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The bank said the move will give it more flexibility for raising capital.

The assertion by former Goldman Sachs executive Gary Cohn that smaller banks won't be viable in a high-tech world overlooks their success in partnering with fintechs, according to the Independent Community Bankers of America.

The Connecticut company, which began reviewing its operations in January, said the effort gained momentum when the coronavirus pandemic hit.

The company will close nine branches over the next three months.

Citigroup said Peter Charrington, global head of private banking, will leave to spend more time with family and pursue new opportunities.

Wells Fargo is exploring the sale of its asset management unit, a business that could fetch more than $3 billion, according to a person briefed on the matter.

The bank is also taking $174 million in pay from executives, including its current and former CEOs; civil rights groups say the new rule will make it harder to prove housing discrimination.

Daily edition for October 23, 2020.

Small and midsize merchants in North America continue to struggle with the effects of COVID-19 on their bottom lines, but those who have developed an online presence and made changes to in-store payments have found the process to be a vital step.

As fraud continues to rise, there are a series of steps merchants can take to bring themselves into PCI compliance, says Qualpay's Penny Townsend.

As the pandemic speeds digital adoption at financial institutions, the technology giants are pitching products that scan in data from mortgage documents and provide security and compliance controls used by in-house tech developers.

When both origination and forbearance demand spiked in the early weeks of COVID-19, quick thinking lenders were able to leverage their expertise and tech stacks to respond quickly.

Many of the Buffalo, N.Y., bank’s commercial loans have exited forbearance granted in the early days of the pandemic — except hospitality and retail, which were given longer dispensation.

The rulemaking is expected to draw enormous interest from both banks and third-party fintech providers.

Institutions that cling to outdated lending tools run the risk of being left behind by commercial clients who are barraged with opportunities to borrow faster and more conveniently.

With the sector facing serious headwinds — from declining enrollment during the pandemic to the prospect of a Biden administration making college free for many families — the departure of a major player could be a shot in the arm for the likes of Discover and Sallie Mae.

The agency’s consolidation of supervision and enforcement policy into one office could compromise the independence of those deciding when to investigate alleged wrongdoing by banks and others, critics of the move say.

The media company Urban One has launched a new account that includes a prepaid debit card and encourages customers to buy from Black-owned business and lets them donate their cash back to charity.

The Cincinnati company, one of just a handful of lenders to reduce its cushion against bad credits in the third quarter, was grilled by analysts who suggested it was being too optimistic about the long-term effects of the pandemic recession.

From finding new efficiencies to redefining the customer experience; fintechs are permanently changing financial services. But what does the actual acquisition process look like?