Top Republicans call on Gruenberg to resign amid FDIC scandal
Led by Senate Banking Committee ranking member Tim Scott, R-S.C., said that they have concerns with Federal Deposit Insurance Corp. Chairman Martin Gruenberg’s ability to continue to lead the agency.
Synovus expects fee-income boost with GreenSky partnership
The Georgia-based bank says it’s expanding its relationship with GreenSky, a home improvement lender that Goldman Sachs bought in 2022 but put up for sale a year later. The deal will bring a one-time revenue boost and a recurring fee income stream.
Fintech for aging adults is not just about preventing fraud
Banks and fintechs are coming together to help older customers with a variety of needs, from avoiding financial exploitation to planning for the future.
Amazon splits with Venmo, complicating PayPal’s growth plan
The e-commerce giant will no longer support the P2P app as a payment option, despite PayPal’s long-established hopes for a valuable relationship.
Atlantic Union settles overdraft case with CFPB for $6M
The bank in Richmond, Virginia, failed to properly disclose its overdraft practices to roughly 8,500 consumers who enrolled by phone or in branches from 2017 to 2020, according to the Consumer Financial Protection Bureau. The company admitted no wrongdoing.
Press Release: FDIC Board of Directors Releases Semiannual Update on Restoration Plan
PRESS RELEASE | DECEMBER 7, 2023 FDIC Board of Directors Released Semiannual Update on Restoration Plan WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors today released its second semiannual update of 2023 on the Restoration Plan for the agency’s Deposit Insurance Fund (DIF). The Federal Deposit Insurance Act (FDI Act) requires that […]
BankSocial’s plan to create a crypto-friendly credit union
Leaders of the Dallas-based crypto services platform BankSocial hope to further decentralized finance concepts throughout the industry by using distributed ledger technology to support the proposed Defy Federal Credit Union’s offerings of a deposit account and cryptocurrency services.
Navy Federal is now on the RTP network. Will other credit unions follow?
Only 111 credit unions currently use The Clearing House’s real-time payments platform, out of nearly 5,000 nationwide, but having the world’s largest credit union in the system could lead more to join.
Bank of America loan officers demand overtime pay in lawsuit
The former mortgage professionals say they routinely worked nights and weekends in excess of 60 hours a week.
Bankers need to prepare themselves for a surge in AI adoption
The multiple potential applications of generative artificial intelligence to the financial services industry are a huge opportunity — for the institutions prepared to adapt.