Category: Finance

Michael Barr, the Federal Reserve’s vice chair for supervision, asked banks to review and analyze data that might fuel racial disparities in wealth, while speaking Tuesday at a conference on financial inclusion at a historically Black university. “Ensuring that all would-be borrowers are treated equally means more customers, more loans and better returns for banks,” […]

Wells Fargo will pay $300 million to settle a class-action lawsuit from shareholders who argued the bank knew it was charging customers for unnecessary auto-collision protection insurance but not telling investors, the law firm Robbins Geller Rudman & Dowd said Tuesday in a statement. A trial in the case was set to start Feb. 27. […]

Dive Brief: Buy now, pay later provider Klarna has partnered with Paris Hilton’s marketing firm on a global advertising campaign starring the hotel heiress and social influencer, per a Tuesday press release.  The new marketing draws on Y2K fashion trends and shows Hilton responding to the fintech’s payment and shopping services with “That’s Smooth,” a […]

Jack Henry & Associates expects to be the first payments processor to go live with FedNow when the Federal Reserve’s real-time payments service debuts in July.  “We will be the first processor going live with the FedNow product in the summer,” Greg Adelson, Jack Henry’s president and chief operating officer, told an analyst during the […]

Dive Brief: When Visa CEO Ryan McInerney took the top job on Feb. 1 as part of a previously announced succession plan, his salary increased to $1.4 million, according to a regulatory disclosure on the same day. That salary was 27% higher than the $1.1 million he earned in 2022, according to Visa’s most recent proxy filing. […]

Truist laid off dozens of employees in its investment-banking division in late January, Bloomberg reported Tuesday, citing people familiar with the matter. The cuts encompass roughly 5% of the unit, the wire service reported. “Truist continues to assess and adjust the size of our workforce on an ongoing basis,” bank spokesman Kyle Tarrance told Bloomberg […]

Dive Brief: A surge in job openings last month underscores that the Federal Reserve will need to further raise interest rates and that curbing inflation will demand more time and cooling in the labor market than expected, Fed Chair Jerome Powell said Tuesday. “We have a significant road ahead to get inflation down to 2%,” […]

Monday stood as banking and investing platform Stash’s first day with its newly minted CEO, Liza Landsman, in place, as the company prepares for a new growth phase and builds business-to-business product offerings. Landsman, named to the role last week, was most recently general partner at venture capital firm New Enterprise Associates and has held leadership […]

A woman who spent the night in jail after an issue with a $600 ATM deposit is suing Lakeland, Florida-based MidFlorida Credit Union over alleged racial discrimination and intentional infliction of emotional distress. While the lawsuit alleges that a regional manager from MidFlorida followed up after the arrest to say that the credit union handled the […]

Crypto exchange Gemini will contribute $100 million in cash to a recovery plan for the bankrupt crypto lender Genesis Global Capital and its parent company, Digital Currency Group, the lender’s lawyers said in a court hearing Monday. Gemini, founded by twins Cameron and Tyler Winklevoss, said it would keep aside the funds for users of its […]