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The complaint filed by New York, California and Illinois argues that the regulation, issued in response to the 2015 Madden decision, undermines state laws intended to protect consumers.

Highlighting its commitment to hiring and promoting more minorities, the company has promoted Greg Cunningham to senior executive vice president and appointed him to CEO Andy Cecere’s leadership team.

As Senate Republicans consider a new coronavirus relief package, the Federal Reserve chairman said easing the so-called Collins amendment would help financial institutions support the economy.

In what was a challenging quarter for the industry, the company reported strong loan growth and a wider margin. Continued momentum will depend on government stimulus, the reopening of New York City and borrowers' ability to make payments after their deferral periods end.

The financial services industry urged Gov. Tom Wolf to reconsider guidelines that excluded their employees from receiving this benefit.

The pair has joined Morgan Stanley among the roster of global banks pledging to measure the impact their lending decisions have on global warming. Citi also said it would finance $250 billion of low-carbon projects.

Two trade organizations and a consumer group urged lawmakers to establish a three-year moratorium to block the charter bids of companies that they said were attempting to skirt regulatory requirements.

Members of the Senate Banking Committee took the agency’s leader to task for eliminating underwriting requirements for small-dollar lenders, which lawmakers said has left consumers more vulnerable during the pandemic.

The pioneering online lender had long struggled to live up to the hype that drove its early growth, even before the pandemic pushed it to the brink.

In the same manner as its previous plans for a fintech charter, the Office of the Comptroller of Currency is getting some pushback from banking trade groups on its idea to establish a payments charter.

The company's latest Credit Union Trends Report attributed the increase to rises in deposits and capital, along with a decline in borrowing.

Seven trade groups said they would fight any effort by the agency to establish a tailored license for payments providers such as PayPal, Stripe and Square.

Citing the benefit of making purchases from home during the coronavirus pandemic, China's UnionPay International is partnering with digital platform Glovo to enable its cardholders in Europe to participate in on-demand shopping.

One way banks can prepare for a smooth cutover to new standards is by implementing a core banking / payment solution that uses ISO 20022, says Infosys Finacle's Peter Ryan.

On-demand delivery service Rappi is leveraging its huge customer base to provide financial products to Latin American consumers through partnerships and joint ventures with fintechs and banks.

Legislation that would force transparency around company ownership would be better than another burdensome anti-money-laundering rule.

The company has renamed itself Prove and says that the acquisition will allow it to help banks fine-tune their security procedures when serving customers.

Remitly has raised $85 million in its latest fundraising round, valuing the company at $1.5 billion as the COVID-19 pandemic drives consumers to increasingly send remittances digitally.

The pandemic’s physical distancing requirements appear to have accelerated transaction volume and overall use of Zelle, the P2P app operated by the bank-owned Early Warning Services LLC.