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s part of a global financial community, we must consider the long-term impact and see financial inclusion as a fundamental priority as we look to rebuild a fairer, more sustainable world, says Icon Solutions' Darren Caprehorn.

Daily edition for August 07, 2020.

Spinning off its digital bank will allow Pennsylvania-based Customers to beef up its commercial lending and buy other banks. BankMobile, meanwhile, plans to pursue more white-label relationships and perhaps explore its own acquisitions.

Just eight loans had been made as of late July, six of them through a single community bank in Florida, according to new data on the federal rescue program for small and midsize companies hurt by the pandemic.

The credit union, formerly known as Kern Schools FCU, selected an internal candidate to take the helm once Stephen P. Renock, IV, retires in July.

Paystand's Zero Card leverages its proprietary blockchain-based bank-to-bank payments network in combination with a virtual Mastercard.

The central bank released new details about FedNow, which officials hope to get off the ground before a 2023 or 2024 target launch date.

Regulators found fault with the bank’s cloud migration efforts in the years that preceded a 2019 hacking incident.

Credit card balances declined most sharply as consumers cut back their spending due to the coronavirus pandemic and associated shutdown orders, the New York Fed said Thursday. But delinquencies also fell across all debt categories, thanks to government and lender relief efforts.

A survey of companies that received funding from the Paycheck Protection Program also showed that respondents on average have cut their payroll costs by more than half.

The agency said property owners can enter into new or modified forbearance plans if they have a hardship due to the coronavirus, but the landlords must agree not to kick out renters solely for nonpayment of rent.

The digital bank would be sold to Megalith Financial, allowing Customers to focus on commercial lending and letting BankMobile expand more aggressively.

The digital bank, founded by a former Western Union president, offers tools to help low- and moderate-income people access their wages early, pay bills and engage in other financial services activities for a monthly fee.

PayPal is improving its ability to reach innovators, adding a key executive in its recent hire of former Wells Fargo senior vice president and fintech veteran Peggy Mangot to be operating partner at PayPal Ventures, PayPal’s VC team.

One of the few clear implications from the initial two months of the lockdown with the changes to consumer behavior and the uncertainty ahead is the imperative for organizations to regain clarity on credit risk by obtaining a more complete picture of consumer creditworthiness, says LexisNexis Risk Solutions' Ankush Tewari.

Credit card debt has actually gone down since the pandemic struck, with many consumers spending less while using bailout money to chip away at balances. But that may not last.

Wirecard AG’s spectacular collapse is leaving a gaping hole in the income statements of its European banks.

Chief Financial Officer Matt Koch will take the helm later this year when longtime CEO Clark Yelverton retires.

The coronavirus pandemic has forced some branches to close, but demand for in-person advice remains strong.

The American Dream Down Payment Act would let states establish and manage accounts, which would be similar in structure to 529 college savings plans.