Investment

Kenneth Blanco expressed concern in a speech about cyber criminals using "synthetic identities" to commit fraud with data stolen from fintech platforms.

Rep. Patrick McHenry, the top Republican on the House Financial Services Committee, proposed having the central bank update Congress on measures to strengthen its own cybersecurity as well as that of institutions under its watch.

The major technology companies that have chipped away at incumbent payment businesses face much larger competition from this year’s big processing mergers, but they’ve also bulked up through fundraising and product development.

The bank has developed APIs to feed customer data directly to seven fintechs and data aggregators, including MX and Finicity.

The San Francisco startup plans to use the fresh funding to hire employees in its engineering team and to expand the number of platforms it works with.

Congress should consider acting quickly or companies could treat the Golden State's new data privacy restrictions as a national standard.

Some countries are toying with digitizing their currencies; NY Fed chief defends SOFR despite recent concerns about repo market volatility.

The race against high-tech fraudsters has always motivated the Payment Card Industry Security Standards Council, but for too long the council's process for establishing new standards wasn't looking ahead to the next threat.

Cathy Bessant, Bank of America's chief operations officer and American Banker's Most Powerful Woman in Banking, has undertaken major initiatives outside her institution, including a focus on responsible AI.

Democratic lawmakers and consumer advocates say the remedies offered to consumers by firms like Capital One and Equifax are too difficult to access and not particularly helpful.