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.
This summer, an international electronics company completed a $1.6 billion payment by mobile phone, the biggest transaction ever on the bank's CashPro app, according to Bank of America.
Eric Blankenstein, who resigned from the Consumer Financial Protection Bureau in May after the discovery of his racially charged writings, was named acting executive vice president of Ginnie Mae.
The two previously worked at BNY Mellon in similar roles, Scharf as CEO and Daley as head of public affairs; Michael Johnson’s demotion follows the bank’s massive data breach in July.
Readers react to Sen. Warren calling for banks to fund her Medicare plan, a proposal requiring big-bank CEOs to testify before Congress, federal regulators missing Trump-appointees on their board and more.
If the no-premium agreement announced by First Horizon and Iberiabank this week is a sign that sellers’ asking prices will come down, then Regions might reconsider its anti-M&A stance, a company executive said.
A proposal to revise how the agency calculates the restrictions for less than well-capitalized banks relies on faulty methodology and ignores competition from fintechs and credit unions, according to the industry.
