Fintech

Billing is becoming part of faster payments, a development the bank contends makes paper-based B2B payments "unsustainable" for businesses facing equipment and staff shortages.

Banks flush with liquidity are likely to keep deposit yields low even as the rates they earn on loans widen, which should result in higher net interest income. One industry analyst predicts “NII to the sky.”

Citigroup has been pulling back retail operations from broad swaths of the globe, but its commercial banking business is finding new regions for expansion.

Some investors worry the rebound in consumer lending will inevitably lead to more defaults. Here’s why bank executives disagree.

The Silicon Valley fintech expects to make $1.5 billion in auto loans this year after implementing key elements needed to achieve scale, said CEO David Girouard. The expansion comes as the automotive market continues to boom.

In many cases, it's as difficult to move money as it is to move products around the globe. Firms like Rapyd and BNY Mellon are trying to ease concerns that businesses have about automating payments, with a goal of reducing friction in an increasingly complex global economy.

The Federal Reserve Bank of Boston announced that Susan Collins, an economist currently at the University of Michigan, will be its new president, marking the first time a Black woman will lead one of the U.S. central bank’s 12 districts.

The company has agreed to pay at least $3.75 million to resolve allegations that it violated the District of Columbia’s 24% interest rate cap.

The U.S. Treasury Department defeated a blue-state challenge to a rule that exempts buyers of high-interest loans from state interest rate caps.

Borrowing on plastic climbed by $52 billion in the fourth quarter, the New York Fed found, as consumers splurged on holiday shopping and inflation drove up the cost of goods and services. It's the biggest jump in the 22 years the data has been tracked.