Banking

Mastercard is facing pushback from retailers over a new product that allows customers to pay off their purchases in installments. 

Harry Madonna, the Philadelphia bank's founder, has taken back the reins after its most recent CEO, Vernon Hill, said he was forced to resign.

The rating agency has revised the long-term issuer default rating for PacWest Bancorp and its banking subsidiary, Pacific Western Bank, from "BBB" to "BBB-" and says it doesn't expect the bank's common equity Tier 1 ratio to bounce back anytime soon.

The Consumer Financial Protection Bureau said a company doesn't need to experience a data breach for the agency to consider taking action.

Education in financial literacy instills both know-how and confidence, knowledge most teens lack when transitioning into adulthood.

Native communities want to launch or expand their own community development financial institutions but are running up against regulatory challenges and a lack of support from mainstream banks.

In another sign that the pandemic-fueled migration to digital transactions is here to stay, Capital One is dropping a mobile-payment incentive for REI credit card customers as it takes over issuance of the Mastercard from U.S. Bank.

Digit engaged in deceptive acts or practices by routinely causing checking accounts to overdraft, the Consumer Financial Protection Bureau said.

Rising interest rates, lower stock prices and other headwinds have caused many banks to pump the brakes on dealmaking. But some are betting that these trends will be too short-lived to deter them from engaging in mergers and acquisitions.

A recent blog post from the agency raises more questions than it answers.

Huntington Bancshares has hired Shawn Lough, a veteran Truist Financial banker and West Point graduate, to help guide the sales strategy and goals of its consumer and business banking operation. It also expanded the duties of Digital Director Mark Sheehan to include deposits.

Moving its loan operations beyond its geographic footprint, California's US Metro Bank shot up in our rankings of the best-performing community banks.

Despite an initial green light in 2019, regulators with the Virginia State Corporation Commission ultimately decided the credit union's plan to add members lacked merit.

More than 250 midsize and large companies that do business with BofA have signed up for its corporate employee banking and investing program, which pulls double duty as a retention tool for the companies and a customer-growth engine for the bank. The initiative is part of a wave of such offerings by regional and large banks.

The pandemic-era freeze on student debt payments has "dramatically" improved credit scores for Americans who borrowed money to pay for college, the Federal Reserve Bank of New York said.

Chairman and CEO Craig Dwight is counting on the Indiana company's new president, Thomas Prame, to pursue nonbank acquisition targets after it scooped up more than a dozen banks in the past decade.

Websites such as Credit Karma and LendingTree, which work closely with financial institutions, have had to rethink their strategies to bounce back from the pandemic.

Funding constraints are a "business problem that we need to address," CEO Dave Girouard said. The online consumer lender has seen a significant drop in demand for its loans from banks and investors.

The Chicago-based company, which is the league's exclusive credit card sponsor, sees soccer's young, diverse fan base as a fit for its below-prime products.

Morgan Stanley tapped its treasurer to help run its banking units, where it's been building out its lending business over the last decade.