Fintech

The credit card company said it will open a new office in the city and hire hundreds of product managers and engineers.

The Vernon Hill-led bank is being buffeted by a board rebellion, a lawsuit and a burgeoning proxy fight all tied to the complaints of two investor groups that say their returns are subpar if not in the negative.

The Federal Reserve Board voted to lift the benchmark rate to target range of 0.25% to 0.5% and signaled more hikes at all six remaining meetings this year.

In a survey last month, only one in 10 chief executives identified mergers as their top priority, while 77% pointed to organic growth. The sparse interest in dealmaking may be due to volatile markets, along with slower approvals from regulators.

CEO Nitin Mhatre, who joined the Massachusetts bank in 2021, said that any M&A deal is at least a year away. For now, the bank is working with fintechs as a way to bolster its balance sheet and deliver exceptional customer experiences.

The data from these transactions could help millions of borrowers with thin or nonexistent credit files. But how the credit reporting industry collects and treats the data may matter more than the data itself.

Early Warning Services, which operates the Zelle peer-to-peer payments network, is working to educate consumers about common scams, but it faces criticism over how its banks respond to victims.

Chicago Title Insurance Co. and Chicago Title Co. LLC agreed to the payment to resolve a lawsuit brought by the bank, which said the firms had helped orchestrate a borrowing scam involving liquor licenses, according to a regulatory filing.

Liberty Bank and Texas Capital Bank are among those trying to attract new online-only customers while experimenting with technologies to benefit the institutions overall.

Bank of America’s consumer clients made $294 billion of total payments last month, up 16% from a year earlier, as the U.S. economy continued its recovery from the coronavirus pandemic.