Banking

Zelle, the big banks' answer to Venmo, is set to launch next year. But will its reach be enough to curb Venmo's momentum?

A new refinance mortgage offered by SoFi and Fannie Mae lets consumers tap into their home equity to pay down student loan debt at terms more favorable than a traditional cash-out refi.

Consumer compliance was already an important issue for regulators who vet bank deals, but it is expected to move up on their priority list after Wells' phony-account saga. Banks that seek M&A approvals should make sure their cross-sale and incentives policies — along with those of their targets — are bulletproof.

The former chairman of the failed Premier Bank in Wilmette, Ill., was sentenced to five years in prison after he pleaded guilty to defrauding the Treasury Department's Troubled Asset Relief Program.

The Consumer Financial Protection Bureau and the New York Attorney General filed a lawsuit Wednesday against two New York debt collectors for deceiving and harassing millions of consumers to pay inflated debts.

If modified, the cybersecurity standards in New York State are a step in the right direction to protect banks and consumers.

The information you need to start your day, including top headlines from PaymentsSource and around the Web. Today: Square gets some good news; web appliances get set to take off; financial inclusion makes progress; Instagram's e-commerce strategy moves forward.

Fifth Third Bancorp in Cincinnati has named Aravind Immaneni chief operations and technology officer.

Freddie Mac's credit risk transfers come with a hefty price tag, but are ultimately still worth it, according to Chief Executive Don Layton.

Some former customers of First Niagara Bank in Buffalo, N.Y., which was bought by KeyCorp last month, will receive up to $22 million in refunds of overdraft and bounced-check fees, according to a recently disclosed regulatory order.

Disintermediation is so five years ago, according to Cross River Bank in New Jersey. It just raised $28 million from Silicon Valley. Now, it wants to enhance its compliance system so it can partner with "riskier" fintech startups and, effectively, enable the industry's so-called disruptors.

Cathay General Bancorp in Los Angeles has agreed to a community reinvestment plan tied to its deal to buy SinoPac Bancorp from Bank SinoPac in Taiwan.

BNC Bancorp in High Point, N.C., has rebranded its banking unit to reflect its expansion beyond the Tarheel State. The $7.5 billion-asset company said in a press release Tuesday that Bank of North Carolina is now BNC Bank.

Low-income urban youth methodically saved money when taught about goal-setting and given access to savings accounts and other basic banking tools.

Antony Jenkins, the former chief executive of Barclays, has formed a startup with the aim of offering API-driven, cloud-based core processing services to banks.

SunTrust Banks in Atlanta has agreed to open almost 200 new locations of Operation Hope's financial-counseling centers inside its branches by 2020.

While big banks have grown more comfortable lending to casinos based on reservations, financial firms have been slower to embrace other Native American enterprises.

OptimumBank Holdings in Fort Lauderdale, Fla., has appointed a former Florida credit union CEO, John H. Clifford, to its board.

Online lenders' struggle with fraud is driving them to join new networks designed to find links between fraudulent loan applications and signs of borrowers trying to obtain multiple loans simultaneously.

Square 1 Bank, a unit of PacWest Bancorp, has hired two financial services veterans to expand its banking services for venture capital and private-equity firms and named a new leader of that practice.