Customers Bank aims for payoff after years of transformation
The Pennsylvania company spent the last five years adding lines of business, cleaning up its balance sheet and leveling up its technology. This year, Customers needs to churn out consistent earnings to prove that the investments were worth the costs.
Big payouts to credit union execs after merger draw flak
Three executives at Space City Credit Union in Houston will get a total of $6.75 million if the cooperative’s members approve a merger. The 12,000 or so members will split $5 million.
JPMorganChase ‘narrowing’ its bitter Viva Wallet dispute
The bank, which owns 48.5% of the Greek fintech, is battling with the company’s owners over how to determine valuation, among other disputes. JPMorgan says it is reviewing aspects of the legal case but is still seeking a $1 billion claim in Greece.
Check fraud ring exposed in Oklahoma mail theft case
As banks face mounting check fraud, a newly unsealed indictment reveals how one criminal ring exploited weak spots in the system.
NY attorney general sues Capital One over savings accounts
New York Attorney General Letitia James is accusing Capital One of deliberately deceiving customers and obscuring higher interest rates. The lawsuit comes less than three months after the CFPB dropped a similar case against the bank.
CFPB withdraws proposed rule to rein in data brokers
The Trump administration has withdrawn from the Federal Register a proposed rule that sought to protect consumers from having their sensitive financial information sold.
Court allows fintechs to defend CFPB’s open banking rule
The Financial Technology Association will now defend the Consumer Financial Protection Bureau’s open banking rule after the Trump administration sided with banks that sued the agency.
Study: Tokenization safe for central banks, monetary policy
A joint study by the Federal Reserve Bank of New York and the Bank for International Settlements found that a shift to widespread tokenization would not impact central banks’ ability to transmit monetary policy, and that the technology could even prove beneficial.
Credit union tax exemption survives — for now
Credit unions’ federal tax exemption survived as the House Ways & Means Committee cleared Trump-backed tax cut extensions, but the issue could reemerge as a pay-for in final budget negotiations.
Zoho debuts payments solution with risk, compliance support
The new payments solution promises to be the first step in a broader move into financial services.