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New tech lets American Express instantly issue cards to immigrants

Sara Milsten, senior vice president of new member acquisition for U.S. Consumer Services at American Express
NEW YORK, NY, USA (02/11-13/2019) The American Express Global Leadership Summit is held Monday-Wednesday, February 11-13, 2019 at the Grand Hyatt Hotel in NYC. Matt Rainey for American Express
Matt Rainey/MR
Newcomers to the U.S. tend to have a hard time getting credit cards because they lack credit history here. Amex has deployed technology from a fintech, Nova Credit, that could change this.

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Is the end of Libor a threat to financial stability?

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Concerns over banks' level of preparation have led to worries about disruptions in the lending market, and some financial institutions warn that a new interest rate benchmark could cause lenders to pull back on credit.

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Capital One's triple whammy

Capital One signage is displayed outside a bank branch in New York.
Capital One Financial Corp. signage is displayed outside a bank branch in New York, U.S., on Saturday, July 13, 2019. Capital One Financial Corp. is scheduled to release earnings figures on July 18. Photographer: Mark Abramson/Bloomberg
Mark Abramson/Bloomberg
The credit card issuer, which recorded an 11% decline in net income last quarter, took one-time charges in connection with a U.K. sales scandal, the start of a new partnership with Walmart and a recent data breach.

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Regulators shutter banks in Kentucky and Ohio

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A man films the exterior of the Federal Deposit Insurance Corp. headquarters in Washington, D.C., U.S., on Tuesday, Sept. 29, 2009. The FDIC, seeking to replenish deposit reserves as banks fail at the fastest pace in 17 years, today voted to unanimously to have lenders prepay fees through 2012 raising about $45 billion. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg
Louisa Community Bank and Resolute Bank were closed on Friday, raising the year's total to three failures.

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Home lending fintech Figure expands into student loan refis

Details on student loan refinancing at Figure
Figure Technologies, which has made $600 million in home equity loans in the past year, says its next move will be refinancing student loans.

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Capital One subpoenaed by N.Y., feds over taxi loans

Capital One branch
The consent order between the Federal Reserve and Capital One required the bank to submit progress reports on its efforts to improve its risk management functions.
Michael Nagle/Bloomberg
The company is under law enforcement scrutiny for loans that helped propel a boom and bust in the taxi medallion market in New York City.

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Nothing comes easy for CFPB in payday lending rule

CFPB Director Kathy Kraninger
Kathy Kraninger, director of the Consumer Financial Protection Bureau (CFPB), listens during a discussion at the Bipartisan Policy Center in Washington, D.C., U.S., on Wednesday, April 17, 2019. Kraninger, confirmed in December by the Senate, took over an agency created by the 2010 Dodd-Frank Act that regulates everything from credit cards to mortgages. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg
The restriction on how often a borrower's account is debited was supposed to be relatively straightforward, but one lender is trying to fight that provision.

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JPMorgan Chase plucks fintech specialists from rivals

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Banks will continue to build in-house
Christopher Dilts/Bloomberg
The company has recruited bankers from Wells Fargo, Deutsche Bank and smaller firms to expand its corporate banking team that serves financial technology clients.

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The changing shape of bank-fintech partnerships

Bank account openings, via mobile devices
Startups are increasingly expanding into new areas with their bank partners in an effort to broaden their customer base and bring products to market faster.

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CFPB chief mentions payday 'research,' and heads turn

CFPB headquarters
Signage is displayed inside the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., on Monday, March 4, 2019. House Financial Services Committee Chair Maxine Waters will hold a hearing this week on the semi-annual review of the CFPB. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg
A remark by Director Kathy Kraninger during a congressional hearing has renewed a fierce debate over how the agency uses academic studies to support rulemakings.

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LIBOR Failures Student loans Commercial lending Payday lending Fintech American Express Capital One CFPB News & Analysis JPMorgan Chase
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