Banking

Consumers who have borrowed from online lenders owe more and have lower credit scores than similarly situated consumers who have not used online lenders, according to a study released Thursday by the Cleveland Fed. The provocative findings seem likely to spark intense debate.

Issuers have access to a treasure trove of helpful data about us, such as our payment habits, investment activities, purchases, and so on, writes Sanjay Bhakta, senior director of solutions for Ness Digital Engineering.

Company’s first earnings report since the data breach also discloses lots of suits and investigations; Senate bill also calls for one-year delay in corporate tax rate cut to 20%.

The information you need to start your day, from PaymentsSource and around the Web. Today: Visa and Samsung Pay collaboration debuts; PayPal's pool; U.K. football embraces contactless payments; Chinese travelers get more payment options; Carrier billing gets a beachhead in Egypt.

Without the constant innovation that artificial intelligence empowers, legacy companies will quickly lose their edge as competitors whisk away consumers with new offerings and customized products, writes Ajay Vij, senior vice president and head of financial services for Infosys.

Readers chime in on the idea of a state-backed bank to serve the cannabis industry, data-sharing between banks and fintechs, whether community banks can just focus on tech laggards, and more.

As use of smartphone apps begins to surpass online channels at some institutions, banks are facing pressure to offer clients more robust services.

Most of Sterling Bancorp's operations are in San Francisco and Los Angeles. The company plans to use some of the $93 million it will raise to expand in New York and Seattle.

Pat Hickman, CEO of Happy State Bank, wants his institution to remain viable in the face of stifling regulation. As for selling? That'll happen over his dead body, he says.

Barros has no answer for Senate committee on encryption; a bitcoin network split won’t happen … for now.

The information you need to start your day, from PaymentsSource and around the Web. Today: Ontario deregulates fintech to battle Silicon Valley; NCR opens a hub in India; Environmentally-friendly cryptocoins; Thoma Bravo acquires health club payments processor.

The regional bank’s first-year CEO is doing some expected things, like offering more products through digital channels, and making a few surprising moves, like inviting all credit card customers to switch to lower-rate loans.

The San Francisco firm is the latest U.S. lender to tighten credit standards amid concerns that consumers are shouldering too much debt.

Adding retirement accounts broadens the app's offerings to millennial clients.

Dinesh Chopra is online bank's first-ever chief strategy officer.

Fintechs should learn to value risk management — and the necessary bureaucracy that comes with it, bankers said this week in defending themselves again criticism that they are a pain in the neck to work with.

Endeavor Bank in San Diego aims to be the third new bank to open this year. There is hope that as many as eight new institutions could open in 2018.

Comerica's chief accounting officer since 2010, Carr will replace David Duprey, who is retiring early next year.

The data concierge service will find, obtain, clean, integrate data for financial firms, for a monthly fee.

The company has agreed to buy CBBC Bancorp. It also raised $63 million to pay for the deal and fund future growth.