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Former CEO John Stumpf agreed to pay a $2.5 million penalty to settle civil charges tied to the bank’s fake-accounts scandal. Former community bank head Carrie Tolstedt did not agree to a settlement and is now facing a lawsuit that alleges she committed fraud.

Replacing the traditional POS model will be a cloud-focused and software-defined model that gives shoppers their choice of checkout and reimagines the store experience, says Zynstra's Brian Buggy.

The teams include people who previously worked for the Treasury and the Federal Housing Finance Agency as well as HUD.

Joe Biden's presidential transition has barely started but already banks and investment firms are anxious about two names they fear are in the running to lead the Securities and Exchange Commission: Gary Gensler and Preet Bharara.

Our collective work on the real-time payments front is not for naught. That is because the consumer and business needs are evolving, says Bottomline's Jessica Cheney.

Real-time payments carry a trove of valuable data for supply chains, and a way for card networks to grow beyond card-dependent revenue. The collaboration between Payments Canada and Mastercard’s Vocalink will go a long way toward both ends.

A former Fifth Third executive recently accused the company of failing to deliver on a promise to make him president because he’s in his mid-50s. The case offers important lessons in hiring and succession planning as the banking industry cuts costs and seeks out younger, digital-savvy managers.

The head of the agency told a congressional panel that the agency is taking steps to prepare for the incoming Biden administration and that she plans to serve until her tenure ends in 2023.

As it attempts to craft policy on access to consumers’ financial account information, the agency is wading into a battle between those who want data to flow more freely and those who prioritize security.

The cross-border e-commerce market is set to pass the $1 trillion mark in 2020, providing a huge addressable market for Afterpay's buy now, pay later expansion.

Wells Fargo is exploring selling a unit offering store-branded credit cards as the bank chooses businesses to keep or break off in a broad strategic overhaul, according to people with knowledge of the matter.

Concerns over cash and checks are permanent and will make contactless mainstream, says Global Market Insights' Vinisha Joshi.

The response exceeded expectations, with more than 1,600 Citi customers requesting a name-change on their cards within the first few weeks of the program.

Big financial institutions are worried that online wagers made with credit cards pose a heavy risk of money laundering. The possibility of tougher rules under the incoming Biden administration has only compounded their concerns.

Bill Bynum, president and CEO of Hope Federal Credit Union, and Gail Laster, former director of the National Credit Union Administration's consumer protection division, are working with the incoming administration.

In a bid to fuel online sales, Barclaycard is partnering with Amazon in Germany to offer installment lending to overcome the country’s low credit card ownership rates.

JPMorgan Chase dropped one rung on the Financial Stability Board’s annual rankings of systemically important banks to sit alongside Citigroup and HSBC Holdings as one of the world’s three most important banks.

Fifth Third Bancorp promoted Chief Risk Officer Jamie Leonard to succeed Tayfun Tuzun, who will become chief financial officer of BMO Financial Group on Jan. 1. Both companies made other executive moves at the same time.

The group includes many advocates for stricter bank regulation from the Obama administration; the president-elect may have as many as three open seats on the central bank or as few as none.

With many Americans and members of Congress questioning the results of the presidential election, financial services trade associations quickly vowed to work with the incoming administration.