Technology

The Pennsylvania bank is working with the data provider Enigma and Capital One on a platform they are hoping other banks will use. The technology handles all aspects of the loans and provides data and analytics on borrowers.

The Consumer Financial Protection Bureau is in the early stages of developing a rule that could give bank customers far more say in how their information is being accessed by fintechs and data aggregators. What the final rule looks like will depend on how much consumers already know about the way their data is collected, stored and sold.

Valuations for payment technology companies skyrocketed over the past year, pushed by a wave of public listings and record venture capital investments. Some potential acquirers are waiting for prices to cool.

Challenger banks like Chime and Dave have been helping customers avoid overdraft fees for years. As traditional banks start to do the same, the fintechs say they still offer consumers a better deal.

The companies will use funding obtained from private investors to develop or expand products that help business owners send and receive money more quickly and manage their operations.

Chief Audit Officer Denise DeMaio will join Truist from MUFG, while Chief Information Security Officer Howard Whyte has experience at Boeing, Goldman Sachs and the FDIC.

Faster payments would help the economy in general and individuals and small businesses in particular. It's time for banks to step up.