Fighting payment fraud, rate chasers, and a dearth in diversity: Top stories of the week

October 12, 2018 3:16 PM

How Zelle, banks combat real-time payment fraud

For bankers and network providers, it's a given that moving to a real-time payment system like Zelle will lead to an increase in fraud attempts. Here's a look at the ways they're fighting back.

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Where personal financial management tools fall short

They are good at helping track savings, spending and debt, but they do not always provide consumers with a complete picture of their financial health.

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Former SoFi CEO's startup unveils digital home equity loans

Mike Cagney, co-founder and chief executive officer of Social Finance Inc., speaks during a Bloomberg Technology television interview in San Francisco, California, on Monday, Dec. 19, 2016. The online lending company known as SoFi, which specializes in refinancing student loans, is pushing back plans for an initial public offering in order to focus on developing other business lines, said Cagney. Photographer: David Paul Morris/Bloomberg

David Paul Morris/Bloomberg

Mike Cagney's current venture, Figure Technologies, is offering consumers the ability to apply online for home equity loans and get funding in as little as five days.

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This fintech's mission: Don't replace banking, simplify it

Bank Novo co-founders Michael Rangel and Tyler McIntyre

Bank Novo isn't a business lender (lots of firms already do that) or an account provider (it has a bank partner for that). Instead, it provides small businesses tools to track and analyze their banking activities.

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Florida gun maker told to find new bank, CEO claims

An attendee holds a pistol during the Defense and Security Equipment International exhibition at Excel in London.

Fifth Third has allegedly informed Spike's Tactical that its accounts would not be renewed.

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In shadow of #MeToo, women bank execs call for greater leadership diversity

Cathy Bessant, Bank of America's chief operations and technology officer

At American Banker's annual Most Powerful Women in Banking gala on Thursday evening in New York, honorees urged the industry to promote more women and people of color.

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Wells Fargo 'not done' fixing issues, but on its way: Mary Mack

Mary Mack, head of consumer banking at Wells Fargo

Mary Mack, the head of consumer banking at Wells Fargo, said Thursday the San Francisco bank has made significant progress in fixing its culture after a series of scandals over the past two years.

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No room for rate chasers: Online banks try new pricing strategies

Pedestrians walk outside the former CIT headquarters in New York.

CIT Bank and Simple recently started offering higher yields on the condition that customers make regular contributions to savings. The offers are designed to help the banks avoid rate wars, but some analysts question whether they will appeal to enough consumers.

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Wells Fargo, BofA most vulnerable to customer defection, survey finds

Signage for Bank of America and Wells Fargo branches.

The two megabanks face different problems, as Bank of America customers are frustrated over fees and customer service while Wells customers are alarmed about the bank's recent scandals.

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Pentagon, others baffled by CFPB plan to cease military lending exams

A newly-renovated corridor leading to a ramp is seen at the Pentagon in Arlington, Virginia, U.S., on Tuesday, July 12, 2011. Ramps were used instead of elevators to connect floors in the original construction of the Pentagon in order to conserve steel. Photographer: Rich Clement/Bloomberg

Rich Clement/Bloomberg

The bureau says it lacks explicit authority to conduct routine supervision of lenders' compliance with service member protections, but the decision has sparked pushback from the Defense Department and groups representing military personnel.

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