Technology

New funding would increase valuations for both firms, reversing a slump that has impacted the entire industry for the past two years.

Financial institutions that entered the space before regulatory oversight intensified need to calculate whether the price of talent, risk planning and technology is worth the return.

Fostering financial well-being among the country's fastest-growing demographic group is essential to the future of the American economy. And, not incidentally, it's also good for business.

While the federal banking agencies are not changing any current rules, they issued a joint statement Thursday cautioning banks about risks in third-party deposit partnerships. They are also seeking public input on bank-fintech partnerships more generally.

Project Fortress encompasses four initiatives Deputy Secretary Wally Adeyemo hopes will "improve the security and resilience of the financial services sector."

The big box retailer's move comes amid a broader decline for the traditional payment option.

The Consumer Financial Protection Bureau reversed itself, declaring that earned wage access programs, which conduct no underwriting and charge no interest, are loans. This is a disservice to the industry and consumers.

Sen. Richard Blumethal, D-Conn., chair of the Senate Permanent Subcommittee on Investigation, asked bankers whether the Electronic Funds Transfer Act should be updated to include scams that involve authorized fund transfers.

Witnesses from companies across financial services and housing, including a credit union and a core services provider, attested to the value of AI in fighting fraud and boosting customer service at a hearing in the House of Representatives.

America must never cease to be the global leader in innovation and entrepreneurship. However, when it comes to bank-fintech relationships, politics and misguided regulatory forces threaten the very foundation of that innovative spirit and limit consumer choice.