Merchant

Block, the digital-payments firm run by Jack Dorsey, is expanding its small-business loans service to Canada, bringing it into more direct competition with the country's biggest banks.

From the threat of cyberattacks to discriminatory lending practices, banks need to pay close attention to a number of significant challenges.

Lenders don't oppose CFPB data collection for small-business loans but favor changes that would minimize unintended consequences for borrowers, a Consumer Bankers Association official writes.

To appeal to a younger audience, credit unions are teaming up with third parties that can help them offer Bitcoin accounts, real-time payments and other cutting-edge services.

The annual event, while not specifically tied to the war in Ukraine, could prove to be opportune for financial institutions.

The companies, which partnered to create a new digital shopping experience, say it made sense to focus on mom and pop stores that had to pivot to e-commerce during the pandemic. These businesses will be the first to get collaborative cloud-based tools including maps, marketing and payments.

Wells Fargo missed analysts’ expectations on first-quarter revenue and expenses as Chief Executive Charlie Scharf continues to face challenges turning around the bank after years of scandals.

Banks have supported initiatives aimed at closing the racial equality gap but the industry risks undermining this by fighting new rules to gather demographic data on small-business lending.

California and New York were the first states to require the disclosure of certain pricing information to small-business borrowers. But as Utah, Virginia and other states add regulations for nonbank lenders, a fault line has emerged over the use of annual percentage rates.

Vanguard Group will give some American Express credit card customers access to financial advice, a business the fund manager is working to build up.