Subject Root Tag

The 14 lenders that dominate U.S. credit cards slashed $99 billion from their customers’ spending limits in 2020, mostly affecting financially troubled households.

Legacy contracts using the London interbank offered rate — which is set to be phased out at the end of this year — were granted a reprieve to mid-2023. However, there is no wiggle room on when the rate will expire for new deals, said Federal Reserve Vice Chairman Randal Quarles.

The depositor-owned banks are discouraged from participating in the Emergency Capital Investment Program because they can't issue preferred stock to back loans for underserved communities. It's another reason to overhaul their capital rules, mutuals argue.

Early in the pandemic, Michigan's Astera Credit Union realized that if it could not support touchless transactions, its members were likely to go elsewhere.

Democratic leaders are encouraging the Federal Reserve to develop its own digital currency to expand financial services access. Chair Jerome Powell indicated the central bank plans to take a methodical approach.

The Secured Overnight Financing Rate stemmed from years of discussion between regulators and a broad group of industry stakeholders about a safer alternative to Libor. Critics who say big-bank control of the new benchmark exacerbates risk are wrong.

Google will have to bring new leadership to initiatives like financial inclusion and its operations in India now that Caesar Sengupta, vice president and general manager of payments, has announced he will leave the company.

The fintech, which has applied for a California banking license and federal deposit insurance, aims to become a full-service online bank for 1 million Americans by year-end, says Ron Oliveira, its U.S. chief executive.

On Dec. 31, 2020. Dollars in thousands.

Timothy Collia will step down from the Portsmouth, N.H.-based institution later this year. A search for his successor is already underway.

On Dec. 31, 2020. Dollars in thousands.

Changes to CDFI Fund regulations could make it significantly easier to raise the capital required to get a new institution off the ground.

Fattmerchant is capitalizing on the subscription concept by taking a majority stake in Canadian billing software firm Fusebill, which competes with Chargebee and Chargify in the fast-growing arena of managing subscription revenue for merchants.

Liquidity sensitivity drives companies to procure tools to help them determine and execute the right strategies to get paid faster, says Bottomline Technologies' Jessica Cheney.

Ant Group created an investment advisory platform on its Alipay app, allowing companies that offer robo adviser services to reach its 1 billion users.

NCUA Chairman Todd Harper has reiterated his call for CUs not to garnish members' econimic impact payments, while the industry's largest PAC has resumed campaign contributions after a brief pause.

Banks, credit card companies and digital payments processors are nervously watching the push to create an electronic alternative to the paper bills Americans carry in their wallets, or what some call a digital dollar and others call a Fedcoin.

While the Fed decided not to extend capital easing for banks, it is working on a longer-term fix for calculating banks’ supplementary leverage ratio; the agency is looking at whether the company’s debit card policies for merchants are anticompetitive.