Wells Fargo customers targeted with phishing attacks using calendar invites
In a new twist on an old scam, cybercriminals have tried to get thousands of people to surrender their Wells bank account information by sending authentic-looking emails containing malicious links that lead to a fake website bearing the company's name.
Fed freezes stock buybacks, caps dividends after stress test results
In the most sweeping capital distribution order since the financial crisis, the Federal Reserve says it will prohibit big banks from buying back their stock in the third quarter and limit dividend payments to second-quarter levels.
Frustrated by PPP, many small businesses are ditching their banks
Business owners are changing banks at three times normal levels, a trend researchers attribute to their difficulty in obtaining emergency loans. If the forgiveness stage of the Paycheck Protection Program proves arduous, that rate could climb much higher.
Why bankers remain unsold on Fed's Main Street program
Worried about a lack of demand and that some of their customers are ineligible, community banks are still on the fence about participating in the effort to back loans for businesses recovering from the pandemic crisis.
Societal upheaval strengthens case to expand CRA to nonbanks: Ludwig
Former Comptroller of the Currency Gene Ludwig says making online lenders, credit unions and other nonbanks comply with the Community Reinvestment Act would be a powerful tool in addressing racial and economic injustices.
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.