Fintech

Mounting liabilities are raising the stakes for an economy that has come to rely more and more on high-end consumer spending to power expansion.

Investor reaction to the proposed $8.6 billion deal has been sour, with both banks' share prices falling more than 11% as of Friday afternoon. The response appeared to reflect the market's distaste for mergers of equals and the risks associated with crossing the $100 billion-asset threshold.

Jack Dorsey's Block Inc. is adding a group payments feature to its Cash App as it aims to attract out of network users to its peer-to-peer money transfer and banking app.

The big box retailer is trying to increase share among its business clients by adding financing options for businesses that are navigating economic volatility.

President Trump and Senate Banking Committee Chair Tim Scott, R-S.C., visited the Federal Reserve Board headquarters Thursday afternoon to inspect ongoing renovations whose cost overruns have heightened scrutiny of Fed chair Jerome Powell.

Flagstar Bank wants to merge its holding company into the bank, which would cut $15 million in annual expenses and eliminate regulatory oversight by the Federal Reserve, leaving the OCC as its primary regulator. The bank's CEO, Joseph Otting, is a former comptroller of the currency.

Bread Financial continues to keep its eye on the potential inflationary impacts of the Trump administration's trade policies, despite the fact that its delinquencies and losses declined in the second quarter.

The fintech has made its core payment app interoperable with Venmo and will connect 2 billion users through partnerships in India, China, Brazil and other major digital commerce markets.

The credit card issuer renewed and extended its 15-year partnership with Amazon and touted fresh partnerships with Walmart and PayPal as wins, but lowered its full-year guidance due to lower purchase volumes and higher payment rates.

Kate Luft, a former chief of staff for Citi CEO Jane Fraser, is now running the company's U.S. retail banking business. In her first interview since getting the job, Luft discussed what banks can learn from airlines and the advantages that incumbents have over fintechs.