Ludwig, a former regulator and CEO of Promontory Financial, and Mahan, the head of Live Oak Bancshares, say they want to back tech startups that support community banks. The ABA and ICBA are among the fund's investors.
Truist emphasizes high-touch, high-tech focus with new logo; Wells Fargo loses another patent lawsuit to USAA; what the Visa-Plaid merger means for banks, fintechs; and more from this week's most-read stories.
Visa's deal to acquire the data aggregator Plaid is likely to have ripple effects throughout the industry, including less fintech-tech tension over sharing data.
Regulators are beginning to recognize the importance of using alternative data to provide credit for the underbanked. Now is the time to expand its use across the industry.
In the battle to control consumer data, Visa has made a major score by agreeing to acquire Plaid, a technology company that it could have seen grow into a competitor.
