Fintech

The comptroller of the currency will be replaced by his COO, Brian P. Brooks, on an acting basis; CEO James Gorman says the economy needs to be on steadier ground first.

Unlike past economic recessions where businesses and consumers have had to adjust their payment habits and debt levels over the course of months or quarters as the economy shrank, the coronavirus-induced economic crisis has forced many to make much more abrupt financial adjustments.

British banks are confronting the European import of subzero interest rates that could damage profits already weakened by the coronavirus pandemic as the Brexit divorce rumbles toward its rocky end.

The challenge posed by digital-only remittance services has prompted a rapid change at MoneyGram.

To get a better handle on the coronavirus-driven boom in Latin American e-commerce, cross-border processors are ramping up digital alternatives for shoppers who pay cash for online purchases.

Payment infrastructure platform provider GoCardless has signed cloud-based VOIP technology provider 8X8 for recurring bills, with a goal of speeding invoice payments.

Nearly 4 million households that were to be mailed paper checks will instead receive their pandemic relief aid via prepaid debit cards issued by MetaBank.

Congress should pass legislation authorizing use of nontraditional data sources to make credit more available to consumers who’ve taken a hit from the coronavirus pandemic.

Mike Maddox will succeed George Jones on June 1.

The agency has freed companies from reporting requirements and provided flexibility on exams to help them deal with COVID-19 fallout. It has also finished other regulatory relief efforts that were in the pipeline before the pandemic hit.