Banking

There are benefits for banks in fintech collaboration via application programming interfaces, but financial institutions should not let go of customer engagement.

The Consumer Financial Protection Bureau on Wednesday urged the 25 largest retail banks to make checking and saving accounts accessible to millions of unbanked Americans and help customers avoid overdraft fees.

The Consumer Financial Protection Bureau on Wednesday urged the 25 largest retail banks to make checking and saving accounts accessible to millions of unbanked Americans and help customers avoid overdraft fees.

A Texas-based collections law firm announced Wednesday that it has helped communities across the state collect an estimated $2.2 million in property taxes from Radio Shack as the company works its way through bankruptcy proceedings.

Payday lending in Alabama hasn't declined in the last six months despite ongoing complaints last year from consumer advocates to rein in the practice in the state, according to the Alabama Banking Department.

The industry's rapid change is shining a spotlight on middle and senior managers who inherit positions and often have to fix the messes — while maintaining the successes — of their predecessors.

Blockstream, a tech startup that employs several core developers of the bitcoin protocol, has raised $55 million in venture capital to develop its sidechain technology and expand its global operations.

A pair of former BBCN directors said they resigned due to issues with the company's corporate governance and the leadership of Chairman and CEO Kevin Kim. BBCN claims the directors, who voted against its planned acquisition of Wilshire Bancorp, resigned after they were informed of plans to remove them from the board.

WASHINGTON — The current financial regulatory structure is ill-suited for innovation, but a legislative effort to fix that may still be a long way off, according to top House Republican lawmakers.

Allegiance Bancshares in Houston has sold two branches to Incommons Bank in Mexia, Texas.

Eastern Bank has hired the Massachusetts market president of Citizens Bank, Quincy Miller, to be its chief banking officer.

Horizon Bancorp in Michigan City, Ind., has exited the Small Business Lending Fund program.

Toyota Motor Credit Corp. will change its pricing and compensation system to reduce dealer discretion and financial incentives to mark up interest rates, under an enforcement action by the Consumer Financial Protection Bureau and Department of Justice.

WASHINGTON — The Federal Deposit Insurance Corp. is urging banks to perform due diligence and identify potential risks before conducting business with marketplace lenders.

The CFPB notched another victory in its effort to limit dealer discretion after Toyota Motor Credit Corp. agreed to cut in half how much partnering dealerships can mark up the interest rate on a loan as compensation.

SunTrust Banks in Atlanta said Tuesday that it has created a new line of business specializing in the payments and technology industry.

CEO Jeffrey Brown spent much of the firm's quarterly earnings call Tuesday responding to the demands of shareholders who are unhappy with Ally's weak stock price.

Cross-border payments, even small ones, take days to clear, cost 5% to 10% of the payment amount, and can be baffling to the consumer. Zenbanx, TransferWise and Ripple and other startups are trying to change this.

Salisbury Bancorp in Lakeville, Conn., has named James Cotter the chief operating officer of Salisbury Bank & Trust.

Trade groups for both industries put aside differences to seek congressional signatures on a letter urging FASB to reconsider its controversial proposal requiring early-stage loan-loss provisioning.