Amid the rise of online lending earlier this decade, banks were derided as being too slow to adapt. But over time it's become clear that banks hold key advantages over lending startups.
Bankers are generally happy with the House Republican tax plan released last week, but one provision of the proposed overhaul is likely to give them pause: a cutback in the deduction for deposit insurance premiums.
Guidance from the CFPB and reduced friction between banks, fintechs and data aggregators are easing bank-fintech partnerships at Wells Fargo, Capital One and others.
The HUD secretary’s comment that such use of the False Claims Act was “ridiculous” may delight the mortgage industry but does not bode well for taxpayers or the federal government’s future fraud enforcement efforts.
Add MUFG Union to the roster of traditional banks launching a digital division that aims to grab deposits. PurePoint is going up against some more established competitors who are evolving their strategies.
Prince Alwaleed bin Talal, the billionaire with significant stakes in Citigroup and Twitter, was arrested by Saudi Arabian authorities as part of an alleged anti-corruption purge in the kingdom.
