Stax Payments appointed British financial executive Paulette Rowe as its new chief executive officer, making her one of the few Black women to lead a finance company.

Generative artificial intelligence could make it possible for borrowers to understand how their behavior reflects their creditworthiness, and create better outcomes for everyone.

British banking app Revolut Ltd. will stop offering crypto trading services to US-based customers from September, citing market uncertainty and changes to the local regulatory landscape.

Regulators have been issuing real-time-payment requirements that push EU banks to modernize their core processing systems. U.S. banks may feel similar pressure from the movement toward real-time payments.

A Figure spokesperson said the decision to withdraw the banking charter application was to enable the company to focus on other areas of growth.

The fintech lender says its loans are meeting a need for people living paycheck to paycheck that the mainstream financial community is not, and that its loans cost far less than subprime credit cards or payday loans.

More than 1,000 users reported problems making payments on Tuesday before complaint volumes tapered around midday, according to DownDetector, a site that collects user outage reports. The internal network disruption comes on the heels of another Zelle outage JPMorgan Chase took responsibility for seven days ago.

Michigan State University Federal Credit Union and Nymbus teamed up to design a package of business banking tools with an eye toward credit unions, which historically have tread lightly into this space.

Its One Ally strategy is meant to help the bank with personalization and cross-selling.

In July's roundup of American Banker's favorite stories: A Zelle outage at JPMorgan Chase could cause headaches for other banks, talking points for understanding FedNow, the Elkhart, Kansas-based Heartland Tri-State Bank is shuttered by the Federal Deposit Insurance Corp. and more.

Cloud giants are making major investments in generative AI and large language models. Their financial services clients are mostly in test-and-learn mode.

Figure Technologies laid off 90 employees this week, or about 20% of its staff, while it's also interviewing bankers in advance of a planned initial public offering for its lending business next year, according to documents reviewed by Bloomberg.

The U.S. government wants to intervene in JPMorgan Chase's fraud lawsuit against Frank founder Charlie Javice, asking a federal judge to halt pretrial information exchanges until she has been tried on criminal charges. 

The new rule sets a nationwide standard for disclosing all "material" breaches within four days — much sooner than many state-level disclosure rules.

Elon Musk's vision of an everything app that includes banking capabilities may not be what Americans are looking for, said Max Levchin, who co-founded PayPal with the world's richest man.

Scott Sanborn said his company is committed to balancing profitability and growth, and sees a lot of potential in new products such as credit cards.