Behavioral biometrics are attractive because they are easy to implement, hard for criminals to spoof and not subject to the same privacy protections applied to thumbprints or retina scans.
Citigroup plans to prohibit retailers that are customers of the bank from offering bump stocks or selling guns to people who haven't passed a background check or are younger than 21.
NCR's major projects over the past couple of years have included a diversification to serve merchants' cross-channel shopping and payment needs, adding advanced ATM technology in europe and upgrading hardware to compete with market rivals such as Square
LGE Community Credit Union has a deal to acquire Georgia Heritage Bank, representing the fourth time this year a credit union has agreed to buy a bank.
The Portland, Ore, company has hired four private bankers from City National as part of a broader effort to provide a full range of services to business owners and high-net-worth households in Orange County and San Diego.
Small institutions need to rethink their approach to younger employees, giving them more opportunities and responsibilities — and borrowing from their digital know-how.
The bank says CEO had no input into $325 million loan to Trump's son-in-law; Fifth Third, First Republic take equity stake in online student loan lender.
Are American college students using their student loan dollars wisely? A LendEDU study explored how those funds are spent.
Jamie Dimon, chairman and chief executive of JPMorgan Chase, jumped into the growing debate Wednesday over how consumer data is collected and used, responding to concerns about stolen Facebook data.
Robert Selander was named an independent director of the embattled credit bureau, which is still trying to regain public confidence after a huge data breach last year.
Berkery, the chairman of UBS Bank USA, will be succeeded by Michael Blum. Berkery, a Merrill Lynch alum, was part of the turnaround team at the wealth management unit, and during her tenure the bank’s lending book more than doubled in size.
While regulatory relief legislation would raise the asset threshold for “systemically important” banks, Federal Reserve Chairman Jerome Powell said the central bank could still apply prudential scrutiny to banks below that new cutoff.
The American Bankers Association has named Naomi Camper, who spent seven years as the top lobbyist for JPMorgan Chase, as its chief policy officer.
Just as promised, Republican lawmakers went to work Wednesday considering regulatory reform ideas that would go further than the Senate's tweaks of the Dodd-Frank Act.
Some banks pay their leaders 200 to 300 times more than branch employees, according to recently filed corporate disclosures. The findings raise a host of questions about fairness, whether outsize pay promotes “too big to manage,” and how investors will use this new information in fights with management.
A bill to allow captive insurance companies to be reinstated as members of the Federal Home Loan Bank System appears to be dividing the FHLB community.
Rebeca Romero Rainey, while known as compassionate banker and less of a firebrand than her predecessor at the trade group, will take firm stands for small banks on reg relief, innovation and fair play, say those who know her.
UBS agreed to pay $230 million to resolve a New York state probe into the Swiss bank's marketing and sales of residential mortgage-backed securities before the financial crisis, boosting the state's recoveries in the investigation to almost $4 billion.
In the joint report with the Federal Trade Commission on debt collection practices, the CFPB said it had initiated four enforcement actions last year, had resolved one case and has five others pending.
Employees at the second-largest Indian bank falsified documents in a scheme that ultimately cost the institution at least $2 billion. Some argue a distributed ledger would have helped prevent or minimize the fraud.
Trump Bay Street, a New Jersey luxury apartment tower part-owned by Kushner Cos., received a $200 million loan from Citigroup, according to two people familiar with the deal.
The company will also sell $58 million in deposits to West Gate Bank.
Confusion over whether certain digital currency transactions are considered securities is shutting many U.S. investors out of initial coin offerings and spurring illegal behavior.
Ancora Advisors will place a representative on MutualFirst's board in exchange for supporting the company's director nominees and other policies.
Doug Nielsen from U.S. Bank joins Brett King to talk about SXSW 2018; Jim Marous weighs in on Amazon's plans for a checking account.
The Alabama company will enter Sarasota, Fla., after buying Premier for $52 million.
GOP senators push House colleagues not to change Dodd-Frank rollback bill; agencies respond to consumer complaints about debt collectors.
Fifth Third and First Republic are among the investors in the company’s $50 million equity round.
Many of the industry’s top executives — at big and regional banks alike — enjoy premium perks, including personal travel on corporate aircraft and minimal wait times for fancy medical exams. Here’s an overview of the special items disclosed to investors so far this year.
HUD Secretary Ben Carson told lawmakers that overly rigid False Claims Act enforcement had forced lenders to suffer financially for what were just minor errors, but that lenders' fears of being sued were dissipating.
The $6 million acquisition will add four businesses with a total of $700 million in assets under management.
Critics of the Consumer Financial Protection Bureau have long sought to convert its leadership structure from a single director to a five-member commission. Here’s why the idea is dead on arrival.
Banks say that an appeals court’s decision to ease restrictions will allow them to warn customers more easily when loans are past due or accounts have been compromised. But consumer groups argue that the decision gives financial firms license to market their products more aggressively and could lead to more harassing phone calls over unpaid debts.
More buyers, spurred by increased lending and an improved economy, are pursuing deals for banks with an abundance of cheap deposits.
One fintech has a new twist on gamification — tie savings contributions to achievement in the most popular games.
Canada's financial consumer watchdog will strengthen its supervisory and enforcement teams, modernize its supervision approach to monitor banks more proactively, and enhance consumer information after reviewing bank sales practices.
In an update on the Deposit Insurance Fund, FDIC staff said the fund's ratio of reserves to estimated deposits will likely reach the required 1.35% level by the second half of 2018.
Bank of America is offloading some margin loans after losing $292 million on soured credit to the former chairman of Steinhoff International Holdings, according to people with knowledge of the matter.
As policymakers take another crack at housing finance reform, federal leaders and the housing lobby are once again perpetuating the false notion that ending government guarantees would cause the 30-year, fixed-rate mortgage to vanish.
The San Juan company disclosed an error in the way it calculated the provision for losses in its commercial loan book.
Gulfside Bank, which would be based in Sarasota, is angling to become southwest Florida's first new bank in a decade.
Three unnamed "senior" employees helped the SEC win a $415 million settlement from the bank; Sherborne Investors takes a 5.2% stake in the British bank.
The Berlin company hopes to shake up the U.S. market with real-time, mobile-first, millennial-friendly banking, and the new infusion of cash from Allianz and Tencent will help.
The legislation, signed Monday by Gov. Rick Scott, authorizes 60- to 90-day loans of up to $1,000. It makes Florida the first state to pass a law designed to blunt the impact of the CFPB’s payday lending rule.
The agency's decision to lift a 2002 consent order against Ace Cash Express could lead to a revival of partnerships between national banks and payday lenders.
The House Financial Services Committee chairman's effort to make changes to a Dodd-Frank revision bill could either give him a defining victory or extend his losing streak.
The bank will enable customers to access its 2,500 ATMs via mobile banking.
Bank stocks in recent months were a fallback for suffering tech investors, but now both sectors are getting hit. It's a sign of tightening interest rate spreads — and more volatility to come.
As the agency pulls back its enforcement efforts, it opens the door for state authorities to pursue more cases against financial startups for their data collection and privacy practices.
Organizers want to open the first new bank in Michigan since 2009, while a third group in Florida has filed a de novo application.
The main problem is that Amazon's Alexa, Apple’s Siri and Google Assistant can’t yet verify a person’s identity. But there are already workarounds for that issue – and the tech giants may solve it soon.
The bank’s distributed ledger for private equity deals can now provide nodes to auditors, so they can easily access documents and data for their annual reviews.
On Dec. 31, 2017. Dollars in thousands.
On Dec. 31, 2017. Dollars in thousands.
Banks need to figure out how to provide more value to customers or non-bank financial services companies could displace them.
The bank is the latest to report required pay discrepancies in their British units; the DOJ and SEC are looking into sales practices at the bank’s wealth management unit.
The e-commerce giant is muscling its way into a number of businesses that banks have long dominated.
Sen. Elizabeth Warren, D-Mass., raised ethics concerns about Mick Mulvaney's dual role leading both the Consumer Financial Protection Bureau and the Office of Management and Budget.
Nonbanks are originating more commercial mortgages on fixer-uppers in response to a sharp drop in the cost of funding in the securitization market. These deals are said to be "vastly different" than other CRE instruments that sustained big losses in the crisis — so far.
The FBI has reportedly interviewed employees at the bank’s wealth management unit.
Independent Bank Group said the funds had become shareholders after it bought Carlile Bancshares last year.
Under Richard Cordray, the consumer bureau had questioned whether affiliations between small-dollar lenders and sovereign tribes are exempt from state laws, but observers say the agency’s acting chief has signaled a more welcoming approach.
Wells Fargo gets tipped off by OCC on investigation; HSBC is wading back into U.S. mortgage waters; a bank uses artificial intelligence to combat money laundering; and more.
While optimistic about the economy, bankers at this year's ICBA convention are still concerned about credit unions and other nonbanks, the role of technology, weakness in the agricultural sector and succession planning.
The bank, which has branches in eight state and operates a nationwide real estate business, said that the proposed new name, Bank OZK, would better reflect its geographic reach.
Independent Community Bankers of America CEO Camden Fine said his group “will not participate in making the perfect the enemy of the good” when it comes to further amending the regulatory relief bill.
Banks should adopt a more collaborative process to usher in innovation and refine digital strategy, says SunTrust CIO Scott Case.
The company will take a nearly $10 million hit after setting aside funds to cover a case of potential borrower fraud.
A decade after buying Bear Stearns, JPMorgan has maintained its revenue from fixed-income trading while many rivals saw theirs slip.
Directors at the Federal Reserve Bank of New York said they had narrowed their search for the bank's next president to a "handful of final candidates," without naming any of those still in the running or the timetable for announcing their selection.
Financial Institutions, the parent of Five Star Bank, was hit with a "needs to improve" rating following a review of its activities from 2011 to 2013.
Goldman Sachs Group Inc. pays women in the U.K. an average of 56% less than male colleagues, another stark example of the entrenched gender imbalances in the richest corners of the global economy.
The Consumer Financial Protection Bureau's “Project Catalyst,” launched six years ago to help fintech companies navigate regulations, has failed to deliver.
House Republicans want more aggressive changes to Senate’s Dodd-Frank rollback bill; papers scrutinize the heir apparent to Lloyd Blankfein.
Readers opine on the prospect of regulatory relief, weigh in on the need for regulators to become more tech savvy, react to HSBC hopping back into U.S. mortgage lending and more.
Eno likes reality TV, says Capital One's head of artificial intelligence. Who's afraid of big, bad Amazon? Not Nandita Bakhshi. Goldman Sachs won’t be breaking any glass ceilings. Plus, a study on sexual harassment in banking.
First the House and now the Senate have included provisions in their regulatory relief bills that bankers say would go a long way toward clearing up confusion over how to treat high-volatility commercial real estate loans.
Legacy financial firms like the big credit bureau are seeking out financial technology to diversify themselves, bring new products to market faster and meet the needs of global customers.
A day after the Senate passed regulatory relief, top House Republicans vowed to have a big say in the final version before the bill heads to the White House. Those comments raised fresh questions about how quickly the Dodd-Frank reforms will become law.
BankFirst Financial Services in Columbus, Miss., has acquired HomeFirst, a mortgage services firm.
Use of alternative data in traditional credit scoring would help consumers access the banking system and lower their cost of credit.
Park National, which came to regret its acquisition of a Florida bank just before the financial crisis, took more than a year to vet its recent deal for NewDominion in North Carolina.
The gap, already more than three times the national average, will widen to 60% this year, the company said in a report Thursday.
The acting director’s five-year plan shows that he wants to bring moderation to the agency, not ruin it from within.
With substantial regulatory relief within reach, community bankers should use their clout to shape cybersecurity policy and ensure a level playing field for banks and nonbanks, retiring ICBA chief Cam Fine says.
The measure easily passes with a two-thirds majority; Wells Fargo CEO's pay up by a third, but no cash bonus.
Ken Rees at Elevate Credit calls payday lending "the roach motel of financial products" and says his alternative has helped subprime borrowers get back on their feet.
Online banks and some credit unions are responding to Fed rate hikes by aggressively raising deposit rates on CDs, savings accounts and money market products, while the nation's biggest banks are largely standing pat — for now.
The request for feedback on adopted regulations is the eighth out of a dozen such requests that acting CFPB Director Mick Mulvaney has initiated so far as part of a public review of all the agency's processes.
The company's planned purchase of Coastway Bancorp in Rhode Island makes sense since both institutions used to be credit unions.
CEO Tim Sloan was paid $17.4 million, though he was denied a cash bonus, as the San Francisco bank continued to contend with scandal fallout.
With the Senate finishing its work on a regulatory relief package, a showdown in the House still looms while critics of Dodd-Frank weigh whether this is their last shot at unwinding it.
The National Credit Union Administration’s defense of changes to a field-of-membership rule was challenged by a federal judge on Wednesday, suggesting an American Bankers Association lawsuit against the revisions may be successful.
With rate hikes aplenty expected this year, Wells Fargo and Bank of America are said to be subdividing key markets to target deposit pricing in the future and minimize costs. These are among several innovative steps large banks are taking to prepare for more competition for deposits.
Sen. Elizabeth Warren, D-Mass., introduced a bill to create a permanent law enforcement unit to investigate criminal activity at large banks, just as the Senate was close to passing a regulatory relief package.
A customer is claiming that the Chicago bank operates a "predatory" overdraft fee program.
As it expands to the West Coast, the bank will first target car dealers at which it is already an indirect consumer lender.
Freddie Mac and Arch Capital are testing a new form of risk-sharing deal to boost investor appetite for low down payment mortgages. But the pilot is raising concerns about "charter creep" because it dictates private mortgage insurance decisions typically made by lenders.
Goldman Sachs needs to do a better job elevating women to its top ranks, new heir apparent David Solomon said recently. He has his work cut out for him.
Organizers in Winston-Salem are planning to raise at least $25 million to form Community Bank of the Carolinas.