Subject Root Tag

Under an agreement with 40 state attorneys general, the student lender and servicer agreed to cancel debt for over 66,000 borrowers and pay restitution to another 350,000 borrowers placed in certain types of forbearance.

Fed Gov. Lael Brainard, President Biden's nominee for Federal Reserve vice chair, sought to assure GOP members of the Senate Banking Committee she favors a more limited supervisory approach that would help larger banks identify pockets of risk in their loan portfolios.

The company sold small businesses a credit-building product that fell short of its promises, and also failed to help them fix inaccuracies in their credit reports, according to the Federal Trade Commission. D&B has agreed to give refunds to many customers.

Steve Bouras, who joined the credit union in 2016 as its vice president, took over for retiring CEO Brad Johnson.

UniCC is the the largest dark web vendor of stolen credit cards, with $358 million in purchases made through the market since 2013 using cryptocurrencies, according to a blockchain forensics firm.

Challenger banks like Chime and Dave have been helping customers avoid overdraft fees for years. As traditional banks start to do the same, the fintechs say they still offer consumers a better deal.

Business inventories, a key indicator of potential loan demand, are expected to swing upward this year as supply chain bottlenecks finally crack open, according to a panel of economists.

OneUnited's new installment-loan product is meant to break customers out of a cycle of debt. It will compete with similar offerings from heavyweights like Wells Fargo, Bank of America and Huntington.

The branches will provide services in clients’ preferred languages and employ local residents. Executives say the strategy will help M&T pull in new customers at a time when nonwhite populations are expanding.

The card brands are pursuing partnerships with banks, government agencies and merchants, with a goal of building networks and services to accommodate the rise of central bank digital currencies.

Daily edition for January 13, 2022

The Consumer Financial Protection Bureau is more than a year away from issuing a proposal on consumers’ right to control the flow of their data between banks and third parties such as fintechs, according to people familiar with the bureau’s thinking. Many previously expected a plan to arrive this spring.

There was an estimated $80 billion of fraud in the Economic Injury Disaster Loan program, which the Small Business Administration managed on its own. Republicans argue that's evidence the agency is unsuited to make direct loans, as the White House wants it to do.

In a letter to the chairman of the Commodity Futures Trading Commission, the top Democrats and Republicans on the Senate and House Agriculture Committees say the watchdog has a “critical role to play“ in regulating digital assets. 

Though the dining sector has been hit hard by COVID-19, restaurateurs have pivoted to drive-thru and curbside options, and rising grocery prices are making eating out comparatively less pricey.

The startup PointCard's new charge card ignores applicants' credit scores, instead weighing their cryptocurrency holdings and other investments to determine ability to repay.

State Street Global Advisors, one of the world’s biggest asset managers, said all global companies in which it invests must have at least one woman on their boards to gain the firm’s support during the upcoming proxy season.

Banco Santander is among lenders exploring bids for Citigroup’s retail banking operations in Mexico, according to people with knowledge of the matter.

New York Community Bank and Synovus Bank are among the founding members of the group, which will use the US Dollar Forward stablecoin on the Provenance blockchain.

A U.S. central bank digital currency is coming, and what form it takes could spell opportunity — or trouble — for the banking industry.