Banking

Fannie Mae is planning to provide relief to lenders from potential buybacks for loans in which the borrower's income, assets and employment information have been validated through automated underwriting.

When the San Bernardino shooter obtained a loan online, he reportedly used his real name, which wasn't on the government's sanctions-screening list, underscoring the limitations of identity verification technology.

The experience Thomas Ko gained at Citigroup and Haley Kim's time at Wells Fargo were vital in building Samsung's mobile pay app.

Bizfi, a New York-based online small-business finance company, announced the hiring of John Donovan as its new chief executive officer.

The Center For Financial Services Innovation has released a framework it says is designed to spur safe data sharing between banks, fintechs and third-party data aggregators.

Opus Bank in Irvine, Calif., reported a larger-than-forecast quarterly loss after deciding to set aside more reserves than it predicted it would a week earlier.

The new Spanish-language settings on B of A's app, USAA's new voice-guided remote-deposit capture and moves by others show how financial institutions are using technology to better serve the needs of customers.

Bank of America unveiled a virtual assistant that will be integrated into its mobile banking app, at the Money 2020 conference today in Las Vegas.

Legal and technical hurdles stand in the way of remote account opening becoming commonplace. But banks are ramping up their efforts to make it happen, and some in Congress are trying to help by eliminating restrictions on digitally capturing and storing information from customers' ID cards.

Visa's incoming Chief Executive Officer Alfred F. Kelly will enter the job with a $15.4 million target compensation. That's a premium to his predecessor and about on par with Mastercard Inc.'s CEO Ajay Banga.

The acquisition of Middleburg Financial would create a nearly $2.5 billion-asset bank in northern Virginia with strong mortgage originations and a growing wealth management business. It would provide an endgame for Middleburg while also making Access more appealing to potential buyers.

In a statement of support for fintech companies that rely on screen scraping of bank websites, Consumer Financial Protection Bureau Director Richard Cordray said he was "gravely concerned" about the decision of certain banks to block third-party access to consumer data.

David Stevens, the chief executive and president of the Mortgage Bankers Association, revealed Monday that he has been diagnosed with cancer in prepared remarks at the association's annual conference in Boston.

Lenders will get a reprieve from the threat of some mortgage-related penalties under a new program announced by housing-finance giant Fannie Mae on Monday.

WASHINGTON — A cybersecurity information-sharing group for the financial services industry has moved forward with a plan to create an arm dedicated to combatting threats to the largest banks.

The bank-led clearXchange is changing its brand to reasonate more with consumers.

Access National in Reston, Va., has agreed to buy Middleburg Financial in Virginia for $233.1 million, or $32.51 a share, in stock.

Community Bank System in Syracuse, N.Y., has agreed to buy Merchants Bancshares in South Burlington, Vt., for $304 million, or $44.02 a share, in cash and stock.

The information you need to start your day, including top headlines from PaymentsSource and around the Web. Today: Wells Fargo and CBA make a big move into blockchain, a security expert unveils the cause of Friday's major web outage; and research shows cash in decline.

To land and retain millennial customers, mobile banking apps must graduate from simply replicating online banking on a phone to leveraging the native functionality of mobile hardware.