Payments
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More than half of credit-card users don't understand their benefits
Regional issuers such as BB&T and PNC Bank outpaced national brands such as Capital One and Chase in a J.D. Power credit-card customer satisfaction study released Thursday.
By Dan Ennis • Aug. 23, 2019 -
JPMorgan to shutter stand-alone Chase Pay app
The platform will still be available through merchants' websites and apps, but the reversal illustrates the bank's pattern of quickly scrapping its initiatives.
By Dan Ennis • Aug. 22, 2019 -
HSBC hires flash mobs to hype tap-and-go tech
The bank is using New York's new cardless subway network to boost awareness that all of its cards are contactless. Other banks are moving quickly to adapt.
By Dan Ennis • Aug. 21, 2019 -
Goldman Sachs, MasterCard tout security, reach in Apple Card rollout
Customers can opt for a tokenized version of the card that won't display a 16-digit number on the front, making for a safer user experience, a MasterCard executive said.
By Dan Ennis • UPDATED: Aug. 22, 2019 at 11:02 a.m. -
Continued stall on payday rule is 'inexcusable,' advocates tell CFPB
Four groups accused the bureau of "abandoning its consumer-protection mission" when it failed to ask a court to lift its stay on a rule limiting how often payday lenders can access borrowers' accounts.
By Dan Ennis • Aug. 13, 2019 -
Venmo adds instant bank transfer feature
In the coming weeks, users will be able to transfer funds to their bank accounts within minutes for a 1% fee.
By Anna Hrushka • Aug. 13, 2019 -
Puerto Rico insurer sues 5 US SIFIs for $720M in debt defaults
Subsidiaries of JPMorgan Chase, Citigroup, Goldman Sachs, Morgan Stanley and Bank of America are named in a lawsuit insurer MBIA Inc. filed in San Juan's Superior Court.
By Dan Ennis • Aug. 09, 2019 -
Lenders shift focus as payday loans reach 13-year low in California
The state is trying to clamp down on a category of slightly larger, less-regulated loans to which lenders are migrating. Meanwhile, government data shows the industry's reliance on repeat and low-income customers.
By Dan Ennis • Aug. 09, 2019 -
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.
By Dan Ennis • Aug. 08, 2019 -
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.
By Anna Hrushka • Aug. 06, 2019 -
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.
By Dan Ennis • Aug. 06, 2019 -
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.
By Dan Ennis • Aug. 05, 2019 -
Women pay 18% more in bank fees per year, study shows
The pay gap between women and men is to blame, said the CEO of the investing app whose data was used in the study. But overdraft fees are at their highest level in nearly a decade.
By Dan Ennis • July 29, 2019 -
Study, House bill highlight role of rent, utility payments in credit scores
A new bill aims to build credit among low-income people, but a consumer advocate told a House panel Thursday that oversharing of particular data could cause undue harm.
By Dan Ennis • July 26, 2019 -
CFPB to end mortgage exception for Fannie, Freddie
A "patch" that lets Fannie Mae and Freddie Mac offer mortgages to borrowers with a debt-to-income ratio above 43% is expiring.
By Dan Ennis • July 26, 2019 -
Deep Dive2020 election: Where the candidates stand on banking
Rep. Seth Moulton (D-MA) dropped out of the presidential race Friday. The Marine veteran wants to make it easier for lower-income households to get mortgage credit, and he co-sponsored bills to ease cannabis banking.
By Banking Dive staff • July 25, 2019 -
Borrowers find unlikely ally in reverse mortgage morass — Bank of America
Ditech Holdings' attempt to sell its reverse mortgage business could put senior citizens' income in limbo — and it's drawing fire from attorneys general and the U.S.'s second-largest bank.
By Dan Ennis • July 25, 2019 -
Bank ties, new campaign push Zelle to big gains
The Zelle platform, which is owned by a consortium of the country's largest banks, could see continued growth as more financial institutions adopt the mobile app.
By Anna Hrushka • July 25, 2019 -
Almost half of student-loan borrowers paying inconsistently, study shows
For one in four families, student loan payments are outpacing spending for out-of-pocket health care, JPMorgan Chase Institute research indicates.
By Dan Ennis • July 24, 2019 -
College loan debt widens wealth gap for black borrowers, report says
Black students take on more debt at higher rates, which a new report suggests can be alleviated through key policy changes around oversight.
By Shailaja Neelakantan • July 24, 2019 -
Senators ask Powell why Fed is mulling own real-time payments system
Large banks have invested more than $1 billion in a network, The Clearing House, launched in 2017. But retailers and small banks have raised concerns about the system's cost and reach.
By Dan Ennis • July 23, 2019 -
Private student loans see 'small resurgence' as tuition rises, lenders relax
Rising college costs and more flexible terms are reviving interest in private loans, though they're mostly limited to higher-income students.
By Hallie Busta • July 19, 2019 -
Ally abandons credit card business for point-of-sale loan model
Ally Financial hopes its $190 million purchase of a medical lending company will push its point-of-sale capabilities to other retail sectors.
By Dan Ennis • July 19, 2019 -
PayPal expands Xoom, launches blockchain startup in Europe
PayPal's expansion of Xoom puts it in direct competition with other leading international money remittance services like MoneyGram and TransferWise, all fighting for a slice of the $689 billion global remittance market.
By Anna Hrushka • July 18, 2019 -
Nevada to pilot closed-loop payments system to serve marijuana-related businesses
The proposal would eliminate the large amounts of cash the state's pot businesses must deal with by creating an online system where digital currency transactions could be made.
By Anna Hrushka • July 17, 2019
