Banking

The New York based Petal uses machine learning to optimize the limited financial data available for low-information consumer groups and millennials, who often turn to installment loans from companies such as Affirm, Klarna and PayPal Credit.

Earnings fell well short of analysts' estimates due in part to a 28% increase in interest expenses.

After struggling during the Great Recession, the Las Vegas-based credit union has now posted 27 consecutive quarters of positive results.

The 35-day partial government closing was a stark reminder that many Americans live paycheck to paycheck, and financial firms need to help solve that problem, the mobile banking firm’s CEO says.

Last year’s Dodd-Frank rollback facilitated the Chemical-TCF deal; the Fed is holding a conference this summer to discuss possible changes to the tests.

The information you need to start your day, from PaymentsSource and around the Web. Today: Facebook Messenger expands payment reach; First Direct and Monzo add tech; SOHO coffee builds loyalty app; Aliant offers free crypto payments.

The Consumer Financial Protection Bureau won't require payday lenders to assess borrowers’ ability to repay. American Banker reporter Kate Berry explains why.

Instead of investing in contactless cards, financial institutions should focus on moving their offerings to mobile — into apps that can do more than money management, argues Mehmet Sezgin, CEO and founder of myGini.

Many bankers say they’re more comfortable with using artificial intelligence behind the scenes, but others — including Synchrony and Wells Fargo — insist AI can be used to interact with customers if it’s deployed properly.

Bigger banks complained that a two-tier system would force them to rethink their models, while smaller banks raised concerns about adding more complexity to an already burdensome process.

Both banks' need for scale started the conversation and the lifting of the SIFI threshold helped seal the deal. Here are five takeaways from one of the industry's biggest recent mergers.

Auto lending in particular was a strong area for institutions in both states.

A new report from Cornerstone Advisors finds credit union executives aren't all that bullish on the year ahead, while banker optimism is back on the rise.

On Sep. 30, 2018. Dollars in thousands.

On Sep. 30, 2018. Dollars in thousands.

On Sep. 30, 2018. Dollars in thousands.

Business lending at the 10 largest regionals got a boost from turmoil in the securities markets; hedge funds stand to gain if conservatorship ends.

Chemical is paying roughly $3.6 billion for the $23.5 billion-asset TCF. The combined company will be based in Detroit, Chemical's hometown, and operate under the TCF brand.

The information you need to start your day, from PaymentsSource and around the Web. Today: Asia fintech consortium debuts; Go-Jek and Apruve raise investment; Apple Pay's set for Los Angeles' transit system.

Among the things we've learned this earnings season: C&I is back, fee income is flat, and leveraged lending is beginning to "rear its ugly head."