Technology

American banks need the kind of clear rules European institutions have enjoyed for several years if they're to become leaders in sharing consumer data with fintechs.

“We've put a goal there that's very specific, and we're very loud about where we are on the path to it and how we're getting there,” Fitzsimmons said. 

In addition to merger work and a data center consolidation, Guild’s combined team has been busy with several major tech initiatives this year.

Executives from banks, credit unions, card issuers and investment firms at American Banker's Card Forum discussed ways the public's embrace of digital transactions and credit alternatives like buy now/pay later is shaping everything from products to business strategies.

Housing will still be a priority of the Consumer Financial Protection Bureau, but newly confirmed Director Rohit Chopra is also expected to investigate discrimination in the Paycheck Protection Program and bias in AI-powered lending algorithms.

Online lenders are a fast-growing sector of the financial system that hardly existed when the Consumer Financial Protection Bureau was created. The bureau should hold fintech lenders to the same standards as banks to eliminate a blind spot in supervision.

The U.K. challenger bank rescinded its application to become a U.S. bank after pandemic-driven losses.

The tech company has abandoned plans to offer checking accounts in partnership with banks and will instead focus on being a technology provider for them. Citigroup says it will press ahead with aspects of the digital banking project on its own.

Bank of America’s online-banking platform went down for several hours Friday, leaving thousands of customers locked out of their accounts before service was restored.

A bug in a recent update of the decentralized finance platform Compound sent users nearly $90 million worth of cryptocurrency in error, leaving its creator’s CEO begging users to voluntarily send it back.