From americanbanker.com
CFPB finalizes rule to supervise some Big Tech firms
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The Consumer Financial Protection Bureau has significantly raised the transaction threshold for its larger participant rule — which defines which firms will be affected — from 5 million annual payments to 50 million.
#banking #finserv #fintech #regulation
12h ago
From americanbanker.com
'Fundamental breakdown': How USAA landed in regulators' hot seat
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Amid steady customer growth, USAA's banking arm failed to make the investments necessary to satisfy either its regulators or some decades-long customers. Changes in the executive suite haven't fixed the problems.
#banking #finserv #fintech #regulation
14h ago
From americanbanker.com
Credit unions rarely engage in BaaS. North Bay is an exception
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Membership requirements, expense and the nonprofit ethos largely keep credit unions from participating in the banking-as-a-service space. But a few, such as North Bay Credit Union in California, have carved out a niche.
on Sep 5
From americanbanker.com
Treasury warns banks deepfake fraud is on the rise
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The Treasury's financial crimes arm alerted banks to the dangers of AI-powered fraud, urging close monitoring and swift reporting of any suspicious activity.
on Fri, 6PM
From americanbanker.com
What payment firms want from real-time's next chapter
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Real-time payments and FedNow were top of mind at The Clearing House's annual conference this week. Here's how banks and payment companies see RTP's potential evolution.
on Fri, 4PM
From americanbanker.com
Credit unions embrace alliances to stay relevant in payments
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Credit Union Service Organizations such as Prizeout, have seen increased interest as credit unions get on board with automation.
on Nov 13
From americanbanker.com
Valley's $400M capital raise accelerates pivot away from CRE
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The added capital will help the New Jersey-based regional bank reduce its commercial real estate footprint faster and give it wiggle room to grow elsewhere, analysts said.
on Nov 11
From americanbanker.com
Why do US banks persist in breaching AML regulations?
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An uptick in fines associated with anti-money-laundering failures demonstrates that U.S. banks still have much work to do in terms of optimizing their internal systems to identify and stop the flow of dirty money.
on Nov 8
From americanbanker.com
Lawsuit: Lendistry, Plaid and Qualified violated consumer data rights
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A complaint brought by accounting firm Onisko & Scholz challenges data sharing activities common to data aggregators, banks and fintechs.
on Nov 7
From americanbanker.com
CFPB penalizes credit union over 'botched' digital banking upgrade
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The agency said VyStar customers took on fees and credit report demerits because they could not access banking functions for months following an attempted upgrade.
on Nov 2
From americanbanker.com
We need both supply and demand strategies to address fair housing
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Systemic racial inequality has long been a drag on the U.S. economy, and nowhere is that more apparent than in the housing market. There are smart strategies that would even the playing field.
on Nov 1
From americanbanker.com
CFPB's open banking rule faces suit from Bank Policy Institute
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The Bank Policy Institute is among the parties that filed a lawsuit late Tuesday to challenge the Consumer Financial Protection Bureau's new open banking rule.
on Nov 1
From americanbanker.com
Exclusive: Warren slams DOJ for side-stepping tougher action against TD
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Sen. Elizabeth Warren said in a letter that the Department of Justice intentionally avoided threatening TD Bank's charter to operate. The Massachusetts Democrat also pressed the agency to prosecute bank executives.
on Oct 31
From americanbanker.com
PayPal CEO preaches patience for recovery
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Alex Chriss says the impact of new payment innovation and strategies at units like Venmo and Braintree will take time.
on Oct 29
From americanbanker.com
FDIC cites three Texas banks over risk management, liquidity
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The Federal Deposit Insurance Corp. and Texas banking regulators issued consent orders against Industry State Bank, Fayetteville Bank and Citizens State Bank, requiring major overhauls of their management, capital and risk controls.
on Oct 26
From americanbanker.com
What the CFPB's open banking rule will do to data privacy, security
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A ban on screen scraping and new disclosures to consumers about data usage are among the new elements of the data protection rule.
on Oct 23
From americanbanker.com
Banks fight payday lenders with cheaper small-dollar loans
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Bank of America, Wells Fargo and U.S. Bank are among the institutions taking advantage of regulatory tailwinds to get more aggressive.
on Oct 18
From americanbanker.com
Synchrony says consumers are staying 'disciplined' as spending slows
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Purchases on the company's credit cards fell 4% as some customers traded down to cheaper goods or skipped discretionary spending. But CEO Brian Doubles said consumers remain in "pretty good shape" as they manage their budgets.
on Oct 18
From americanbanker.com
TD money-laundering scandal puts supervision back under the microscope
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For more than a decade, the bank allowed billions of dollars from illicit activities to flow through the U.S. financial system unchecked. Some are wondering why examiners didn't put a stop to it sooner.
on Oct 18
From americanbanker.com
Will the CRA political football be kicked to the Supreme Court?
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Regulatory justice prevailed with a federal district court injunction staying the politically motivated CRA final rule, the most complicated and convoluted regulation ever. Depending on election results, it may end up in the Supreme Court.
on Oct 17
From americanbanker.com
PayPal's solution for AI scalability? Partners
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As the company bolsters artificial intelligence-powered point of sale and battles other fintechs and the card networks, getting a boost with distribution has become a major priority.
on Sep 29
From americanbanker.com
Umpqua pushes into winery banking during industry's crunch
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First Republic's failure last year left its wine bankers available for poaching. The group joined Umpqua Bank, whose expansion in the wine business comes at a tricky time for the industry.
on Sep 29
From americanbanker.com
What a Chime IPO would mean for banks and fintechs
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As a public company, the neobank would have the capital support to keep growing quickly. It would also have to rein in costs and show a profit.
on Sep 28
From americanbanker.com
FDIC recordkeeping plan may cause problems for banks, fintechs
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The new rules on custodial account records could address the widening issues that the Synapse bankruptcy caused in the fintech world, but could make relationships between banks and fintech partners complicated, experts said.
on Sep 23
From americanbanker.com
We're in a fraud epidemic. The US government needs to up its game
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Nothing less than a whole-of-government approach, in concert with the financial services industry, will be enough to address the spiraling cost of fraud to both businesses and consumers.
on Sep 19
From americanbanker.com
Neobank Varo nears profitability
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CEO Colin Walsh believes his company is positioned to benefit from consumers that prize the convenience of technology opting for the safety of a "real bank."
on Sep 18
From americanbanker.com
Federal banking agencies extend comment period on bank-fintech risks
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Banks now have until Oct. 30 to weigh in on potential risks of third-party fintech partnerships for banking products and services.
on Sep 14
From americanbanker.com
CFPB hits TD Bank with $28M in penalties for credit-reporting abuses
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The latest violations come as the bank expects to face more than $3 billion in regulatory fines for anti-money-laundering failures.
on Sep 13
From americanbanker.com
Gen AI expected to raise risk of bank fraud
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Fake content has never been easier to create—or harder to catch. As threats grow, banks can invest in AI help detect fraud
on Sep 12
From americanbanker.com
Banks hint at legal challenge to new interagency security tracking rule
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The American Bankers Association says a proposal to replace its own financial security identifier with one owned by Bloomberg exceeds the agencies' statutory authority and could disrupt financial markets.
on Sep 5
From americanbanker.com
Affirm's faster path to profitability sends its stock soaring
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The buy now/pay later company beat analysts' expectations on revenue, net income and earnings per share as it issued new guidance for the end of its next fiscal year. Its stock was up as much as 31%.
on Aug 30
From americanbanker.com
Fed sets final capital requirements for large banks
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The Federal Reserve finalized its capital requirements for large banks Wednesday based on June's stress test outcomes.
on Aug 29
From americanbanker.com
OneAZ Credit Union to explore using blockchain technology
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"We're in an era of instant gratification, where we're not compared to other financial institutions, but rather to companies like Amazon, Apple, Google and Facebook," says Chief Technology Officer Sandeep Uthra.
on Aug 28
From americanbanker.com
In AI-based lending, is there an accuracy vs. fairness tradeoff?
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If efforts to make AI-based loan decision models less discriminatory degrade accuracy, that is problematic for the entire industry.
on Aug 23
From americanbanker.com
Banks ponder, 'What's in a name?'
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In a sea of generically named "First Banks of X" and "Community Banks of Y," financial institutions must decide if the painstaking rebranding process is worth the investment and risk to stand out.
on Aug 23
From americanbanker.com
Ohio's first women-owned bank nears opening
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Fortuna Bank in Columbus would be the third U.S. bank specifically formed to be women-owned, according to its organizers. Supporters say it's another win toward obtaining gender-equitable capital access.
on Aug 13
From americanbanker.com
'It's always a black box': One fintech's ordeal working with Synapse
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GrabrFi, a challenger bank for freelancers outside of the U.S., has found both hurdles and opportunities by working with banking-as-a-service middleware vendors.
on Jul 11
From americanbanker.com
How JPMorgan Chase is fraud-proofing its branches
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The bank has seen positive returns expanding its national branch network, but it is contending with fraudsters who are increasingly targeting branches.
on Jul 2
From americanbanker.com
The AI bringing zen to First Horizon's call centers
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A large language model detects signs of agent burnout and sends stressed-out employees calming videos created by Ariana Huffington's company Thrive Global.
on Jun 26
From americanbanker.com
It's past time for the Fed to expand ACH settlement to weekends
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Weekend direct deposit would benefit workers, consumers and businesses. The Federal Reserve itself said it was in favor of such an expansion nearly a decade ago. There is no better time than now.
on Jun 1
From americanbanker.com
Another credit union buys a bank as industry groups sharpen criticism
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Gesa Credit Union in Washington agreed to acquire a 103-year-old community bank in Centralia, as it eyes opportunities for additional growth in the Pacific Northwest. In the District of Columbia, a bank group is calling for exit fees on banks selling to tax-exempt credit unions.
on May 31
From americanbanker.com
TD's U.S. expansion plans called into question amid regulatory troubles
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Executives at the Toronto-based bank said last year that they planned to add 150 branches in the United States. But when pressed on Thursday, they could not say how much they'll scale back their ambitions due to investigations over TD's anti-money laundering practices.
on May 24
From americanbanker.com
Big banks face intensifying political pressure over Zelle fraud
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Executives from JPMorgan Chase, Bank of America and Wells Fargo are expected to get grilled in Congress this summer over victims of Zelle scams who don't get reimbursed. A Senate panel has spent much of the last year examining fraud on the bank-owned payments network.
on May 23
From americanbanker.com
Data breach affects 57,000 Bank of America accounts
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Customers with deferred compensation plans at the bank had personally identifiable information compromised through a third party, Infosys McCamish.
on May 16
From americanbanker.com
Fed report: Climate change could raise loan defaults for biggest banks
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The Federal Reserve Thursday released a report on its climate stress test pilot assessing the impact of climate change on big bank portfolios and found that loan defaults could increase as a result of climate events and shifts toward a lower carbon economy.
on May 9
From americanbanker.com
Buyouts of delinquent commercial real estate CLO loans jump 210% as multifamily landlords struggle
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CRE CLO issuance surged to $45 billion in 2021, a 137% increase from two years earlier, when buyers of apartment blocks sought to profit from the wave of workers moving to the Sun Belt from big cities.
on May 2
From americanbanker.com
If Supreme Court sides with CFPB, 'flurry' of litigation moves forward
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Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
on Apr 24
From americanbanker.com
Scott introduces measure to overturn CFPB late fee rule
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Sen. Tim Scott, R-S.C., ranking member of the Senate Banking Committee, introduced a Congressional Review Act resolution to undo the Consumer Financial Protection Bureau's credit card late fee rule.
on Apr 20
From americanbanker.com
Wyoming community bank winds down fintech program
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The Federal Reserve issued an enforcement action against Mode Eleven Bancorp, the holding company for Summit National Bank, which engages in banking as a service.
on Apr 5
From americanbanker.com
FDIC rebukes Sutton Bank, Piermont Bank over fintech partners
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The steady drumbeat of consent orders against banks that offer banking as a service continues, with regulators telling banks to keep a closer eye on their fintechs' compliance with the Bank Secrecy Act and money laundering rules.
on Mar 30