Why Pioneer Federal Credit Union is adding earned wage access
As short-term liquidity products gain popularity with consumers, credit unions are looking for new ways to keep their members from looking elsewhere.
Why are huge debit card issuers still paying Visa to route payments?
Given new government rules on payment processing, giants like Bank of America, Chase and Wells Fargo would benefit immensely from acquiring proprietary debit card networks. Why they haven’t done so already is a mystery.
How Columbia Bank kept a breach quiet for 119 days
Columbia caught the attacker still inside its systems on Dec. 19, three days before the access window closed, then took four months to notify customers.
Why Citi, Citizens are betting on their existing branches
Unlike several other large banks, neither Citi nor Citizens Financial Group is interested in expanding their retail branch presence beyond their existing footprints. Both say they see plenty of growth opportunities in those markets.
How do you get a competitive advantage when your product’s a commodity?
Every business needs a competitive advantage. But for banks their core product, money, is by definition commoditized. So where do banks find an advantage?
Fed’s Barr warns of tradeoffs in shrinking balance sheet
Federal Reserve Gov. Michael Barr Thursday warned against efforts to shrink the central bank’s balance sheet, saying that effort could undermine financial stability and disrupt money markets.
JPMorganChase gives $14 million to anti-scam groups
As Americans lose more money to scams every year, the nation’s largest bank has made a major investment in anti-fraud efforts.
Klarna gets a jolt from its payment card
The neobank put its multi-use card in the hands of even more consumers in the first quarter, reaching 5 million users. That has resulted in increased membership fees and average revenue per consumer compared with non-card-wielding customers.
FDIC clears way for Stellantis ILC charter
The Federal Deposit Insurance Corp. waived through the Jeep, Ram, Dodge and Chrysler manufacturer’s application to conduct banking activities. While banks have opposed ILCs in the past, other charters pose more pressing competitive threats at the moment.
Foreclosure filings up 18% from a year ago
Foreclosure filings were reported on 42,430 properties in the United States last month, down 8% from the month prior but up 18% from a year ago.