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The lack of federal legalization creates processing challenges, but there are emerging solutions, says Fincann's Nathaniel Gurien.

It would ignore technical glitches plaguing the entire Paycheck Protection Program and could end up delaying loans to larger borrowers who also need relief, bank executives and their trade groups say.

The Banking Committee will hold a confirmation hearing on March 2 for Rohit Chopra and Gary Gensler. They are the administration's picks, respectively, to lead the Consumer Financial Protection Bureau and the Securities and Exchange Commission.

More than a decade after the near collapse of the financial system and the bruising fight over Dodd-Frank put the industry and a Democratic administration in conflict, President Biden and the financial services sector are allied over the COVID-19 relief plan.

Libre by Nexus deceived detainees into believing they owed a monthly charge related to their proceedings before U.S. Immigration and Customs Enforcement, according to a lawsuit filed by the consumer bureau and three states.

The five-year pledge, tied to the company's pending acquisition of CIT Group, earmarks nearly $6 billion for small-business lending and $3.2 billion for affordable housing.

Former Bank of England and Bank of Canada governor Mark Carney joins Stripe's board as the second new director in two months.

With the SEC probing Ripple, MoneyGram sidelines its partner to nurture online operations, which hit a milestone by surpassing in-store Walmart remittances in December.

The sale has revived a long-running feud between former chairmen Mark McWatters and Rodney Hood, who tweeted, "Credit unions deserve better stewardship of agency resources.”

The deal for the $63 billion-asset People's United would create a company with more than $200 billion of assets and a branch network stretching from Maine to Virginia. Buffalo, N.Y.-based M&T has not made an acquisition since buying Hudson City Bancorp in late 2015.

When bicycle purchases surged during the pandemic as people flocked to new outdoor activities, many bike dealers were frustrated by strained supply chains and tight access to capital.

The agency is recruiting more attorneys and shuffling personnel under new Democratic leadership as it prepares to toughen oversight of the financial services industry.

The company is mulling the sale of certain retail operations the Asia-Pacific region as part of incoming CEO Jane Fraser's plan to streamline operations, according to people familiar with the matter.

The Boston-based bank said the Office of the Comptroller of the Currency gave it the highest grade possible on its most recent Community Reinvestment Act examination. Santander had received a “needs to improve” grade in 2017 and a “satisfactory” rating in 2018.

Transit and parking draw new users to mobile wallets, and Google is expanding both features to add use cases for its payment app.

Citigroup told employees in Texas they could take shelter in the firm’s offices as the state grapples with the effects of a snow and ice storm earlier this week.

The Federal Reserve warned of significant risks of business bankruptcies and steep drops in commercial real estate prices in a report published on Friday.

Brex currently relies on bank partners to offer credit cards and cash management accounts to small and midsize businesses. It is looking to charter its own FDIC-insured institution to be a direct provider.

Credit card and bank account fraud have soared during the pandemic, with fraudsters intercepting consumer data via retail and banking disruptions and worsening synthetic ID fraud.

The shift to digital is permanent, creating an opportunity to reassess long-term strategy, says Greynier Fuentes.