Consumer banking
Banks are holding their fintech partners to a higher compliance standard as regulatory scrutiny of banking-as-a-service increases.
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Cambridge Savings Bank's Ivy Bank online-only unit has spent two years offering CDs and savings accounts. Meanwhile, Sumitomo Mitsui Financial Group's new digital bank, Jenius, launched with personal loans. Both want to widen their product sets to benefit both sides of the balance sheet.
August 18 -
There has been a recent surge in organizing efforts among credit union employees. To discourage this, leaders should pay workers well, provide good benefits and be accessible.
August 18
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Unionizing a workplace is an arduous process, meaning that employees who organize are dedicated to change. Executives must seize on these moments to address workers' concerns instead of reacting defensively.
August 18 -
After an aborted attempt to set up its own bank, Edward Jones is joining forces with Citi to provide savings and checking accounts for clients.
August 17 -
The embattled credit card company, which is bracing for regulatory action, warned Thursday that heavy spending on risk management and compliance will persist. Executives also said that internal and external candidates will be considered for the permanent CEO job.
August 17 -
Establishing a conduct risk authority in the U.S. would go a long way toward restoring trust in the banking industry.
August 17 -
The credit card company is no stranger to regulatory penalties, but its CEO's sudden departure this week raises the specter of a more painful punishment tied to possible compliance shortcomings. Analysts are hoping to get clarity Thursday on how bad things could get.
August 16 -
The credit-reporting agency was fined $650,000 for sending customers marketing emails without an option to unsubscribe. Financial institutions are subject to the same law, called the CAN-SPAM Act.
August 15 -
Community bankers anticipate that interest rates could soon level off and the broader economy may avert a downturn as a result. If that forecast proves true, lenders could minimize credit losses and enjoy stronger loan demand than they had expected earlier in the year.
August 15
