Banking

Wells Fargo's innovation group has appointed Peggy Mangot for the newly created position of senior vice president of its design and delivery leadership team.

Royal Bank of Canada has introduced a video chat service for its small-business banking customers whose hectic lives may not allow for frequent branch visits.

Ally Financial in Detroit has agreed to provide up to $600 million in financial backing for Carvana’s online auto sales.

Clarity Money, an artificial intelligence-driven payment concierge, launched on Wednesday, a move its founders hope will provide consumers with an advanced financial health tool.

Almost 40 years ago, a rock music legend asked a question that too many banks are failing to address today.

Lakeland Bancorp in Oak Ridge, N.J., has named a new chief financial officer and chief operating officer as two other executives plan to retire.

F&M Bank Corp. in Timberville, Va., has acquired Valley Southern Title in Harrisonburg, Va.

Mastercard's $900 million acquisition of British payment company VocaLink is under fire, as the U.K.'s Competition and Markets Authority contends the deal will give the card network an unfair advantage in ATM-related negotiations.

Welcome to the new PaymentsSource Morning Briefing, delivered daily. The information you need to start your day, including top headlines from PaymentsSource and around the Web. Today: U.K. pressures Mastercard on VocaLink deal; Samsung plans new web refrigerators; Synaptics consolidates biometrics; voice command tech accelerates.

The current single-director leadership structure of the Consumer Financial Protection Bureau is not a recipe for transparency and accountability. Creating a multimember commission to oversee the agency is the answer.

Directors today are expected to perform many duties that, even a decade ago, weren't part of the job, from overseeing cybersecurity and the bank's culture to setting online and mobile strategy. Yet the composition of many bank boards hasn't changed all that much. Here's what to do if you have longtime members who lack the skills needed to help a bank compete.

The state's highest court ruled that lenders affiliated with Native American tribes are not entitled to sovereign immunity and must comply with state interest rate caps. It marks the latest triumph for consumer groups and state governments that have sought to rein in high-cost consumer lenders.

American Banker is pleased to bring you Breaking Banks, hosted by Brett King, and featuring the editors of American Banker.

The bank formerly run by Steven Mnuchin, President-elect Donald Trump's nominee to head the Treasury Department, allegedly used illegal practices in foreclosing on delinquent homeowners, according to a leaked 2013 memo from the California Attorney General's Office.

The Consumer Financial Protection Bureau on Tuesday levied more than $23 million in fines and restitution against two of the nation's largest consumer credit agencies, saying that the companies deceived consumers into paying for data that had little beneficial value.

First Midwest Bancorp will move its headquarters to Chicago from Itasca, Ill., next year. The $11.6 billion-asset company will open an 80,000-square-foot office in the spring of 2018.

The bank's new CEO, Onur Genc, fresh from Turkey, will have to find a way to leverage the considerable tech and innovation investments the bank has made and strengthen the brand's U.S. presence.

Both banks and fintech firms have a lot of questions about the Office of the Comptroller of the Currency's proposed new charter, including exactly how the agency will ensure nonbanks don't get a leg up on bank competitors.

Shivan Govindan, chairman of First NBC Bank in New Orleans, has taken on the task of salvaging a bank that is reeling from accounting issues and a substantial capital requirement from regulators.

OptimumBank in Plantation, Fla., has been hit with an enforcement action due to concerns about its asset quality, capital position, compliance with anti-money-laundering regulations and other issues.