Fintech

Revolut receives a banking license, while SumUp introduces its payments hardware. That and more in the American Banker global payments and fintech roundup.

Merchants alleged the major card networks illegally conspired to shift fraud liability onto them with the adoption of EMV chip technology.

Federal Reserve Gov. Stephen Miran said Thursday that the central bank's forays into examining climate change and racial justice under the prior administration politicized the Fed. He also argued that Fed officials should limit their comments on economic policies such as tariffs.

The Canadian bank plans to sell the branches, which are mostly in the Midwest and Great Plains, to First Citizens Bank in North Carolina. At the same time, it plans to build 150 branches over the next five years in markets with longer-term growth prospects.

Federal Reserve Governor Stephan Miran said the economic standoff with China could increase market volatility, further necessitating the central bank to move its policy stance to neutral.

"We actually see a little bit more strength in the nonprime [consumer]," CFO Brian Wenzel told American Banker.

The megabank's multiyear effort to simplify its business model and improve its risk management is starting to pay off in the form of more consistent profitability and improved returns, CEO Jane Fraser told analysts.

Firms like Brex and Ramp are adding new tech faster than legacy banks, according to payment experts.

The regional bank has launched a digital student banking center that's part of a broader strategy to focus on relationship-building.

Habner, Head of U.S. Branded Cards and Lending at Citi, sits down with American Banker Editor-in-Chief Chana Schoenberger to discuss the credit card market.