Fed should open the payments system to fintechs


There’s no reason for the central bank to prohibit nonbank financial firms from entering the payments system as long as appropriate rules are put in place to protect against risk.


JPM merging payments units; Brit banks worried about consumer lending


The units that handle small business payments and the one for larger firms will be combined; survey shows U.K. consumers may shun loans.


Fed not an impediment to fintechs' charter ambitions: OCC's Otting


Some in the industry worry the Fed may balk at allowing OCC charter recipients into the payments system, but Otting downplayed those concerns.


Real-time payments needs more competition


The Federal Reserve has suggested it could join the market for instant interbank payments, but private sector entrants would be better.


Citi beats estimate as earning season opens; Goldman eyes cash management


Trading revenue for banks is expected to be flat; the bank plans high deposit rates to lure corporate customers.


Cuomo names new DFS head; UBS courting former BofA executive


Linda Lacewell replaces Maria Vullo as New York’s chief financial regulator; the Swiss bank is reportedly talking to Christian Meissner about a senior role.


USAA mishandled payday disputes, opened unauthorized accounts: CFPB


The bank will pay over $15 million in restitution and fines to settle claims that it neglected stop-payment requests and reopened deposit accounts without customers' consent.


Square to make another bid for bank charter


The payments processor was among numerous firms earlier this year to withdraw an ILC charter application over questions about its plan.


Amazon, Google at odds with big banks over Fed's role in faster payments


The tech giants, along with Apple, PayPal and others, are calling on the Federal Reserve to build a backbone for real-time payments, rejecting large banks’ claims that the task is best left to the private sector.


Fed rejects Wells fix-it plan; more trouble for Deutsche Bank


The move means the cap on asset growth may stay in place longer; the German bank reportedly processed 80% of the money laundered through Danske Bank.