The Bank Policy Institute and the Consumer Bankers Association have urged the Consumer Financial Protection Bureau (CFPB) to adhere to the Administrative Procedure Act (APA) in its regulation of buy-now-pay-later (BNPL) providers. In a letter sent today, the associations argued that the CFPB’s recently issued “interpretive rule” violates the APA due to its substantive nature.
The American Fintech Council (AFC), the industry association representing responsible fintech companies and innovative banks, announced today that MoneyLion has joined as its newest member. MoneyLion is a digital ecosystem for consumer finance aimed at empowering individuals to make informed financial decisions.
Alfa, a prominent provider of enterprise software for automotive finance, has announced the launch of Intelligent Automation as part of its Alfa Systems 6 platform. This feature leverages advanced cognitive technologies and predictive modeling to enhance efficiency through intelligent, automated decision-making tools.
In the past 24 hours, several ICBA members have reported a new form of fraud they have experienced in their banks this week: check fraud related to home equity lines of credit (HELOC). Members of ICBA's Check Fraud Task Force have also noted an uptick in HELOC-related check fraud.
SoFi Technologies Reports Net Revenue of $599 Million and Net Income of $17 Million for Q2 2024, Marking Third Consecutive Quarter of GAAP Profitability
Bank of America has been recognized by several influential industry groups and global banking award organizations for its digital leadership. The company, which continues to see record growth in digital engagement among clients, recently received accolades from Euromoney, Global Finance, Celent, The Asian Banker, and others for its commitment to innovation and delivering digital experiences.
Bank of America has been recognized by several influential industry groups and global banking award organizations for its digital leadership. The company continues to see record growth in digital engagement among clients, recently receiving accolades from Euromoney, Global Finance, Celent, The Asian Banker, and others for its commitment to innovation and delivering world-class digital experiences.
The Bank Policy Institute (BPI) launched a new advertising campaign today named “Chain Store Charity.” The campaign aims to highlight how large retail chain stores are benefiting from Regulation II, which limits the fees banks can charge for debit card transactions. The initiative is being targeted at Washington, D.C., and selected national media markets, and includes an educational website detailing the negative impacts of price fixing on debit card transactions.
Bank of America has reported a significant increase in the adoption and use of its CashPro App for corporate payment approvals. As of mid-2024, corporate payment approvals via the CashPro App have surpassed $500 billion, marking an increase of nearly 40% compared to the same period last year. The app is projected to reach a trillion dollars in payment approvals by the end of 2024.
AFC has long advocated for a clear and consistent regulatory framework that reflects responsible industry developments and clarifies supervisory expectations for innovative banks and financial services business models, products, and services. The organization expressed encouragement regarding the joint agency Request for Information (RFI), as well as the announcement of the Novel Activity Supervisory Program from the Federal Reserve. According to AFC, these efforts represent pragmatic, evidence-based approaches by regulators to understand bank-fintech partnerships rather than...
Barclays US Consumer Bank has announced the renewal of its long-standing co-branded credit card program with Hawaiian Airlines. This partnership, which began in 2013, will continue under a newly signed agreement. Barclays will keep issuing the Hawaiian Airlines World Elite Mastercard® for consumers and the Hawaiian Airlines World Elite Business Mastercard® for small businesses.
The National Retail Federation (NRF) was in Washington, D.C. this week to discuss the Durbin-Marshall Credit Card Bill with Members of Congress and their staff. This legislation aims to introduce new mandates on how Americans' credit cards are processed, potentially affecting fraud protection and reward programs that small business owners rely on.
Today, Merrill Wealth Management and IMG Academy announced a three-year partnership to offer more education and resources around financial awareness to student-athletes and their families. The program aims to provide actionable financial education to IMG Academy student-athletes that can help them throughout their student-athlete journey and in life.
The Independent Community Bankers of America® (ICBA) hosted its ThinkTECH Accelerator Showcase, marking the conclusion of the latest Accelerator program (AP7). For the first time, the event was held at the Graduate School of Banking at Colorado for nearly 500 bankers and streamed online for a virtual audience.
The Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued a statement today regarding the announcement from federal banking regulators about an ICBA-advocated virtual outreach meeting. This meeting is part of the latest regulatory review under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA).
Rocket Mortgage, the largest retail mortgage lender in the United States and a part of Rocket Companies (NYSE: RKT), has been ranked #1 in client satisfaction by J.D. Power in mortgage servicing for the 10th consecutive year. This marks the 22nd J.D. Power award received by Rocket Mortgage, which includes 12 top rankings for mortgage origination.