Banking

The financial technology firm Chime said customers can now deposit cash at more than 8,500 Walgreens Boots Alliance locations, another example of nonbanks pushing deeper into consumer finance.

A new survey of industry executives finds substantial interest in cryptocurrencies and mergers but anxiety about competition from large technology companies.

For the third time since the start of the pandemic, the Richmond, Virginia, company will close branches to contain costs in what it calls a “challenging macroeconomic environment.”

Through its partnership with Visa, the California credit union lets members receive digital replacements for lost cards almost instantly and add digital cards to mobile wallets like Apple Pay.

Driver Management says CEO Vernon Hill’s aggressive deposit-gathering strategy is not paying off for shareholders and wants the company to merge with a bank that would deploy the deposits into higher-yielding loans.

The banking industry, which often questions aggressive moves by the agency, urged the Consumer Financial Protection Bureau to level the regulatory playing field between the financial and technology sectors.

Facing a lawsuit from a disgruntled investor, the Arkansas company has released additional information about how it arrived at the $919 million price it’s paying for Happy Bancshares.

Bank of America is hiring thousands of employees this quarter and investing heavily in talent and technology headed into the new year, CEO Brian Moynihan says.

Brent Huisman routinely solicited and received handouts from auto auction companies, the Federal Reserve said in an enforcement action that bans him from the banking industry. The gifts included Super Bowl tickets and luxury hotel stays, according to a lawsuit that Huisman eventually paid $275,000 to settle.

The combined institution would have more than $280 million of assets and serve close to 20,000 members.

The company says that marketing its deposit products could help build deeper customer relationships, particularly with student loan borrowers. “We're not just a credit card issuer,” CEO Roger Hochschild told analysts.

The $85 million acquisition of Metro Phoenix Bank would more than double Alerus Financial’s loans and deposits in the nation’s fifth-largest city.

With prices increasing faster than they have since the 1990s, the Federal Reserve appears poised to tighten monetary policy. Top industry executives are worried about the chances of either a recession or runaway inflation, depending on whether the central bank moves too quickly or too slowly.

Goldman Sachs, which already runs Apple Card and part of its consumer banking operation on AWS’s cloud, will now host market data there for hedge funds and other institutional clients.

Acting Comptroller Michael Hsu identified eight practices that he described as pro-consumer. While some banks have already acted on many of the reforms, they are by no means standard across the industry.

The card network's new cryptocurrency advisory service aims to help financial institutions catch up with companies like Square and PayPal by spotting opportunities to support stablecoins, nonfungible tokens and central bank digital currencies.

The proceeds will support Silvergate’s network that facilitates cryptocurrency transactions and a leveraged lending product that provides loans collateralized by bitcoin.

Current regulations barring out-of-state banks from siphoning deposits from local communities are effectively toothless, as the experience in Miami has shown.

Purchases by adults between the ages of 25 and 40 have risen 50% over 2019, and the same group accounts for 75% of sign-ups for American Express’s pricier new cards.

The economic tremors caused by the COVID-19 crisis led some analysts to argue that it was only a matter of time before some financial institutions collapsed. But thanks to government stimulus, the industry’s ample capital levels and moderate risk exposure, bank closings have become a rarity.