Underbanked

Earlier this decade, a boom in low-cost prepaid cards undercut the firm's business model. Now the fiercest competition is coming from venture capital-backed startups that offer accounts with no overdraft fees.

New tech lets American Express instantly issue cards to immigrants; the end of Libor raises concerns about financial stability; regulators shutter banks in Kentucky and Ohio; and more from this week's most-read stories.

Readers react to whether the next presidential debate will discuss banking, how California's financial policies are bleeding into other blue states, suggested reforms to the Community Reinvestment Act and more.

Majority, which will launch nationwide later this quarter, will use networks of immigrants to sell a mobile phone-based account that features unlimited remittances and international calling services.

Even with the FDIC actively encouraging groups to start banks, challenges like raising capital and low interest rates make it tough.

The Jacksonville-based institution is the latest to join the Hispanic-outreach initiative which now serves more than 100 credit unions.

Julieann Thurlow says Reading Cooperative Bank in Massachusetts is well positioned to help immigrants and millennials. Technology is crucial to serving both groups, she says.

It is the bank’s second big gift to the nonprofit Financial Health Network in recent years, with this one earmarked for a financial solutions lab.

Jane Fraser, Citigroup's CEO of Latin America, has helped the bank cut a deal with Mexico's new president that will result in a loss of swipe fees, but may help it gain customers long-term.

Thasunda Duckett, CEO of Chase Consumer Banking, has been a key architect of JPMorgan Chase's massive planned branch expansion.