CEO Michael Corbat and CFO Mark Mason dodged questions from analysts about how much time and money Citigroup expects to spend to address recent enforcement actions.

Payments provider B4B Payments has been authorized to become an e-money institution in the U.K., and is seeking a license in Lithuania so the company can advance its prepaid card business throughout Europe.

EMV specifications body EMVCo has started a pilot program to evaluate consumer mobile devices for contactless payment acceptance, enabling vendors to have smartphones and tablets evaluated for possible use by merchants to accept payments without attached card readers.

Compliance startup Shujinko is launching software designed to automate the cloud security compliance process for businesses, saying it makes the security audit far simpler and faster for businesses.

The company defied expectations by cutting its reserve for loan losses by $569 million, after adding $20 billion to the allowance in the first half.

House Democrats’ antitrust reform plan intended to rein in companies like Amazon and Google could help level the regulatory playing field between the banking industry and its digital competitors. It could also revive calls to break up financial behemoths.

The agency had raised concerns in the Obama administration about kickbacks in the marketing pacts between mortgage lenders and other providers, but the agency's recent guidance says the deals are legally viable.

Lenders welcomed the move as a helpful first step but are still urging policymakers to develop a broader, simpler process for expediting the approvals of loans extended to troubled small businesses under the Paycheck Protection Program.

The Consumer Financial Protection Bureau's overhaul of its Qualified Mortgage standard is alarming free-market advocates who say it will precipitate a return to easy credit and higher defaults and could disproportionately harm minorities.

The regulator found that the financial services company failed to take precautions in disposing of hardware that contained sensitive customer information.

The company's mistaken payment to Revlon creditors and other lapses are said to have contributed to Citi's recent leadership shake-up. On Wednesday, the OCC and Fed ordered the company to fix its risk management problems.

The industry says the 2017 cut in the corporate rate helped position lenders to support the economy when the pandemic hit. But a plan proposed by Democratic nominee Joe Biden could strain banks' capital investment and hiring, observers say.

The industry is warning regulators putting the finishing touches on the Net Stable Funding Ratio that the measure could exacerbate volatile market events like the spring selloff of Treasury securities.

The flood of liquidity that accompanied the pandemic recession isn’t likely to subside anytime soon. Banks will have to employ a mix of securities buying, hedging and other balance-sheet-management tricks to prop up margins longer than initially imagined.

The number of religiously affiliated credit unions continues to dwindle and many have changed their name as part of a push to diversify their fields of membership.

In July, the OCC issued a letter clarifying that federally chartered banks can store cryptocurrency assets for their clients. A recent global survey finds that many are wary of the risks.

Longtime finance entrepreneur Jackie Reses, who led Square Capital for the last five years, is leaving the company at the end of the month. Square has not yet named a successor.

Sen. Pat Toomey, R-Pa., a potential chair of the Senate Banking Committee in the next Congress, is expected to announce that he is not running in 2022.

Kathy Kraninger’s job status would be in question if Joe Biden wins the White House. If the president is reelected, she may continue balancing a deregulatory agenda with her unexpectedly tough stance on enforcement.

House forgiveness plan for Paycheck Protection Program loans is better than nothing, bankers say; why some banks still lean on mainframes; what's next for Goldman Sachs's Marcus; and more from this week's most-read stories.