The embattled crypto bank announced that it will reduce operations and move to preserve capital after losing its banking partner earlier this month.
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.
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.
A new chief risk officer was among the appointments announced Wednesday, as CEO Michael Rhodes began to put his imprint on Ally.
The Federal Reserve governor said the Supreme Court ruling could bring needed transparency and efficiency to regulatory policymaking.
Whoever is named SEC chair by the president-elect is likely to take a lighter hand on crypto, AI and "regulation by enforcement."
In a congressional hearing, top officials from the Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency said no new rules will be adopted or proposed this year.
FinTech Forward, a collaboration of American Banker and BAI, brings together the research, media, and event capabilities of banking's top two professional information and education organizations.
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The fintech's Cash Out product charges the equivalent of 300% interest, the Attorney General alleged.
November 20
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Banks solved the issue of consumer data sharing years ago. Why is the Consumer Financial Protection Bureau stepping in now, with a rule that could make sharing data less safe and secure?
November 20
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The pro-business, deregulation-friendly administration is taking office at a time when economic conditions are improving for fintechs and their investors.
November 18
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The incoming Trump administration, and state-level government across the country, should use the election as an opportunity to bring the supervisory treatment of fintech into line with the new reality of financial services.
November 14
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Tough exams and consent orders on banks that partner with fintechs are expected to remain, even after the election of President Trump.
November 8
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By exempting small banks from compliance with its open banking rule, the Consumer Financial Protection Bureau is relegating them to the dustbin of history. That cannot be allowed to happen.
November 8
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Mobile phones are only going to become a bigger part of how banks interact with their customers, so several institutions are looking to enhance that experience. They are focusing on better ways of opening accounts, verifying identities, interacting with customers and offering new services and features. Here are some of the improvements announced this year.
In the age of big data, banks should be king. After all, which industry knows more about people and how they behave than the holders of deposits? But all that data is useless without leaders who know how to effectively analyze it. American Banker recently polled data and analytics chiefs at banks about the trials and tribulations of big data and the art of finding insightful information. Here are some of their responses.
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