Fintech

Brian Brooks, an acting head of the Office of the Comptroller of the Currency during the Trump administration, says the CEO of one of the largest U.S. banks considered barring customers from using its cards to buy firearms.

The Pittsburgh company is adjusting the structure of a unit that has a national reach following the acquisition of most of BBVA’s U.S. operations. PNC has also named Jennifer Lee as the private bank’s head of U.S. markets.

The bank's purchase of Digital Payments Torana has become a key element of a newly combined payments business run by Amit Dhingra, enterprise payments director. The fintech's capabilities allow the bank to better serve government agencies, health care providers and other business categories.

In a twist on its Goldman Sachs-issued credit card, the technology giant will directly underwrite and hold its buy now/pay later loans through its own subsidiary, cutting out intermediaries.

Some of the riskiest loans given to millennials and Gen Z shoppers for clothes and electronics — and neatly repackaged for investors — are dropping in value.

U.S. consumer borrowing surged again in April, following a record jump a month earlier, fueled by rising prices and the continued strength of American consumers. 

The credit card issuer Synchrony Financial recently used FICO’s top competitor in a $1 billion deal. The choice is significant for VantageScore, but FICO remains the dominant credit score in the securitization market, according to analysts.

PayPal Holdings will let users transfer certain cryptocurrencies to other customers, exchanges and external wallets, a new service that’s part of the company’s effort to boost use of its app.

Citigroup plans to hire more than 4,000 tech staff to help move its institutional clients online in the wake of the pandemic.

Bruised by recent public relations gaffes, the buy now/pay later pioneer is forging ahead with a plan to complement its installment loans with a physical Visa card.