Subject Root Tag

The recent order by Director Rohit Chopra — issued just days after he was sworn in — demanding that Amazon, Facebook and others hand over information about their payments products is being interpreted as a sign that the consumer bureau wants to take a more active role in regulating the tech giants.

The California bank sued a former executive for allegedly taking trade secrets and using them to build a rival fintech. A recent interim ruling frees Aeldra Financial to move ahead with fundraising while the case continues.

These venture capital firms are investing in young companies that could help small financial institutions meet their growing technology needs.

The agency said the risk management program for Cenlar FSB, which performs servicing functions for financial institution clients, was inadequate for the bank's size.

Brett Noll was most recently CEO of Securityplus Federal Credit Union in Baltimore.

Both Florida State University Credit Union and Florida Department of Transportation Credit Union are based in Tallahassee.

The partnership — combining one of the biggest buy now/pay later lenders with one of the major digital payment companies — gives merchants a compelling new offering that could enable Klarna to take wallet share away from traditional card issuers.

Goldman Sachs Group, in an effort to win more deposits and build out its transaction banking segment, is offering companies slightly higher interest on their accounts if they meet environmental or other socially responsible goals.

Through the Excelsior Linked Deposit Program, participating institutions can offer financing to consumers at a recuced interest rate.

Sen. Joe Manchin of West Virginia, a swing Democratic vote in deliberations over President Biden's social spending bill, signaled opposition to requiring financial institutions to report customer account information to help catch tax evaders. The measure "is going to be gone," he predicted.

The credit union’s agreement to acquire Midwest Community Bank in Illinois follows two other bank deals it announced this year.

Maxwell, a startup that operates an online platform catering to mortgage loan officers and smaller lenders, raised $28.5 million in equity funding from investors led by the venture firm Fin VC and Wells Fargo Strategic Capital.

Piermont Bank in New York expects to double its $347 million of assets in a year by extending working capital to financial technology companies. MainStreet Bancshares in Virginia is taking a different approach, hoping a new banking-as-a-service offering will help investors see it as more cutting-edge.

UBS Group is starting a digital wealth manager in the U.S. to grab a bigger share of the country’s market for retirement savings and stock options, in a move that will pit it against the top Wall Street banks on their home turf. 

The deal pairs up two of the world’s most valuable financial technology startups.

Daily edition for October 26, 2021

Businesses trying to meet a surge in demand for consumer goods are knocking on community banks' doors to finance expansions.

The hiring of Scott Dienes, a former Wells Fargo banker, is part of a broader plan to boost lending at the Wisconsin company.

The bank is the first to offer a service from The Clearing House’s Real Time Payments network that lets businesses send bills to retail clients, who are given the option to pay them immediately.