Banking

Yotta marketed accounts as FDIC-insured and impossible to lose, then moved $28 million of Californians' money to a Synapse arm its own executives didn't trust.

The move comes about a year after rising delinquency levels prompted SBA to raise lender fees and tightened underwriting standards in its flagship 7(a) program.

Select ChatGPT users can now connect their bank accounts to the AI-powered chatbot for personal money management advice based on their financial history.

Suncoast Credit Union moved from one-time identity checks to monitoring members for the life of the account. It says fraud losses fell more than a third.

The $110 million settlement, which was mapped out last fall, requires Wells Fargo to establish a $100 million fund to provide downpayment and closing-cost assistance to eligible borrowers who live in or plan to buy a home in certain low- and moderate-income census tracts.

The company says its mission-driven culture, family-supporting benefits and emphasis on flexibility are key factors.

An analysis of American Banker's 2026 Best Fintechs to Work For finds that workers appreciate flexibility, as well as "meaningful" work.

The 33 companies that made it to this year's Best Fintechs to Work For list are actively preserving remote work options and non-salary benefit packages.

Sens. Ed Markey and Ron Wyden argue that the Small Business Administration neglected to warn small firms of the risks of merchant cash advances and closed off a key "escape route" from the resulting debts.

In a move seen to bolster his 2028 presidential run, California Governor Gavin Newsom named Rohit Chopra, the former director of the Consumer Financial Protection Bureau, to lead a new oversight agency; a Pine Bluff, Arkansas, bank employee was sentenced to 36 months in federal prison for bank theft; a Fairfax, Virginia, security administrator has been charged with allegedly stealing more than $6.6 million from his employer; and more in this week's banking news roundup.

The Mississippi lender's pending acquisition of OFB Bancshares, the parent company of One Florida Bank, offers an entry point into the fast-growing Orlando market.

At some banks, executives are overpromising results and putting tremendous pressure on tech teams, leading to a range of problems. 

Fund managers are seeking to change the way banks think about Community Reinvestment Act investing.

As short-term liquidity products gain popularity with consumers, credit unions are looking for new ways to keep their members from looking elsewhere.

Given new government rules on payment processing, giants like Bank of America, Chase and Wells Fargo would benefit immensely from acquiring proprietary debit card networks. Why they haven't done so already is a mystery.

Unlike several other large banks, neither Citi nor Citizens Financial Group is interested in expanding their retail branch presence beyond their existing footprints. Both say they see plenty of growth opportunities in those markets.

Every business needs a competitive advantage. But for banks their core product, money, is by definition commoditized. So where do banks find an advantage?

The neobank put its multi-use card in the hands of even more consumers in the first quarter, reaching 5 million users. That has resulted in increased membership fees and average revenue per consumer compared with non-card-wielding customers.

The Federal Deposit Insurance Corp. waived through the Jeep, Ram, Dodge and Chrysler manufacturer's application to conduct banking activities. While banks have opposed ILCs in the past, other charters pose more pressing competitive threats at the moment.

House lawmakers modified a ban on big-money investors from purchasing single-family homes, broadening the exemptions for build-to-rent properties and eliminating requirements in a Senate version of the bill that affected investors divest their holdings.