Delta overhauls SkyMiles plan to favor card spending, not miles flown
Staring Jan. 1, only amounts spent on fares and Delta credit cards co-branded with American Express will be used to calculate rewards.
Al Gore calls out the bankers ‘profiting hugely’ from big oil
The former U.S. vice president turned climate crusader says Big Oil and the banks backing it still have huge financial incentives to stick with fossil fuels, even though their decision to do so is the leading cause of the climate crisis.
Visa, Paysend to expand remittance service in Latin America
Aiming to capture a bigger share of the cross-border payments market, Visa has signed a five-year agreement with the U.K.-based fintech.
Will Citigroup CEO Jane Fraser’s push to centralize control pay off?
Fraser has a plan to reduce the number of management layers at Citi, shrink its workforce, speed up decision-making and give herself more control of the bank’s five core businesses. “It’s going to make some of our people very uncomfortable,” she said.
Citizens Financial will back NYC Marathon to target metro market
The five-year deal puts Citizens’ brand name in front of New Yorkers, as the bank continues to expand after buying HSBC’s East Coast branches as well as Investors Bank last year.
Employees of Verity Credit Union in Seattle launch labor union bid
Frontline staffers are asking for better pay, internal talent development programs and more flexible work environments.
Southeastern banks face losses after oil distributor’s bankruptcy
A handful of banks concentrated in the Southeast U.S. are facing elevated charge-offs amid the liquidation of Mountain Express Oil. First Horizon Corp., which led a syndicated loan of more than $200 million to the bankrupt company, expects to take a $70 million hit.
What banks do with bad loans
Lenders either write down portions of soured credits or charge them off altogether to remove them from their balance sheets. Banks also set aside reserves to cover potential future bad loans. This allowance creates a buffer for lenders to absorb losses.
Federal agencies warn of rising deepfake threats
The FBI, NSA and CISA highlighted the emerging dangers of AI-powered deepfakes in phishing campaigns and cataloged protections companies can deploy.
CEO of Iowa’s largest credit union retires
Jeff Disterhoft, 56, has left GreenState Credit Union after 24 years as its chief executive.