Surge in counterfeit checks prompts outcry from small community banks
A rising number of check fraud cases involving counterfeit checks is compounding the already-serious problem of fraud in one of the oldest payment methods widely available.
Suni Harford, former president of UBS assessment management’s exit interview: The Climb
After 40 years in finance, Harford is now learning to play golf and mahjong, and spending more time with family and friends.
Block to refocus Cash App; stablecoin pay expands
The payments company is pulling Cash out of the U.K. as it tries to expand the peer-to-peer app in the U.S.; firms in Hong Kong and Australia try to make stablecoin transactions global; and more.
The CFPB’s earned wage access rule is misguided and disappointing
The Consumer Financial Protection Bureau reversed itself, declaring that earned wage access programs, which conduct no underwriting and charge no interest, are loans. This is a disservice to the industry and consumers.
Lawmakers say banks aren’t doing enough for Zelle fraud victims
Sen. Richard Blumethal, D-Conn., chair of the Senate Permanent Subcommittee on Investigation, asked bankers whether the Electronic Funds Transfer Act should be updated to include scams that involve authorized fund transfers.
Visa’s CEO swipes at interchange settlement dismissal
A federal judge recently rejected an agreement on transaction fees, ensuring that a multi-year battle between the credit card companies and merchants will continue. Ryan McInerney vented during Tuesday’s earnings call.
Old National Bancorp sees growth in deposits, loans after acquisition
Old National Bancorp earnings remained strong as it continued its expansion into the southeast with its recent closure of an $344 billion acquisition of CapStar. Executives said they foresee similar growth for the remainder of the year.
Financial firms tell Congress why they need AI
Witnesses from companies across financial services and housing, including a credit union and a core services provider, attested to the value of AI in fighting fraud and boosting customer service at a hearing in the House of Representatives.
After a challenging quarter, Webster lowers its guidance
The Northeast regional bank missed expectations on net interest income and negatively revised much of its 2024 guidance.
Watchdog tells Fed to step up analysis on regulatory proposals
The Government Accountability Office reviewed a decade worth of capital and liquidity reforms, including changes to the Federal Reserve’s stress testing regime.