Retail & Commercial

As the CFPB reconsiders its open banking rule, banks and fintechs are locked in a bitter battle over who will pay for the new digital infrastructure.

Hope Bancorp's acquisition of a business that serves Japanese companies should complement its historic focus on Korean business owners.

Australia's national Payments Systems Board has decided to remove surcharges on prepaid, debit and credit cards for electronic funds transfers, while lowering the cap on interchange fees. Also, Wells Fargo is seeking banks for its international payment network, and more in American Banker's global payments and fintech roundup.

The exit highlights the steep challenges and high customer acquisition costs foreign fintechs face when entering the U.S. banking sector.

Federal Reserve Vice Chair Michelle Bowman said the Fed's proposed capital framework will inject up to $100 billion into the economy to support small-business loans.

While San Francisco had the biggest improvement in affordability for prices today versus 2019, Hartford remains in a very deep freeze, First American said.

Home prices increased 0.9% year-over-year and 0.1% month-over-month in January, according to the S&P Cotality Case-Shiller national home price index.

The bank's planned $142 million acquisition of Affinity Bancshares comes as war-related uncertainty appears to have slowed the industry's appetite for mergers.

Despite headlines threatening massive AI-driven disruption of the industry, legacy financial institutions with vast troves of customer data are actually very well positioned to reap the benefits of AI — if they understand how.

Employees at two of the 28 Wells branches where workers previously voted to unionize are now shedding union representation.