Banking

By failing to protect their customers’ data, financial institutions and others in the payments ecosystem are risking trust, the most important currency they have, writes David Barnhardt, executive vice president of product at GIACT.

The Chicago bank is denying a report that its CEO, Steve Calk, made $16 million in mortgage loans to former Trump campaign chairman Paul Manafort in exchange for a job in the White House.

The prepaid card issuer has bounced back from the hit it took after discontinuing a product that proved to be popular with fraudsters.

A community group has secured a grant from the W.K. Kellogg Foundation to probe banks’ small-business lending practices. It follows a 2017 pilot study in which the group found that white shoppers posing as business owners were three times more likely to be invited for follow-up appointments than their black counterparts and twice as likely to be offered help in completing loan applications.

As they cement major partnerships, launch overseas operations and court banks and other institutional investors, top cryptocurrency exchanges now see regulatory approval as a competitive advantage.

The Puerto Rico-based bank failed in 2015. The FDIC, its receiver, is seeking unspecified economic and punitive damages from 16 lenders, including Bank of America, Barclays and Credit Suisse.

Bank consolidation in the city has picked up in recent months despite erratic oil prices and flooding tied to Hurricane Harvey.

The internet giant, SunTrust, Ally and other backers have invested $16 million in a new funding round for Greenlight Financial Technology, further blurring the lines between banks and tech companies.

The National Association of Federally-Insured Credit Unions and the Credit Union National Association sent a joint letter to Sen. Orrin Hatch on Wednesday defending the credit union charter and its tax status.

The Michigan company has been acquisitive lately, buying California branches and a wealth advisory firm.

First Citizens, which wants to buy KS Bancorp, has filed a lawsuit to challenge a so-called poison pill provision that the much smaller bank's board recently passed.

The nation's largest bank plans to consolidate employees from multiple office buildings into the 2.5 million-square-foot building. Construction is expected to be completed in 2024.

The U.S. Supreme Court refuses to hear an appeal by hedge funds; South Korea’s leading cybercurrency regulator dies of heart attack.

The information you need to start your day, from PaymentsSource and around the Web. Today: Bitcoin gets criticized in the U.K. and gains some support in South Korea; Flight Sim Labs apologizes for intentional malware; A new Swift-related hack in India.

By investing in next generation strategies and shifting their mindsets about testing, organizations can better safeguard and control the payments process, providing a more reliable customer experience and better protecting one of their most important assets—their reputations, writes Steve Gilde, a director at Paragon Application Systems.

Fifty-two state bank trade associations sent a letter to Sen. Orrin Hatch, R-Utah, encouraging him to continue his review of the credit union tax exemption.

The subprime auto lender paid $2.9 million to Connecticut consumers and a $100,000 fine for miscalculating balances owed on repossessed cars and for charging improper fees. It says the settlement is part of an effort to clean up "legacy issues."

The online lender continues to contend with the fallout of a 2016 scandal that led to the ouster of its founder and CEO.

Scores of customers have been unable to use digital channels to access accounts for more than a week, and many have taken to social media to voice their displeasure with TD’s response to the outage. The lesson for other banks: Test new platforms, and test them again, before making them live.

Choice, which has a history of acquisitions, is buying a financial institution that largely focuses on business banking.