Banking

Big financial institutions are worried that online wagers made with credit cards pose a heavy risk of money laundering. The possibility of tougher rules under the incoming Biden administration has only compounded their concerns.

Bill Bynum, president and CEO of Hope Federal Credit Union, and Gail Laster, former director of the National Credit Union Administration's consumer protection division, are working with the incoming administration.

The Toronto parent of BMO Harris Bank has joined a growing list of banks directing billions of dollars toward affordable housing and loans to low- and moderate-income communities.

In a bid to fuel online sales, Barclaycard is partnering with Amazon in Germany to offer installment lending to overcome the country’s low credit card ownership rates.

Scammers may have had more success at duping fintechs than banks in obtaining Paycheck Protection Program loans. But there are reasons for this apparent disparity.

The group includes many advocates for stricter bank regulation from the Obama administration; the president-elect may have as many as three open seats on the central bank or as few as none.

With many Americans and members of Congress questioning the results of the presidential election, financial services trade associations quickly vowed to work with the incoming administration.

The two companies first started collaborating last year, but now BBVA has white-labeled Prosper’s technology on its own website.

Dean, who joined Capital One in 2014, succeeds Kleber Santos, who left the bank earlier this month to lead diversity initiatives at Wells Fargo.

Many small banks are reactivating repurchase programs, signaling that capital levels remain strong and credit issues are under control.

Though most bank customers expect to return to calling or meeting in person with their bankers when the pandemic is over, Citigroup is gauging how much business it can keep in the videoconferencing channel.

The deal, PenFed's second merger announcement with a significantly smaller credit union, would expand its footprint into the Midwest.

Founder and CEO Neel Ganu has crafted a mobile app through which millennials can invest and spend using the same account.

The plan would make it easier for companies to raise money in London versus Wall Street; an early and effective Covid-19 vaccine would likely provide banks with a quick and large windfall.

Many credit unions offer these accounts to help members improve their financial behaviors, but some in the industry are wondering how long the surge could last.

Most fintechs entertain the idea of getting a commercial banking license from time to time, but Current is content partnering with banks, says founder and CEO Stuart Sopp.

The Toronto company says it will begin by gathering data on the greenhouse gas emissions of borrowers — a critical first step toward stress testing for climate events.

Demand trends were mixed in the third quarter, with consumers showing more willingness than businesses to take on new debt, according to the Fed’s most recent survey on bank lending practices.

Gov. Laura Kelly has nominated Vickie Hurt to succeed Jerel Wright, who will step down Nov. 28.

While national banks have remained strong during the pandemic, they are still navigating risks from a murky credit environment and other potential warnings signs, according to a report by the Office of the Comptroller of the Currency.