Earlier this decade, a boom in low-cost prepaid cards undercut the firm's business model. Now the fiercest competition is coming from venture capital-backed startups that offer accounts with no overdraft fees.
New tech lets American Express instantly issue cards to immigrants; the end of Libor raises concerns about financial stability; regulators shutter banks in Kentucky and Ohio; and more from this week's most-read stories.
Readers react to whether the next presidential debate will discuss banking, how California's financial policies are bleeding into other blue states, suggested reforms to the Community Reinvestment Act and more.
Majority, which will launch nationwide later this quarter, will use networks of immigrants to sell a mobile phone-based account that features unlimited remittances and international calling services.
Julieann Thurlow says Reading Cooperative Bank in Massachusetts is well positioned to help immigrants and millennials. Technology is crucial to serving both groups, she says.
