Threat group ShinyHunters claimed responsibility for the attack, which reportedly targeted third-party platforms rather than Betterment's own systems.
Some traditional bankers are unsettled by the wave of crypto and fintech banks getting bank charters. This Nashville bank CEO sees opportunity.
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While the e-commerce giant has deemphasized the technology, banks and payment firms are testing the biometric option.
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This month, Bank of America plans to unveil new incentives for cardholders with higher account balances. Reworking the rewards program is one lever the firm is pulling in its effort to lift the annual profit of the consumer unit to $20 billion by the end of the decade.
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Noelle Acheson argues that growing demand for dollar-denominated stablecoins is going to give the Treasury Department increasing influence over the direction of the U.S. economy, perhaps at the cost of the Federal Reserve.
Federal Reserve Vice Chair Philip Jefferson said in a speech Friday that long-term productivity gains brought on by artificial intelligence could compel the central bank to maintain higher rates to keep prices stable.
Prosperity Bancshares finalizes the second of three acquisitions it's announced since July; Sumitomo Mitsui Banking Corporation appoints a new chief information security officer for its American operations; Huntington Bancshares, Third Coast Bancshares and Heritage Financial completed acquisitions; and more in this week's banking news roundup.
A group of Senate Democratic lawmakers warn proposed rule change would handcuff regulators from stopping risky bank behavior before it causes financial harm.
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Two years on from a federal report recommending the creation of a resolution fund to guard against disorderly bankruptcies, concentration among nonbank mortgage companies has only increased. Congress must take action to avoid a crisis.
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The proliferation of so-called "Drainer-as-a-Service" platforms that allow low-skilled attackers to execute sophisticated fraud schemes present a challenge to banks as cryptocurrencies go more mainstream.
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The "exorbitant privilege" the U.S. has long enjoyed because of the dollar's status as the world's reserve currency would be supercharged if global adoption of stablecoins leads to greatly increased demand.
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Renat Abramov, a former relationship manager in Brooklyn, bypassed know-your-customer protocols to open accounts for shell companies involved in a $14.6 billion scheme.
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The mortgage technology unit at Intercontinental Exchange posted a profit for the third straight quarter, even as lower minimums among renewals capped growth.
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Mortgage rates edged higher after the Fed held rates steady, with markets weighing political shifts, Treasury moves and mixed signals on where borrowing costs head next.
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The latest directive, which takes effect in March, allows only U.S. citizens and nationals to seek government-guaranteed financing. It's drawing criticism from Democrats in Congress, small-business advocates and some lenders.
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Prosecutors allege Curtis Weston and a bank insider used fraudulent loans to fund stock market trades, leaving the bank with $20 million in losses.
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The annual rankings honor the notable performances of individuals in banking and finance and as teams.
Call for submissions for women 40 years and younger who are rising leaders at their bank or financial institution.
The 23rd annual ranking of women leaders in the banking industry.
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