Financial institutions

Many new artificial intelligence and machine learning methods used for underwriting are not fully equipped to predict defaults.

In signing off on deposit insurance for the payments giant and student loan servicer, the FDIC sanctioned the first new industrial loan companies in over a decade.

Banks are avoiding the once booming hospitality business, or charging a premium for additional credit, as new data shows how big a hit hoteliers have taken from the pandemic.

On the same day the Federal Deposit Insurance Corp. said it will soon rule on two applications, the agency also proposed benchmarks for all firms that want to own industrial loan companies.

Many institutions said they would close branches, operate drive-throughs only, limit lobby visits to appointments or take other protective steps. Yet others want to stay open to promote public confidence in the banking system.

Taking the time to consider which technology to adopt for the new, expanded organization can be a critical success factor in the long run, says Bottomline Technologies' Jessica Cheney.

Triad Business Bank, which will immediately have offices in three cities, will debut next week.

Organizers of Riverside Bank of Dublin will need to raise $18 million before opening.

Jonathan Dowst will become president in July and CEO a year later.

If banks are unable to weather the economic fallout from the outbreak, calls for more dramatic reforms could get louder.

GreatAmerica Financial in Iowa is looking to form a bank so it can offer more products to small and midsize companies.

Bankers cannot say that real-time doesn’t matter or that the status quo is fine, according to Neocova's Sultan Meghji and Kelsey Weaver.

As the fintech industry looks for ways to bring on more women, crossover hiring — recruiting from traditional financial services firms to fintechs — has emerged as an effective strategy, Donna Parisi of Shearman & Sterling and Michelle Tran of NYC Fintech Women write.

A decision by regulators on how to move forward with the controversial charter could have broad implications for fintech firms that want to enter the banking system.

Banks may be protected from a direct hit, but they have invested in vehicles that include such loans, potentially exposing them to defaults.

As the fintech industry looks for ways to boost the number of women, crossover hiring – recruiting from traditional financial service firms to fintechs – has emerged as an effective strategy, according to Shearman & Sterling's Donna Parisi and NYC Fintech Women's Michelle Tran.

While clients are uneasy about the spread of coronavirus, Kelly King touted the added volume his company has seen from lower rates.

Community bankers keep harping on the illusory issue of "too big to fail." If they're serious about strengthening the economy, they should make more of an effort to unite the industry, not divide it.

State Farm struggled to make its bet on banking pay off and decided like other insurers to exit the business. U.S. Bancorp swooped in to add deposits and credit card accounts at little cost or risk.

The challenge has been aligning the data-sharing ecosystem in a way that simplifies access and enhances consumer control while ensuring a high level of security, says Finicity's Steve Smith.