Carver Bank says CEO is leaving, plans national search for successor
After eight years leading one of the nation’s most prominent Black banks, Michael Pugh will become chief executive of the Local Initiatives Support Corporation.
Small-bank rarity: A digital launch that happened on time
Citizens Bank of Edmond in Oklahoma, in conjunction with the digital-banking platform Narmi, recently launched an account-opening process that occurs completely online. The project, completed in less than three months, could be a model for community banks that want to innovate but fear being a low priority for vendors.
Judge narrows scope of discovery in Custodia lawsuit against Fed
The court ruled that the Federal Reserve did not have to provide information about other banks that had applied for master accounts.
Banks embracing the AI future need to pay attention to its risks
Artificial intelligence can and should be integrated into the business of banking, but with adequate safeguards in place to mitigate the technology’s potential vulnerabilities.
Hybrid work, business travel drive demand for virtual cards
Corporations are leaning harder on virtual cards as post-pandemic business travel ramps up amid hybrid work arrangements, according to a new Mastercard survey. Visa separately has extended its collaboration with virtual-card technology provider Conferma Pay.
Why wealth deposits remain a sore spot for banks
During the recent banking crisis, both businesses and wealth management clients moved their money out of banks. Commercial deposits have since recovered, but those in wealth accounts continue to decline amid fierce competition from both inside and outside the banking system.
Neobank Dave edges closer to profitability, 2 million monthly members
The fintech’s second-quarter results showed narrowing losses as well as membership and revenue growth, even as it took on marketing expenses and paid a data breach settlement.
Diebold Nixdorf discusses what comes after bankruptcy
In its resurrection, the terminal maker will pursue financial inclusion and growth markets for ATMs as it prepares for its relisting on the New York Stock Exchange.
WSFS wealth unit does deal to expand in Delaware, South Florida
The Wilmington, Delaware, bank announced Tuesday that it had purchased Bell Rock Capital. WSFS’ management said that legal troubles involving that investment advisory firm’s founder won’t affect the transaction.
More scammers are targeting bank-owned ATMs: FICO
Fraudsters are using sophisticated skimming devices to steal more card data — and they aren’t afraid to encroach on bank property to do so, according to new data from Fair Isaac Corp.