The Federal Reserve issued an enforcement action against Mode Eleven Bancorp, the holding company for Summit National Bank, which engages in banking as a service.

The CFPB should change its proposal and allow fintechs and other financial services companies the same freedom to innovate that entrenched large banks already enjoy.

The steady drumbeat of consent orders against banks that offer banking as a service continues, with regulators telling banks to keep a closer eye on their fintech partners' compliance with the Bank Secrecy Act and money laundering rules.

The proposed data sharing rules could create opportunities for forward-thinking financial institutions to better serve their customers and meet ever-growing expectations for digital finance.

There are lingering questions related to the agency's 1033 proposal, including how to balance access to information with fraud prevention. But financial institutions should look for ways that access to additional data could help them create better products.

The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.

A panel at CBA Live explored the contract provisions banks need to consider before embarking on new banking-as-a-service relationships and what catches their eyes in consent orders from banking regulators.

The $4.2 billion-asset MCU in New York is working with Ameriprise Financial Institutions Group to connect members with the firm's network of digital advisors and offer investment planning options alongside its traditional products.

Goldman Sachs is unloading the home improvement lending platform GreenSky after a misadventure in consumer finance. However, the consortium buying GreenSky plans to invest heavily in its growth, and Synovus says it's eager to deepen its partnership with the online lender.

The credit bureau's data analytics portal, OneTru, hosts all previously offered products on a hybrid cloud-based platform and uses guides powered by artificial intelligence to streamline query processes.

Through its integration with the auto manufacturer, Origence and its indirect lending subsidiary FI Connect aim to match buyers in need of auto loans to eligible credit unions.

MoneyLion saw continued financial growth in 2023, achieving four straight quarters of positive earnings. In 2024, it plans to develop a partnership with EY to bolster its enterprise services.

The personal finance site is rolling out changes to its app that incorporate AI-powered chat and explanatory articles customized to each user.

The fintech has grown its way into the black for the first time since going public in January 2022, CEO Jason Wilk says, capitalizing on AI-underwritten cash advances of up to $500.

The community bank cites exposure to "heightened, and evolving, regulatory standards" in its decision to wind down banking-as-a-service operations.

The Consumer Financial Protection Bureau provided guidance about digital intermediaries and lead generators that accept payments to steer borrowers to financial products.

The Austin, Texas, bank and fintech says the Federal Reserve has proposed a consent order that would require it to strengthen compliance shortcomings, including anti-money-laundering controls. 

The San Francisco-based technology company says its new product, Porto, will let investors securely trade more than 200 currencies using multilayered approval systems and biometric credentials.

A group of former FTX and Alameda Research employees plan to use the venture money to build out a cryptocurrency exchange called Backpack. It's one of the startups seeking to fill a gap left by the collapse of Sam Bankman-Fried's crypto empire. 

The San Francisco neobank made "occasional mistakes" regarding its responsiveness to customer complaints, according to the California Department of Financial Protection and Innovation.