Merchant

The Biden administration will award $1.25 billion to hundreds of community lenders in an effort to speed the economic recovery from the coronavirus pandemic, Vice President Kamala Harris will announce on Tuesday.

With the Colonial Pipeline attack still in the news, bank CEOs testifying at a recent hearing cited cyber risk as the biggest threat facing the industry. But members of Congress did not share those concerns, and instead were more focused on criticizing banks about overdraft fees and their level of investment in minority communities.

The bank has its eye on younger cardholders who are ready to spend more heavily now that pandemic restrictions have eased.

Just as small and midsize businesses had to adapt to survive the coronavirus emergency, lenders need to adopt new underwriting practices and technologies that modernize how they evaluate borrowers' creditworthiness.

The product, which will compete against Citi’s Double Cash card, is the first step in CEO Charlie Scharf’s revamp of a business segment that has long trailed top competitors.

The deal for the Salt Lake City-based home improvement lender, which Home Depot tried to acquire more than a decade ago, is part of a larger effort by Regions Financial to diversify its home lending business.

The e-commerce giant is looking for someone whose skills pertain to distributed ledgers and digital currency.

The move furthers the retail giant's strategy to become a one-stop shop for payments and financial services.

Billers have long had the edge in handling users' bill payments. Fiserv says it can change that through faster transactions, but it faces fresh competition from fintechs.

The EMV specifications technology body has revised its requirements to ensure a consistent payment experience for cards, smartphones and wearables.