Banks and other firms collecting defaulted debt originated by another company are not subject to the kinds of restrictions placed on third-party debt collectors, the Supreme Court ruled Monday in a unanimous decision.
The bank-owned person-to-person network formally went live Monday, enabling direct transfer of funds across 30 U.S. financial institutions. There are a lot of questions around whether it can compete with the current kings of P-to-P — Venmo and PayPal — but Zelle may not be aiming to take them head-on just yet.
Financial institutions are trusted stores of data about money because they are insured and have a license from governments to operate. Monetizing that data can give them a leg up on the tech giants.
The company agreed to pay $162 million to buy First South Bancorp in Washington, N.C. It is the fifth time this year that a bank in North Carolina has agreed to sell to a buyer from another state.
The new acting chief of one of Washington’s major banking regulators has agreed to stay away from issues involving dozens of former legal clients, including 14 banks that the agency oversees, according to his ethics agreement.
Report is "harshly critical" of CFPB and calls for sharply reining in its powers; Financial Times editorial questions non-bank companies' ability to assess credit risk.
Post-crisis financial rules have made the business of project lending less profitable for commercial banks. Foreign competitors have stepped in to fill the void, but U.S. banks can carve out a niche as bond offering managers and financial advisers.
To teach artificial intelligence to responsibly execute human goals, there’s a need to build bridges between human thought and language computers can understand, Stephen Wolfram, founder and CEO of Wolfram Research, explains.
