Retail & Commercial

The Ohio company will benefit after settling unpaid judgments tied to nonperforming loans at a bank it bought before the last financial crisis.

Community development financial institutions, which tend to be less digitally savvy than traditional banks and credit unions, are developing online-lending platforms and automating backroom processes with investments and technical assistance from big banks, high-tech firms and other sources.

The complaint charges the fintech startup with misleading customers about the interest they'd receive on deposits and the level of access to their money. It seeks an unspecified amount of consumer relief in addition to other remedies.

The startup, created in partnership with conversational AI platform LivePerson, will encourage users to send sums of money to strangers.

The latest report from the American Customer Satisfaction Index reported lower scores for both industries, with credit unions recording their lowest ranking since 2011.

The two companies have worked together to provide a banking app that community banks can implement and deploy in 30 days.

More lenders and governments should partner with community development financial institutions to ensure aid reaches minority-owned businesses that are the backbone of many neighborhoods slammed by the coronavirus.

A recent survey by the American Bankers Association found that mobile apps surpassed online banking as the go-to platform for consumers earlier this year, and its popularity has continued to rise since the onset of the pandemic.

While most payment firms consider checking a time-consuming expensive relic for business transactions, one San Francisco-based fintech is going the opposite direction by adding checks to its digital platform.

A group at George Washington University has been working to open a de novo institution to serve students, but the would-be institution faces a variety of hurdles before it can open its doors.