Merchant

Six weeks after unveiling a broad restructuring plan, the North Carolina bank said it has already taken several steps to lower expenses, and that various cost-reduction initiatives are on parallel paths.

Delta is trimming the increase in requirements for various status levels and adding access to its airport lounges. But the shift to using cash spent, not miles flown, in calculating rewards remains in place.

The bank suffered its third breach in three years, this time by virtue of a vulnerability in Progress Software's file-transfer system. But Flagstar is only one of many such victims.

The Consumer Financial Protection Bureau's Section 1071 data collection rule challenge will likely not advance past President Joe Biden's desk, and Republicans don't have the votes to overturn his veto.

Because instant settlement is irreversible, companies like Orum expect to see demand for systems that can vet recipients within seconds.

The two megabanks continue to shrink their branch networks, with BofA planning to close 20 locations and Wells recently shuttering 15. Both banks are also opening new branches in certain markets.

Executives of the $405 billion-asset bank say that they have completed 40% of a cost-cutting strategy begun earlier this year.

The movement of cash to money market funds from bank accounts will diminish lenders' ability to finance small and midsize firms, BlackRock Investment Institute said in a new paper. BlackRock and other money managers have spent much of this year readying to fill that void.

California-based Star One is sharing its experience with smaller banks and credit unions, in an effort to get more to offer the government-backed real-time payment rail.

Jane Fraser defended Citigroup's recently announced organizational overhaul and specific performance targets, saying the plan is different from prior restructurings because it's designed to fundamentally change how the company operates.