Banking

The company has agreed to pay at least $3.75 million to resolve allegations that it violated the District of Columbia’s 24% interest rate cap.

One group seeks a change in leadership, the other a sale of the Philadelphia community bank, which is led by Vernon Hill. Both are ratcheting up their campaigns against the board.

Banks that rank high on a Fintech Similarity Score made the most government-backed small-business loans outside their local area, a study found.

Borrowing on plastic climbed by $52 billion in the fourth quarter, the New York Fed found, as consumers splurged on holiday shopping and inflation drove up the cost of goods and services. It's the biggest jump in the 22 years the data has been tracked.

PSCU is working with EnaComm to build web and mobile applications for prepaid cards.

Buffalo, New York-based M&T is the latest bank to announce changes that will save customers money but also reduce service-fee revenue.

The sale of Wilmac Corp. led the one-branch Wilmac Employees' Credit Union to combine with Belco Community Credit Union.

The March hearing, to be hosted jointly by the Federal Reserve and the Office of the Comptroller of the Currency, is coming at a time when lawmakers and community groups are pressing federal agencies to apply more scrutiny to bank mergers.

Stablecoins are unlikely to be the future of payments despite their growing market value in the last two years, according to a Federal Reserve Bank of New York blog post.

Six members of the Senate Banking Committee are asking questions about a flurry of lawsuits against credit card customers. The bank denies that it has resumed using robo-signing.

On Sep. 30, 2021. Dollars in thousands.

On Sep. 30, 2021. Dollars in thousands.

On Sep. 30, 2021. Dollars in thousands.

The world’s leading rater of green credentials is rewarding some of Wall Street’s biggest banks even though they continue to lend billions of dollars to fossil-fuel companies.

The Independent Bankers Association of Texas has developed a social network for users nationwide to share their experiences with technology upgrades, as an alternative to hiring an expensive consultant.

The Pakistan-based buy now/pay later startup is expanding to the U.S. and regional markets by introducing its one-click checkout product, its CEO says.

CFPB Director Rohit Chopra launched an inquiry into so-called “junk fees,” with bankers and lenders countering that the fees they charge are related to specific types of work performed and that existing laws already prohibit excessive fees.

Fifteen consumer groups said the Federal Deposit Insurance Corp. appears to have “done nothing to curtail the predatory lending that has exploded on its watch.” They urged the agency’s Democratic board members to take action as Chair Jelena McWilliams, a Republican appointee, prepared to step down.

Eight out of 10 community bankers said in a new survey that the installment loan product appeals to them far less than it does to many fintechs and larger banks.

MVB Bank more than tripled its deposits in five years by providing accounts to sports betting sites, as well as technology companies that cater to other industries.