Just a few months after signaling that provisions for loan losses had peaked, many banks are planning to once again add to reserves to guard against pandemic-related defaults, according to a survey released by IntraFi Network.

American Challenger Bank would offer consumer and commercial products using technology from Temenos. Organizers recently applied with the FDIC for deposit insurance.

Community development financial institutions, which tend to be less digitally savvy than traditional banks and credit unions, are developing online-lending platforms and automating backroom processes with investments and technical assistance from big banks, high-tech firms and other sources.

The complaint charges the fintech startup with misleading customers about the interest they'd receive on deposits and the level of access to their money. It seeks an unspecified amount of consumer relief in addition to other remedies.

The startup, created in partnership with conversational AI platform LivePerson, will encourage users to send sums of money to strangers.

The latest report from the American Customer Satisfaction Index reported lower scores for both industries, with credit unions recording their lowest ranking since 2011.

The two companies have worked together to provide a banking app that community banks can implement and deploy in 30 days.

A recent survey by the American Bankers Association found that mobile apps surpassed online banking as the go-to platform for consumers earlier this year, and its popularity has continued to rise since the onset of the pandemic.

A group at George Washington University has been working to open a de novo institution to serve students, but the would-be institution faces a variety of hurdles before it can open its doors.

The Virginia company, which shuttered 14 locations in September, will close another five branches early next year.

The challenger bank will start by recommending how much users should allocate toward savings and spending, and will later transfer those amounts automatically.

On Jun. 30, 2020. Dollars in thousands.

On Jun. 30, 2020. Dollars in thousands.

Financial institutions like Ally Financial, Clinton Savings Bank and First National Bank of Omaha are recruiting personal finance experts, college students and local personalities to promote their products and services.

The forthcoming measure could override staff opinions that helped certain deposit-gathering companies partner with banks.

Former CEO John Stumpf agreed to pay a $2.5 million penalty to settle civil charges tied to the bank’s fake-accounts scandal. Former community bank head Carrie Tolstedt did not agree to a settlement and is now facing a lawsuit that alleges she committed fraud.

Consumer savings are up, yet so are evictions. Banks need to reach out more to those who are struggling financially, and they could use data as a guide.

The fintech startup, which originally helped users cancel duplicate subscriptions, now wants to encourage healthier financial practices.

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.