Fintech

Citizens Bancorp Investment has agreed to buy American Bancshares in a deal expected to close later this year.

It’s no surprise that the first step in the modernization of the payment industry was the issuance of virtual cards. These new payment instruments abstracted debit cards, credit cards, and prepaid gift and incentive cards down to their essence, says Marqeta's Vidya Peters.

Traditionally, consumers take summer vacations to recharge from the hustle and bustle of daily life, as well as to reconnect with families and friends, before moving on to the next phase of their lives such as the restart of schools or going back to work – but not this year.

Jay Hendricks, the company's chief operating officer, will succeed William Foster in August.

Several big bank mergers fell apart after the coronavirus hit. But Bryan Jordan, First Horizon's CEO, said the pandemic validated plans to cut costs and invest more in digital upgrades.

The Democrats’ presumptive presidential nominee called for a public credit reporting agency and for the Postal Service to offer financial services, among other proposals issued through a unity task force with Bernie Sanders. But analysts suggest the recommendations are more about electoral politics than pushing for real reforms.

Viewing it as a way to help businesses emerge from the COVID-19 pandemic, Ingenico is targeting digital merchants with expanded services addressing cross border, recurring and subscription payments.

Jim Nussle, CEO of the Credit Union National Association, recently argued that Congress should do away entirely with FOM requirements. Such a move would further favor credit unions over banks.

The role of EMVCo — which is often seen as an extension of the card brands that deals only with chip-based EMV plastic cards— has come into sharper focus.

Backers say a bill to limit asset growth instead of restricting brokered funds addresses concerns about expanding balance sheets at troubled banks. But skeptics worry it would open the door to greater risk.