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Moore Capital Holdings alleges that TD showed a “total and systemic failure” to respond to a cyber scam that cost the company more than $275,000.
August 11
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It may seem odd that Citigroup has created an online lending platform that matches small businesses with minority-run and other banks for no financial benefit. Yet company executives and observers say it makes sense.
August 11
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The e-commerce giant is adding a surcharge for Visa credit card payments in Singapore. It's a tactic reminiscent of the time its big-box rival outright banned the card brand in Thunder Bay, Ontario, in a bid to lower its costs.
August 11
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Upgrade, a lending startup that counts former LendingClub executive Renaud Laplanche as a co-founder, raised $105 million in a funding round that values the company at more than $3.3 billion.
August 11
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Small increases in commercial real estate loan volumes, particularly at midsize banks, may be indicators that the sector has weathered the worst of the pandemic. Construction loan originations, which tend to fall sharply during a recession, are leading the way.
August 11
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Despite clear evidence to the contrary, the mortgage insurer continues to insist that credit unions have the same risk profile as nonbank lenders. It’s now threatening to exclude nearly a quarter of credit unions from being qualified issuers of the securities it backs.
August 11
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The Boston-based cryptocurrency firm says it would welcome the tough oversight that comes with being a bank. Yet Biden-era regulators have shown apprehension about granting approvals to digital-asset firms.
August 10
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The acquisition of Florida-based Service Finance Co. would expand the North Carolina bank’s presence in the point-of-sale lending business.
August 10
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The $119 million-asset Ergo Bank in Wisconsin, which is working with the fintech Neocova, says artificial intelligence and modern data management are attainable for even the smallest financial institutions — and essential to competing with larger banks for consumers.
August 10
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Tom Young is stepping down as president and CEO of the Green Bay, Wisconsin, credit union. His successor has not yet been named.
August 10
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Abbott Cooper, the head of Driver Management, says Codorus Valley Bancorp is not as profitable as its peers. Cooper, who has successfully forced the sale of at least two other banks, has indicated he's ready to launch a proxy fight.
August 10
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The combination of American Express and its fintech subsidiary Kabbage is starting to bear fruit at an opportune time, as credit card companies increasingly expand their range of products to boost revenue.
August 10
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Steven Black was a board member of BNY Mellon when Wells CEO Charlie Scharf led the trust bank. He will become Wells Fargo’s fifth chairman in five years.
August 10
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JPMorgan Chase revamped the rewards on its popular Sapphire cards as the fight to win affluent customers continues to escalate.
August 10
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The Arkansas bank has hired an 11-member team to develop its new operation. Much of the team joins from TCF Financial, which was sold to Huntington Bancshares in June.
August 10
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Banks are traditionally the target of anti-money-laundering regulations and law enforcement’s efforts to crack down on illicit finance. As the cryptocurrency sector grows, policymakers may subject it to customer identification requirements and other measures, analysts say.
August 9
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Ann Arbor Bancorp had agreed to buy FNBH in February 2020 but backed off four months later amid economic uncertainty. The two sides have reunited, though the price tag rose.
August 9
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While other digital payment providers have partnered with banks to improve their offerings, Circle's plan would enable it to offer regulated financial services in-house to complement its U.S. Dollar Coin cryptocurrency.
August 9
