Diane Offereins retired from a top job last year amid scrutiny of the card network's charges to merchants. Now she's suing Discover over its decision to cancel unvested stock worth $7 million.
he card brands and tech giants are expanding their payments reach in one of the world's largest markets, while facing a multi-billion-dollar class action complaint by British businesses over fees. That and more in American Banker's weekly global roundup.
The Canadian bank expects to spend more than $3 billion on U.S. regulatory penalties in connection with its anti-money-laundering problems. "It's easy in a bank of our size to sometimes not look at accountabilities as clearly as we should," CEO Bharat Masrani said.
From Citigroup's positive earnings butting up against fines from the Office of the Comptroller of the Currency to First Guaranty's 15% layoff, here are earnings highlights to be mindful of.
Membership requirements, expense and the nonprofit ethos largely keep credit unions from participating in the banking-as-a-service space. But a few, such as North Bay Credit Union in California, have carved out a niche.
Patrick Harker, the longest serving regional reserve bank president, will leave office in June 2025. Directors at the Fed bank have started the search for his replacement.
