Merchant

First Women's Bank received approval from the Federal Deposit Insurance Corp. this week and is set to open its doors in the fall. It is the first new bank to be chartered in Illinois since 2010.

The technology holds great promise for financial services, but it could be just as powerful for scammers looking to break payment card encryption. Visa, Mastercard and others are already building new defenses.

As payments steadily migrate to cloud-based, digital channels with the rise of mobile e-commerce, Intuit’s QuickBooks unit is augmenting its online payment acceptance options with a mobile payment device that links to its accounting software.

Native American reservations have some of the country's highest concentrations of unbanked households. But tribes are finding ways to get their members access to capital — with or without banks.

The bank's noninterest expenses fell by 8% in the second quarter — a sign that CEO Charlie Scharf is making progress in reining in spending that had been soaring in recent years amid heightened regulatory scrutiny. He ultimately hopes to reduce gross expenditures by $8 billion annually.

The global company says that a quicker-than-expected economic recovery is creating some opportunities to invest in businesses that will generate returns over time.

The fintech, which arranges point-of-sale loans in partnership with merchants, was fined $2.5 million by the Consumer Financial Protection Bureau and ordered to refund up to $9 million to consumers who received loans they never applied for.

ICBA Bancard will help link community banks to instant payments through a partnership with real-time services hub provider Finzly.

Though the Paycheck Protection Program is winding down, the Small Business Administration has prolonged several other pandemic relief programs. Community banks can help local businesses sort through their options.

The card issuer, which is offering its customers a chance to purchase non-fungible tokens created from a recent performance by the singer SZA, is betting that the digital art-trading phenomenon will become more mainstream.