potentially fake accounts to meet sales goals. Photographer: Andrew Harrer/Bloomberg
A recent bill would require banks to provide data on suspicious firearms transactions as part of anti-money-laundering efforts.
OCC offers road map for banks to bypass 'Madden' ruling
A pedestrian passes the seal of the Office of the Comptroller of the Currency (OCC) displayed outside the organization's headquarters in Washington, D.C., U.S., on Wednesday, March 20, 2019. The OCC this week fined Citibank $25 million for failing to offer some existing customers lower interest rates on mortgages or closing cost discounts that they were entitled to under a program for borrowers with a relationship with the bank. Photographer: Andrew Harrer/Bloomberg
The 2015 decision posed new legal challenges for institutions trying to sell loans to third parties, but the federal regulatory agency proposed steps Monday for banks and debt parties to evade state interest rate caps.
The effort is the first offshoot of Project REACh, which is designed to bring together business leaders, government officials and advocates to help improve financial services options for disadvantaged communities.
The agency’s final rule modernizing the Fair Debt Collection Practice Act limits calls to seven per week, but collectors won stronger protections from liability claims and other key changes to the original proposal.
Banks and Paycheck Protection Program recipients are caught in a bind between two SBA rescue programs; SoFi gets preliminary OK on bank charter, launches credit card; HSBC vows to ‘accelerate’ U.S. cost-cutting plan; and more from this week’s most-read stories.
The digital bank is on a larger mission to attract younger customers. It's inserting itself into the popular video game in the hope that game players will learn about its products and have fun at the same time.