January 2, 2024
Via: TechBullionThe world of cryptocurrency is in a constant state of flux, with the appeal and market value of various digital currencies undergoing frequent fluctuations. As we approach 2024, many investors are grappling with the question of which cryptocurrency holds the […]
December 28, 2023
Via: DailyFX2023 was a year that lessened the stature of central bank forward guidance. Forward guidance is a tool used by central banks to communicate monetary policy projections. Historically, markets viewed this messaging in high regard as it often tied into […]
December 20, 2023
Via: Banking DiveU.S. Bank will pay nearly $36 million in connection with customers’ inability to access unemployment benefits during the COVID-19 pandemic, two regulators said Tuesday, announcing separate penalties. The Consumer Financial Protection Bureau ordered the Minneapolis-based lender to pay $20.7 million […]
December 13, 2023
Via: Banking DiveWhile Dave, a neobank and personal finance app, has been using artificial intelligence to underwrite its products since the company’s inception in 2017, the fintech’s latest use of generative AI is producing promising results on the platform’s customer service side, […]
December 7, 2023
Via: YahooU.S. Bancorp (USB) ended the recent trading session at $39.08, demonstrating a -0.81% swing from the preceding day’s closing price. This change lagged the S&P 500’s daily loss of 0.39%. Elsewhere, the Dow lost 0.19%, while the tech-heavy Nasdaq lost […]
December 6, 2023
Via: FinTech FuturesAs the first generation to be pure digital natives, Gen Z have huge parts of their life influenced and shaped by the data that they themselves create – on social media, through their app use on their smartphones and through […]
December 1, 2023
Via: JD SupraThe CFPB recently issued a consent order and a $12 million fine against a large national bank for failing to accurately collect and report HMDA data. According to the CFPB, instead of asking applicants for their race, ethnicity, and sex, […]
November 30, 2023
Via: FinTech FuturesThe equity round was led by Group 11 with participation from Upper90, Vera Equity, Slow Ventures and angel investors from other fintech companies. Founded by former employees of Microsoft, Stripe, Lyft and Tipalti in 2022, CapitalOS says its software enables […]
November 28, 2023
Via: FinTech FuturesLaunching this month, the bank has allocated $150 million (AUD 227 million) to lend between $6.6 million and $19.8 million to late stage venture capital-backed companies operating in the technology and new economy sectors. Venture debt forms an attractive alternative […]
November 28, 2023
Via: FinTech FuturesThe £925 million refinancing plan, compiled by Morgan Stanley and Moelis, comprises a £325 million equity capital raise and £600 million in debt financing. It also raises the stake of the bank’s largest shareholder, Colombian billionaire Jaime Gilinski Bacal’s Spaldy […]
November 27, 2023
Via: FinTech FuturesThe review reveals how “downside surprises” inspired by the current macro-financial environment are weighing heavily on residential and commercial real estate markets in the euro area. This is primarily in the form of rising debt service costs. For residential real […]
November 22, 2023
Via: Bank DirectorThe events of 2023, both within the banking industry and beyond, are chilling traditional growth opportunities and providing new challenges for banks. We are seeing adverse trends in the areas of asset quality, litigation, liquidity, third-party relationships and compliance that […]
November 20, 2023
Via: FinTech FuturesThe regulator says the company has been charged for withdrawing funds from customers’ bank accounts without their permission, making deceptive statements about loans, and cancelling loan extensions. In 2019, Enova paid a $3.2 million penalty to the CFPB with orders […]
November 17, 2023
Via: FinTech FuturesI’ve previously covered the evolution of banking technology and why almost every bank has multiple cores. So, analogies of “changing a plane’s engine whilst in flight” or “heart surgery with the patient watching” don’t really get across the full complexity […]
November 17, 2023
Via: Payments DiveBank of America attributes the rise in small business credit card balances in part to increased spending in 2021 and the first half of 2022. The report focused on small businesses noted that credit card spending has remained at about […]
November 14, 2023
Via: JD SupraThere are certain nonbank markets that the Consumer Financial Protection Bureau (“CFPB”) has the statutory right to supervise irrespective of size (e.g., mortgage, private education loan, payday lending). Then, there are other consumer finance markets to which Congress gave the […]
November 13, 2023
Via: JD SupraThe Gramm-Leach-Bliley Act, enacted in 1999, requires financial institutions, broadly defined, to establish administrative, technical, and physical safeguards to protect customer information, but does not impose obligations to notify regulators of data breaches. It also tasked certain administrative agencies with […]
November 13, 2023
Via: Bank DirectorBank leaders’ enthusiasm for M&A appears muted going into 2024, but an appetite for sticky, low cost deposits could motivate some financial institutions to make a deal in the year ahead. Bank Director’s 2024 Bank M&A Survey, sponsored by Crowe […]
November 10, 2023
Via: Banking Dive“Immediately upon discovering the incident, ICBC FS disconnected and isolated impacted systems to contain the incident,” the bank said in a statement. The firm, whose clients include hedge funds, broker-dealers and global banks, said it is investigating the attack and […]
November 10, 2023
Via: YahooThe Military Times named U.S. Bank number No. 3 on its annual Best for Vets: Employers list, which rates the best employers for veterans in the United States. U.S. Bank has appeared on the list each year since the Military […]