Technology

Rohit Chopra, the director of the Consumer Financial Protection Bureau, has cautioned banks, credit unions and fintechs about fair-lending violations that may stem from reliance on artificial intelligence. His comments threaten to discourage financial firms from using the technology to crunch nontraditional data about borrowers, experts say.

The online-only bank sees opportunities to boost revenue and lower its customer acquisition costs by providing more behind-the-scenes services to fintechs offering financial products.

The transfers are among the fastest and least expensive in the region. The quicker service will please users but the fintech faces a challenge in trying to differentiate itself from rivals, analysts said.

Few banks have adopted an instant invoicing technology called Request for Pay, but more may get on board to help their customers avoid overdraft charges.

The card network hopes its enabling of digital payments could balance the scrutiny it faces over interchange rates in countries such as the U.S. and U.K.

The retailer is funding a challenger bank called One that would be formed from the combination of several fintech firms. The startup would have a strong product set and cash position but could struggle to stand out in a crowded neobank field.

Esusu, a financial technology company that aims to help bridge the racial wealth gap by reporting rent payments to credit agencies, has become one of only a few Black-owned startups to reach a valuation of $1 billion after closing a Series B round led by SoftBank Vision Fund 2.

The cryptocurrency exchange recently refunded $35 million to customers whose accounts had been drained by hackers. Here's what banks and other financial firms can learn from the attack.

The Consumer Financial Protection Bureau's inquiry into buy into the installment products should make sure fintechs abide by the same underwriting requirements as banks in this growing market.

Affirm Holdings, known for its buy now/pay later options, beefed up its app as the firm works toward a crypto offering.