Susan Collins said she will join Mitt Romney in voting against the Fed nominee; the Republican proposal would give regulators discretion to let banks exclude certain assets for capital purposes ... Read full article
Digital wallets arguably reached a tipping point this spring when contactless payments jumped 40% in response to concerns that cash and payment terminals were helping to spread the coronavirus, Vidya Peters of Marqeta writes. ... Read full article
The three-month extension for the central bank's lending programs is one of several recent steps by policymakers to stabilize the economy as the coronavirus pandemic stretches through the summer. ... Read full article
Dennis Devine, who has held leadership roles at several banks, is taking over immediately at the Chicago-based institution after David Mooney announced his retirement. ... Read full article
A proposal to expand credit unions’ access to subordinated debt drew plenty of fire from bankers, but there are also concerns the regulation could be problematic for the institutions it aims to help. ... Read full article
Over the weekend, hackers broke in through a third-party vendor to steal names, email addresses and other personally identifiable information. ... Read full article
Two more Republican no votes will sink the nomination, if Democrats remain steadfast on their opposition. ... Read full article
The student loan company had said a three-year-old lawsuit alleging consumer abuses was superseded by a similar CFPB suit. Here’s why the 3rd U.S. Circuit Court of Appeals disagreed. ... Read full article
The Senate Republicans' coronavirus relief package, known as the HEALS Act, would continue to make the loan program available to businesses, but any final bill would need to be negotiated with House Democrats. ... Read full article
TD Bank has hired Jyotsana “Jo” Jagadish to head commercial operating products and payment innovation, where she will oversee TD’s expanding fintech partnerships. ... Read full article
Current, Stoovo and other companies are reaching out with low-cost, low-fee financial services and even tools to help users search for part-time jobs. ... Read full article
After the House passed a defense spending bill that included the provision ahead of negotiations with the Senate, industry representatives are optimistic Congress will finally shift the burden of reporting true-owner information from banks to their ... Read full article
Financial firms should offer debt consolidation and faster payment services to help employees who may be struggling through the coronavirus pandemic. ... Read full article
The Illinois senator wants the Fed to investigate alleged anticompetitive practices in debit card transactions; reserves at Western lenders are poised to hit their highest level since 2009. ... Read full article
BBVA and Rockland Trust have taken a highly numbers-driven approach to branch reopenings. All banks are having to rethink their branch networks during the pandemic and beyond, and analytics software is helping. ... Read full article
The agency plans to issue an advance notice of proposed rulemaking dealing with efforts by fintechs and data aggregators to leverage a consumer's bank account information. ... Read full article
Due to possible exploitation, Bank of America instituted a policy that limited loans to persons in guardianships, but later ended that policy. ... Read full article
Similar to a law passed two years ago in California, legislation headed to the New York governor’s desk would require fintech and other nonbank lenders to uniformly disclose total cost of capital, APR and other metrics to potential borrowers. ... Read full article
The Nashville bank had sued Gaylon Lawrence in 2017 over allegations that he was pursuing an illegal takeover, but the two sides announced terms of a settlement. ... Read full article
The regulation allows banks to add employees with past convictions for trivial crimes after the industry complained the prior rules were too severe. ... Read full article
