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Canada’s fourth-largest bank is pressing ahead with big technology investments to cut costs and try to generate more revenue from existing customers, said Erminia Johannson, BMO’s head of personal and business banking for the U.S. and Canada.

The bank trade group called for lawmakers to revoke the industry’s tax exemption and suggested that credit union acquisitions of banks create a “brain drain” of local lending expertise that could slow any economic recovery.

The San Antonio-based company has promoted Paul Vincent to president of its banking unit. Neeraj Singh, previously chief risk officer for Citi’s U.S. consumer bank, has joined the parent company as chief risk officer.

Over the past 10 months the payment industry has seen several products and services of bygone eras that have been reconstituted, repackaged and positioned to help customers and small businesses to manage their finances and cash flow, says Avenue B Consulting's Maria Arminio.

A voluntary effort to include more members of underrepresented groups in the C-suite and on corporate boards would help banks avoid government mandates.

Citigroup’s incoming CEO, Jane Fraser, created a new global operating team aimed at improving accountability among its top executives, as the firm continues to address a litany of concerns raised by regulators last year.

Ant Group and Chinese regulators have agreed on a restructuring plan that will turn Jack Ma’s fintech giant into a financial holding company, making it subject to capital requirements similar to those for banks.

This is in stark contrast to perceptions that cash can spread pathogens, a concern that has caused many consumers and merchants to downplay its usage.

The Miami bank, which called off a proposed sale to a credit union last year, recruited Ramon Rodriguez from City National Bank of Florida to oversee its local lending and global banking operations.

Bank of America pledged to add $10 billion to an affordable homeownership program through 2025, tripling its initial commitment.

The Los Angeles company agreed to buy $105 million of loans and a servicing portfolio that covers another $295 million in originations.

The Flint-based credit union is the state's third in just over one year to get the OK for an expansion allowing anyone who lives or works in the state to join.

The California company acquired Civic Financial Services, which makes loans to residential real estate investors.

The country’s financial regulator says many people who take out “buy now, pay later” deals don’t view them as loans; Navient ordered to repay $22 million it overcharged the government.

The project is part of the card network's push to showcase its tech expertise while also working to shrink the wealth gap in Black communities.

Any business loan growth the industry sees this year will be closely tied to mass vaccination efforts and a broader economic recovery, meaning it may take until at least the third quarter for pent-up demand to translate into new opportunities.

Senate Majority Leader Chuck Schumer is calling for federal legalization of cannabis. This should be welcome news to niche payment processors already in the business, but it would also reward big players waiting on the sidelines.

Moves to protect competition will help fintechs and push innovation, says AppBrilliance's C. Eric Smith.

Daily edition for February 03, 2021.

More than 50 years since the passage of fair-lending laws, homeownership remains out of reach for many people of color.