The Federal Reserve is facing pressure to allow retailers to route PIN-less debit-card purchases over their choice of networks. It’s a new stage in an old battle, fueled by the shift toward online shopping during the pandemic. ... Read full article
Bank of America will help Cornell University expand an online training course aimed primarily at Black and Hispanic women who want to start their own companies, as part of the bank's $1 billion racial justice commitment. ... Read full article
Richard Yeager's promotion comes at a time of growth for the New York-based institution, including having recently been granted a field-of-membership expansion. ... Read full article
American Challenger Bank would offer consumer and commercial products using technology from Temenos. Organizers recently applied with the FDIC for deposit insurance. ... Read full article
Community development financial institutions, which tend to be less digitally savvy than traditional banks and credit unions, are developing online-lending platforms and automating backroom processes with investments and technical assistance from big ... Read full article
The two mortgage companies would need capital of $283 billion to absorb losses before going public, its regulator says; the 50% rise in just 30 days has some worried about another crash. ... Read full article
The Ohio company will benefit after settling unpaid judgments tied to nonperforming loans at a bank it bought before the last financial crisis. ... Read full article
The Trump administration has moved forward on a plan to privatize Fannie Mae and Freddie Mac, but Joe Biden appointees could take steps to slow or stop their release from conservatorship. ... Read full article
The success of some fintechs in getting bank charters this year only underscores how onerous the process remains for many others. That’s unlikely to change unless policymakers reconsider what it means to be a bank. ... Read full article
The startup, created in partnership with conversational AI platform LivePerson, will encourage users to send sums of money to strangers. ... Read full article
The complaint charges the fintech startup with misleading customers about the interest they'd receive on deposits and the level of access to their money. It seeks an unspecified amount of consumer relief in addition to other remedies. ... Read full article
The new capital framework for Fannie Mae and Freddie Mac is a prelude to letting the mortgage giants potentially retain all their earnings. But efforts to privatize the companies could face pushback from the Biden administration. ... Read full article
Cameron Minges will become president of the Indianapolis-based credit union effective Jan. 1. ... Read full article
Google has redesigned Google Pay to add new financial management and loyalty features; and to offer consumers checking and savings accounts from partner banks and credit unions in 2021. ... Read full article
The latest report from the American Customer Satisfaction Index reported lower scores for both industries, with credit unions recording their lowest ranking since 2011. ... Read full article
CIT Group over a year's time brushed off several offers from First Citizens BancShares, entertained rival bids and kept negotiating on price and board representation before striking a deal, according to a new regulatory filing. ... Read full article
JPMorgan Chase CEO Jamie Dimon says the partisan bickering over coronavirus relief aid is harming households and businesses and jeopardizing the chances of an economic recovery. ... Read full article
The two companies have worked together to provide a banking app that community banks can implement and deploy in 30 days. ... Read full article
More lenders and governments should partner with community development financial institutions to ensure aid reaches minority-owned businesses that are the backbone of many neighborhoods slammed by the coronavirus. ... Read full article
A recent survey by the American Bankers Association found that mobile apps surpassed online banking as the go-to platform for consumers earlier this year, and its popularity has continued to rise since the onset of the pandemic. ... Read full article
