High-cost lender Enova to buy digital-only Grasshopper Bank
Enova International, a nonbank lender in Chicago, plans to gain scale by using Grasshopper’s national bank charter. The deal already faces skepticism from critics of Enova’s high-cost lending model.
BNPL growing as charge offs and late fees decline: CFPB
A Consumer Financial Protection Bureau report on Pay in 4 buy now, pay later loans offered validation for an industry that has faced criticism for expanding into everyday spending, such as food delivery.
Business-focused fintech Mercury makes consumer banking push
The firm’s consumer account, which offers a 3.5% yield on savings, could appeal to the founders of startups that it already serves.
‘Fake heiress’ targeted Banc of California, FBI says
Mary Carole McDonnell allegedly posed as a McDonnell-Douglas heiress to secure loans. The FBI believes she is currently hiding in Dubai.
How OceanFirst uses AI to investigate crime, analyze bonds
The bank has been on a multiyear journey to deploy artificial intelligence, starting with a massive data cleanup project, chief information officer Brian Schaeffer says.
Nubank is not a bank, despite its name — and that’s a problem
The Brazilian fintech is on the hunt for an acquisition since new rules approved in November forbid the use of “bank” in a brand unless the company holds a banking license, which Nubank does not.
Revolut takes a swing at travel giants with new premium card
Called Titan, it adds perks and high-end offers to lure corporate clients. Payment experts say it faces challenges in battling incumbents such as American Express.
Here’s what is really behind all these stablecoin ‘risk’ reports
Recent weeks have seen a flurry of stablecoin risk reports from international finance institutions. Noelle Acheson deduces what’s really going on here.
Fifth Third CEO ‘not worried’ about suit over Comerica deal
The largest bank deal to be announced in 2025 is still on track to close in the first quarter of next year, Fifth Third CEO Tim Spence said. His comments came amid opposition to various aspects of the deal, as well as how it came together and the timeline for closing the transaction.
Fed to adopt wait and see approach on interest rates
Fed Chair Jerome Powell, speaking at a press conference after the December FOMC meeting, said the central bank is holding interest rates steady until it gets more clarity on the economy.