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Alaska credit union ends pot pilot after losing insurance coverage
Providing banking to MRBs may have been a "more reasonable prospect" if the burden of compliance was not so high, the credit union's CEO said.
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11 states look into the divide among payroll advance companies
At issue is the way payroll advance companies offer their services. Although some offer already-earned wages through a user's employer, another goes directly to the user — for a voluntary "tip" that may come with a big catch.
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Fintechs lower high-yield interest rates following Fed cut
Despite the drop, Betterment, Wealthfront and digital banks are still offering some of the industry's highest interest rates for savings accounts.
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Alternative credit data boosts loan approval 27%, Upstart shows in CFPB test
People with credit scores between 620 and 660 were approved about twice as often in a two-year test of the lender's model, which takes into account a candidate's education and job history.
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Wells Fargo boosts legal reserve for the third time in a year
The bank attributed the increase — to $3.9 billion — to a variety of factors, including the legal fallout related to its retail sales practices.
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How a Silicon Valley startup is using open banking to fight false declines
Incorrectly flagged or canceled transactions cost the market 10 times the amount credit card fraud does, the CEO of Deep Labs said, citing an Aite Group study.
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Fed commits to real-time payments system by 2024
The central bank looks to bring faster transactions to community bank customers and act as a safeguard in a marketplace already served by The Clearing House.
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Walmart may tap unbanked market with cryptocurrency plan
The retailer filed a patent to develop a cryptocurrency as an end-run around credit card transaction fees.
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ABA slams non-member deposit proposal for federal credit unions
The National Credit Union Administration's proposal would allow federal credit unions to have up to half of their deposits come from other credit unions and government entities.
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Community banks face risk amid escalating trade war
Tariffs will affect larger banks, but diversification will shield bigger financial institutions from the impact, an analyst said.
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Apple reduces Barclays rewards, touts Goldman-backed, app-based card
An interface on Apple's Wallet app will break purchases down into categories to better identify spending behaviors.
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Barclays drops private prisons as more banks weigh reputational risks
The announcement follows in the footsteps of other large financial institutions turning away from the industry, as more banks make business decisions related to social issues.
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HUD proposal may make lending discrimination harder to prove
Plaintiffs would be subject to a five-part "disparate impact" test. The standard in effect now has only three.
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Capital One breach hangs over Fed's Amazon inspection
News of Federal Reserve officials' visit to Amazon's facility in April — along with lawmakers' requests for clarity on the Capital One breach — call into question who is responsible and for how much.
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Capital One breach raises questions about security and cloud-first strategies
If a breach hits a company with technology maturity, how vulnerable are less mature organizations?
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5 things to know about Capital One's breach
Even with a detailed disclosure, and a swift arrest, a dark cloud lingers over the bank.
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Capital One breach prompts class-action suits, state AG probes
At least two consumers and three attorneys general initiate action against the bank in the wake of this week's security concerns.
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Capital One breach exposes 106M customers' data
The company expects incremental costs between $100 million and $150 million in 2019 because of the incident.
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Digital bank Green Dot targets broader market with new high-yield savings account
The 3% yield puts it at the top of the high-yield savings account market, a rate that makes it 30 times the national average.
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JPMorgan Chase bets on AI to generate marketing copy
Ads rendered by Persado's software received as much as a 450% lift in click-through rates — more than twice the boost of human-written ads, a pilot program showed.
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Citigroup to cut hundreds of jobs, reports say
The news of job cuts follows reports Citigroup will combine its stock trading business with its prime brokerage unit. A source, however, told the Financial Times the cuts are not related to the bank’s reorganization plans.
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Senators seek ex-CFPB official's ouster over alleged use of power
An investigator general report suggests Eric Blankenstein may have gone too far in asking a subordinate to show her support after racially charged blog posts surfaced last year.
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JPMorgan Chase partners on 5-day boot camp for black entrepreneurs
This style of programming is on the rise as organizations recognize value in concentrated learning for specific audiences and skill sets.
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Japanese online merchant Rakuten files for Utah bank charter
The online retailer is applying to be an industrial loan company, but U.S. trade groups are wary of the designation, calling the lack of oversight a consumer safety issue.
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Regulators seek clarity over Betterment's traditional banking play
The wealth adviser says its new savings account is insured by the Federal Deposit Insurance Corp. for up to $1 million with an interest rate of 2.69%.
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