The American Fintech Council (AFC) announced today the addition of Stearns Bank N.A. as its newest member. Founded in 1912, Minnesota-based Stearns Bank has become a nationally recognized financial institution with branches in Minnesota, Arizona, and Florida. With a focus on expanding access to responsible credit and capital nationwide, Stearns Bank joins AFC's community of companies driving the future of financial services.
DETROIT, August 26, 2024 – Rocket Mortgage, the nation's largest mortgage lender and a part of Rocket Companies (NYSE: RKT), introduced “Welcome Home RateBreak,” a lender-paid 2-1 temporary buydown program. This initiative allows buyers to benefit from a mortgage rate reduced by two percentage points in the first year and one percentage point in the second year before reverting to the note rate in the third year.
Today, August 26th, AFSA marks the 104th anniversary of Women’s Equality Day and the significant achievement of the 19th Amendment’s ratification. This amendment, passed in 1919 and ratified in August 1920, made a historic change in the U.S. Constitution by enshrining women’s right to vote. As we celebrate this milestone, let’s renew our dedication to the ideals of equality and justice, acknowledging that the pursuit of gender equality continues to drive societal progress.
This week, the American Financial Services Association (AFSA) and other trade organizations filed an amicus brief supporting a vehicle finance company facing enforcement action from the Consumer Financial Protection Bureau (CFPB). The CFPB is attempting to amend settled law that has guided the financial services industry for decades through a suit against a single finance company, bypassing the formal notice-and-comment rulemaking process.
The American Fintech Council (AFC), an industry association representing responsible fintech companies and innovative banks, has announced the addition of Lincoln Savings Bank (LSB) as its newest member. Founded in 1902, LSB is owned and managed by Iowans and offers full-service community banking and financial services, along with fintech and banking as a service offerings through its LSBX division. At AFC, LSB joins other companies driving the future of financial services with customer-oriented solutions.
Back-to-school season is well underway, bringing with it the need for supplies, new clothes, books, and more. According to a National Retail Federation survey, back-to-school outlays for the coming academic year will amount to $39 billion, or $875 per household for the K-12 set, while the college-bound will spend an even larger $87 billion in aggregate, or $1,365 per household.
Lloyd Whiting, a Case Manager at Assetz Capital, has been with the company since January 2019. His career in business lending began when he joined the Lender Team, handling funds coming into the business for subsequent lending. Less than a year later, he transitioned to the Relationship Support Team (RST), now known as The Operations Team, as a Relationship Support Assistant. After receiving substantial support from his team, Whiting was promoted to Relationship Support Manager and eventually became a Case Manager.
The American Fintech Council (AFC) has announced the addition of Republic Bank of Chicago as its newest member. Founded in 1964, Republic Bank is a family-owned institution that serves Chicago communities and businesses with personalized financial solutions. The bank offers a suite of innovative fintech products, allowing customers to access advanced technology through a reliable community banking partner.
The American Fintech Council (AFC) announced the addition of New Horizon Bank as its newest member. The AFC, an industry association representing responsible fintech companies and innovative banks, highlighted New Horizon's alignment with its focus on consumer-centric finance and innovation.
Navy Federal Credit Union and Feeding America have launched a new initiative, No Plate Left Behind, aimed at supporting military families facing food insecurity.
Bank of America Corporation announced today that it will redeem on August 24, 2024, all €1,500,000,000 principal amount outstanding of its Floating Rate Senior Notes, due August 24, 2025 (ISIN: XS2345784057; Common Code: 234578405) (the “Notes”).
The Infatuation announced today the return of its signature food festival, EEEEEATSCON, presented by Chase Sapphire. The event is scheduled for Saturday, October 12, and Sunday, October 13 at Forest Hills Stadium in New York City. This marks the fifth year of the festival at this location since its inception in 2018.
Capital One is on a mission to Change Banking for Good, and one way this is realized is through credit card rewards. These rewards, whether in the form of cash back, travel points, or other incentives, provide significant value to both consumers and small businesses. For budget-conscious individuals, credit card rewards can make traveling more affordable or help purchase necessities.
Frontier Airlines, in collaboration with Barclays US Consumer Bank, has introduced a new benefit for its World Mastercard cardmembers. Effective immediately, primary cardholders are entitled to two free checked bags on all flights operated by Frontier Airlines.
FIFA has announced Bank of America as the Official Bank Sponsor for the FIFA World Cup 26™. This marks the first time a financial institution has become a global sponsor in the banking category for FIFA.
The American Fintech Council (AFC), an industry association representing responsible fintech companies and innovative banks, has submitted a comment letter to the Department of the Treasury in response to its Request for Information on Uses, Opportunities, and Risks of Artificial Intelligence in the Financial Services Sector. In this letter, AFC recommends measures to develop a pragmatic regulatory framework for AI, aiming to increase clarity for industry participants and foster responsible adoption of AI technology in financial services.