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Big banks, Big Tech face off over swipe fees

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A showdown between megabanks such as JPMorgan Chase and the likes of Apple and PayPal could be the prelude to a broader fight.

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MUFG promotes Kevin Cronin to head of operations in the Americas

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The former head of U.S. corporate banking for Mitsubishi UFJ Financial Group, Cronin will succeed Stephen Cummings as CEO of the New York-based MUFG Union Bank and its holding company, MUFG Americas Holdings Corp.

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Most PPP loans going to repeat customers

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The majority of Paycheck Protection Program loans are being approved for borrowers in industries that have yet to regain their footing.

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Regardless of who leads it, OCC has inherent conflict of interest

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The jockeying over who President Biden should appoint to head the Office of the Comptroller of the Currency has focused attention on how to regulate the fintech sector, but the discussion has glossed over flaws in the agency's funding structure that have persisted across administrations.

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SBA rolls out fixes for PPP error codes

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Bankers have claimed that the Small Business Administration's procedures to counter fraud and improper lending have ensnared legitimate Paycheck Protection Program applications.

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CFPB considers halting implementation of QM, debt collection rules

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Acting Director Dave Uejio wrote in a blog post that the Consumer Financial Protection Bureau needs more time to consider rules that were finalized under the Trump administration but have not yet gone into effect.

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First Horizon experiments with taking core to the cloud

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The regional bank is switching VirtualBank, a digital-only unit added through a recent merger, to a core system that relies on Finxact software and Amazon Web Services. The move epitomizes the industry's cautious approach to cloud-based technology.

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Acting CFPB head calls out industry for slow complaint response times

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Acting CFPB head calls out industry for slow complaint response times
Interim CFPB Director Dave Uejio expressed concern that financial institutions have dragged their feet in resolving disputes with consumers for service issues during the pandemic.

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Why banks are rewarding customers for exercising

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Discovery Bank in South Africa and other overseas financial companies say healthier customers are more profitable. They are giving reward points, gym subsidies and even free Apple Watches to those who meet fitness goals.

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Lower taxes, more M&A: Behind a California bank's move to Texas

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First Foundation is relocating its corporate headquarters to Dallas, where the tax burden is lighter and it sees more opportunity to beef up lending, add wealth management clients and pursue acquisitions of community banks.

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