Fintech

The San Antonio bank says it will open 17 new financial centers in the Austin region by 2026. It's the latest step in a physical expansion strategy that has led to dozens of new branches in Houston and Dallas.

Wells Fargo leads $70 million funding effort targeting credit-challenged entrepreneurs; PayPal adds Tap to Pay for Venmo, Zettle; Amex names new CFO to succeed retiring veteran finance chief and more in this week's banking news roundup.

CCFNB Bancorp and Muncy Bank Financial, which said they were combining forces in April, have opted for a bigger rebrand.

With LIBOR's long-awaited sunset, the future of interest rate benchmarking must be defined by choice.

Bank of America says it will extend its branch footprint to Omaha, Dayton and Huntsville. The moves are part of an ongoing strategy to enter new markets even as the bank reduces its total branch count.

Rising interest rates on loans, greater borrowing and higher fees on deposit accounts all contributed to the increase. "Altogether, this paints a picture of debt that could really start to strain the checkbooks of American families," said Meghan Greene, a researcher at the nonprofit organization that authored the report.

In an online commentary published Wednesday, the Atlanta Fed president said he agreed with the view that "the bar to justify further rate hikes is higher than it was a few months ago."

Bank of America had a 55% increase in new clients in May, and the lender is planning to bulk up staffing to keep up with demand. 

This week in global news, Mastercard teams with SimpliFi in the Middle East, Venezuela and Russia collaborate on payments, Alipay backs Asian Games and more. 

Bank of America is also planning to expand into Madison, Wisconsin; Boise, Idaho; and Birmingham, Alabama, a company executive said. The goal is to find growth opportunities that don't require operating a large number of branches, the executive indicated.