Why United Financial dropped the fintech that managed its rewards
The Saginaw, Michigan-based credit union brought its credit card program back in-house to capture more member spending and gain added control over customer relationships. Previously, its credit card program was managed by a third-party vendor.
Introducing our new Payments Intelligence Analyst
Megan Ryan joins American Banker from the Chicago Fed, bringing insights on the payments industry exclusively for subscribers.
Esquire makes deal for bigger cut of Chicago’s legal market
The New York-based bank, which serves plaintiff law firms, agreed to pay $348 million for a Windy City community bank.
NY proposal could boost minority banks’ access to state deposits
A New York state bill would reduce the barrier for minority-bank and community-bank participation in the state’s long-standing Banking Development District program.
Iran names U.S. banks as targets, ratcheting up cyber threat
A threat that was probabilistic is now official. An Iranian military spokesperson warned of a “painful response” against U.S.-linked banks.
Housing bill passes Senate, but window of opportunity narrows
The Senate passed a bipartisan housing bill in an 89-10 vote, but how quickly and easily the bill can pass the House remains unclear.
PayPay stock rises by almost 20% after below-range IPO debut
The payments fintech’s Nasdaq debut marks the largest U.S. listing by a Japanese company in a decade and had a strong start despite market turmoil caused by the Iran war.
Iran war pushes mortgage rates near yearly high
The conflict pushed oil price futures above $100 a barrel for a short time earlier this week, which affected bond investors and the 10-year Treasury yield.
Fed’s Bowman previews streamlined capital framework
Federal Reserve Vice Chair for Supervision Michelle Bowman outlined upcoming changes to the bank regulatory capital framework in a speech Thursday, focusing on streamlining bank capital requirements through Basel III and Global Systemically Important Bank surcharge rules.
Zelle ventures into charitable disbursements with Bank of America
The bank-owned instant payment network has added a new use for its seldom-mentioned disbursement business.