Category: Finance

It may be coincidence, or perhaps mortgage cases habitually get the short end of the news-coverage stick. Wells Fargo’s September agreement to pay $94 million to settle a class-action lawsuit — alleging the bank automatically placed mortgage borrowers into forbearance if they said they were experiencing financial distress — surfaced during the same news cycle […]

Some JPMorgan Chase shareholders feel a recent progress report on its racial-equity promises lacks clarity and that the audit process to create the report had “several deficiencies.” SOC Investment Group, which suggested the bank conduct a racial-equity audit in 2020, said it believed JPMorgan and auditor PriceWaterhouseCoopers “approached this process with the narrow perspective of […]

After a period of rapid growth, many payments companies were forced to pump the brakes in 2022, and that included trimming workforces. Payments players across the spectrum cut employees this year, from public companies PayPal and Fiserv, to payments darlings Stripe, Klarna and Plaid, to younger startups Bolt and Amount. Macroeconomic headwinds this year — including […]

The Credit Card Competition Act bill appears unlikely to be passed by Congress this year despite a major push from its champion, the powerful Democrat Sen. Dick Durbin. Durbin, who has waged a years-long effort to rein in what he calls the Visa-Mastercard duopoly, sponsored the bill this year in an effort to inject more […]

Tuscaloosa-based Alabama One Credit Union said Monday it would acquire First Bank of Wadley, marking the fourth proposed purchase of a bank by a credit union in a two-week span.  The deal would be the 15th of its kind this year — one shy of 2019’s record 16 credit union-bank tie-ups. Financial terms of the […]

Ties between traditional financial institutions and cryptocurrency were a hot topic last week, with an international governing body and U.S. lawmakers both addressing what to do about them. The Basel Committee on Banking Supervision (BCBS) unveiled guidelines Friday for banks playing in the digital-asset space. That same day, the Financial Stability Oversight Council (FSOC) called for such regulation […]

The Senate confirmed Martin Gruenberg to a six-year term as Federal Deposit Insurance Corp. (FDIC) chairman Monday with a 45-39 vote. The move effectively puts to rest the partisan struggle within the agency that erupted last December, when Gruenberg and Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra, both serving as members of the FDIC’s […]

Dive Brief: Wells Fargo reached a record $3.7 billion settlement with the Consumer Financial Protection Bureau (CFPB) over a slew of consumer abuses related to auto loans, mortgages and deposit accounts, the regulator announced Tuesday. As part of the settlement, the bank agreed to pay more than $2 billion to redress consumers, in addition to […]

Dive Brief: Billtrust, a payments processing software company for business-to-business (B2B) commerce, has named Sunil Rajasekar as its new CEO, according to a Monday press release. He will replace Flint Lane, the company’s founder, who will remain on the board of directors. Prior to joining Billtrust, Rajasekar was president of Mindbody, a fitness and wellness B2B marketplace […]

The SAFE Banking Act was excluded from the $1.7 trillion government funding bill, sources told Bloomberg, Politico and Marijuana Moment on Monday — meaning the perennial cannabis banking reform measure will have to be reintroduced during the next congressional session, which begins Jan. 3. “The failure to pass my bipartisan ‘SAFE Banking Act’ means communities […]