Fintech

Federal Reserve Bank of Boston President Eric Rosengren said the long period of low interest rates before the coronavirus pandemic is contributing to the depth of the current recession.

The $3.1 billion-asset institution's product will not carry any fees and offers a variable APR.

It's a perplexing problem for those developing and instituting Payment Card Industry data security standards: Even as threats rise, the number of organizations that fully comply continues to drop.

Bank of America plans to offer some of its customers access to short-term loans, the latest blow to the payday lending industry.

The pandemic has caused a massive shift in corporate expenses, turning the company dime upside down as plane tickets give way to home office equipment. It’s a complication for those who track, approve and pay for these expenses, requiring a new approach in the back office.

U.S. consumer borrowing unexpectedly fell in August as credit card balances declined for a sixth consecutive month with the coronavirus pandemic continuing to limit some purchases amid elevated unemployment.

Many consumers are taking to the highways and the water for safe getaways during the pandemic — powering one of the few bright spots in lending. However, bankers warn that boomlets usually come with distinctive credit risks.

Last year, credit unions surpassed 291 million members in 118 countries.

The company, which provides credit cards to millennials, is expanding its target audience beyond thin-file consumers and those without credit histories. It will now also target those with blemished, nonprime credit histories.

Paytm’s decision to open its own app store after Google forced developers to use its billing system was a predictable move, as is the potential for fintechs to steal payment volume from the technology giants.