Biden poised to pick Goldsmith Romero to lead overhaul at FDIC
The White House is preparing to pick Christy Goldsmith Romero, a top US derivatives regulator, to lead a revamp at the Federal Deposit Insurance Corp., according to a person familiar with the matter.
Bank of America alum spearheads investing app for women
WealthMeUp, an app that educates users on investing and other financial concepts, eventually wants to turn users’ cash-back into investing dollars.
U.S. Bank announces partnership with Greenlight to provide family app
The $684 billion-asset institution adopted the family finance fintech’s app and linked debit cards to provide account holders with tools for educating their children about the financial system.
White House, CFPB seek to ban medical debt from credit reports
Fifteen million Americans who owe a combined $49 billion in medical debt would benefit from a proposal by the Consumer Financial Protection Bureau to scrub medical debts from credit reports and ban their use in underwriting decisions.
There are too many cooks in the interchange kitchen
Illinois’ recent move to prohibit the inclusion of taxes and tips in credit card interchange fees suggests that electronic transactions are too expensive and also that there are too many entities working unilaterally to reduce those costs.
Kansas City bank has no plans for a pause after striking deal
Dickinson Financial in Missouri has no intention of departing from its expansionary mindset as it lays plans for de novo branches and scouts new acquisition opportunities.
PayPal hires high-ranking marketing gurus to delve into payments data
PayPal has brought on expert pitchmen from Uber and Plaid to build an advertising platform for merchants. Its rivals are on a similar path.
One tweak to SEC policy would channel capital to small businesses
Nearly 20 years ago, the SEC made business development companies subject to an obscure reporting rule that pushed them out of major index funds. Reversing course would be a major boon to small businesses.
Credit card borrowers are starting to show greater strength, new data indicates
Late payments, which have been on a steady rise since 2021, are now climbing at a slower rate or even declining at some major card issuers. Risks remain, but there’s ‘reason to be cautiously optimistic,” one analyst said.
Why Illinois’ budget bill has bankers sounding the alarm
An interchange provision included in Illinois’ budget bill could force banks and payment processors nationwide to revamp their payments infrastructure, lobbying groups for the industry say.