Payments Dive

JANUARY 12, 2024

October’s uptick in activity didn’t continue through the remainder of the year, capping a quiet year for merger and acquisition activity in payments.

Payments 243

Payments 243

CFPB Monitor

JANUARY 12, 2024

The Consumer Financial Protection Bureau highlighted its observations of the resumption of federal student loan payments by consumers after more than three years of a payment moratorium due to COVID-19 in a report released on January 5, 2024. The report, titled “ Issue Spotlight: Federal Student Loan Return to Repayment ,” highlights several issues it maintains are confronting consumers, including extended call hold times, processing delays in income-driven repayment applications, and inaccurate

Report 148

Report Payments 148

Payments Dive

JANUARY 12, 2024

The designation would allow the payment processor to own transactions from end-to-end, removing the need for a bank partner.

Payments 500

Payments 500

TheGuardian

JANUARY 12, 2024

JPMorgan Chase posts record annual profit as earnings season gets under way Citigroup will cut 20,000 jobs by the end of 2026 after enduring a steep loss in the last quarter as it presses ahead with a sweeping restructuring. While chief executive, Jane Fraser, hailed 2024 as a “turning point” for the American banking group, Mark Mason, its chief financial officer, acknowledged that job cuts are “tough on morale” as he outlined the planned reductions.

Groups 99

Groups US 99

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Payments Dive

JANUARY 12, 2024

Circle, which issues the USDC stablecoin, has filed confidential paperwork with the Securities and Exchange Commission — one day after the SEC's approval of 11 spot bitcoin exchange-traded funds.

Bitcoin 370

Bitcoin Security 370

Payments Dive

JANUARY 12, 2024

State lawmakers and regulators are out-running their national peers in giving direction to the fast-evolving payments industry.

US 273

US Payments National Regulation 273

American Banker

JANUARY 12, 2024

The card network is creating a generative AI-powered chatbot to give small-business owners personalized assistance, emphasizing 'inclusive' resources and mentorship for minority entrepreneurs.

Resources 81

Resources Cards Payments 81

Payments Dive

JANUARY 12, 2024

Several tech companies have been hit with lawsuits under Illinois' Biometric Information Privacy Act in recent years.

Illinois 195

Illinois Company 195

American Banker

JANUARY 12, 2024

Led by Congressmen French Hill and Stephen F. Lynch, the council will explore how artificial intelligence is influencing the development of new products and services, fraud prevention and other areas across the financial services and housing industries.

Groups 78

Groups Fraud Industry Cyber Security 78

Advertiser: ZoomInfo

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Analysis

CFPB Monitor

JANUARY 12, 2024

On January 2, the Federal Trade Commission (FTC) filed a complaint against FloatMe Corp. (“FloatMe”), a fintech that offers short-term cash advances through its mobile app, alleging violations of the FTC Act, the Restore Online Shoppers’ Confidence Act (ROSCA), and the Equal Credit Opportunity Act (ECOA). The complaint is similar in its language and allegations to one filed by the FTC against Bridge It, Inc.

Fintech 78

Fintech Mobile Online 78

American Banker

JANUARY 12, 2024

Douglas Timmerman, the company's president of dealer financial services, will step in when Jeffrey Brown departs at the end of January. Ally continues its hunt for a permanent CEO.

Company 78

Company Industry 78

The Paypers

JANUARY 12, 2024

Rokt has announced the acquisition of AfterSell in order to expand SMB offerings and provide more relevant capabilities for Shopify customers.

77

77

BankInovation

JANUARY 12, 2024

Implementation of AI could reduce turnover at Bank of America, Chief Executive Brian Moynihan said during today’s fourth-quarter earnings call. “We can always hire a little less if we see the efficiencies coming through and redeploy the people we have,” Moynihan said. Headcount stood at 212,985 at the end of Q4, down 1.

America 72

America 72

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Lending

The Paypers

JANUARY 12, 2024

Mastercard has announced the development of an inclusive AI tool in order to provide personalised, real-time assistance to the small business community worldwide.

Tools 77

Tools Community 77

BankInovation

JANUARY 12, 2024

Citigroup’s restructuring efforts, investment in technology and reduction of overhead costs will result in a loss of 20,000 jobs, or 10% of its workforce, through 2026, the bank said today in its fourth-quarter earnings report.

Technology 72

Technology Report 72

American Banker

JANUARY 12, 2024

Personal spending chugged along in the fourth quarter, thanks to the resilient job market. But loan charge-offs rose, and higher interest rates suppressed loan demand, executives say.

America 62

America Marketing Lending 62

BankInovation

JANUARY 12, 2024

Longtime Ally Financial leader Doug Timmerman today was named the lender’s interim chief executive, succeeding Jeffrey Brown. Brown, who announced his plans to step down in October, will depart Ally on Jan. 31 and Timmerman will take over on Feb. 1, according to a company release.

Leadership 72

Leadership Company Retail 72

Advertiser: ZoomInfo

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Capital

American Banker

JANUARY 12, 2024

Jane Fraser says this year will be "critical" for the megabank, which is engaged in a massive, multiyear restructuring that involves cutting 20,000 jobs by the end of 2026.

Strategy 62

Strategy Management 62

BankInovation

JANUARY 12, 2024

JPMorgan Chase increased technology spend during the fourth quarter of 2023 as all lines of business across the bank invested in new products, features, customer platforms and overall modernization. Total noninterest expense increased 29% year over year to $24.5 billion, according to JPMorgan’s Q4 2023 earnings supplement. Technology, communications and equipment expenses accounted for $2.

Technology 69

Technology Retail 69

American Banker

JANUARY 12, 2024

A coalition of financial trade groups issued a joint comment letter asserting that the federal bank regulators' proposed capital rule lacked justification and evidence required by the Administrative Procedure Act, threatening legal action if regulators don't delay and significantly amend the rule.

Industry 62

Industry Regulation Capital Groups 62

BankInovation

JANUARY 12, 2024

BNY Mellon’s technology spend accounted for nearly 30% of noninterest expenses in 2023 as the bank embraced new technology during the year. The bank spent $3.8 billion on technology and $13.2 billion in noninterest expenses for the year, up 1% from 2022, according to its bank’s Q4 2023 earnings presentation today. The $30.

Technology 69

Technology 69

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Operations

American Banker

JANUARY 12, 2024

The San Francisco-based bank warned for months that charge-offs were likely to start rising as some office-related loans went bad. It began to happen in the fourth quarter, which could be an omen for regional banks that have larger concentrations in the office sector.

San Francisco 60

San Francisco Regional Lending 60

BankInovation

JANUARY 12, 2024

Wells Fargo clients are migrating to lower-cost channels, resulting in reduced call volume and teller transactions for the bank.

Technology 69

Technology Mobile Retail 69

American Banker

JANUARY 12, 2024

After a record-breaking year of reeling in business from failed banks and scared customers defecting from rivals, the largest U.S. bank expects it will keep getting larger.

53

53

The Paypers

JANUARY 12, 2024

US-based paytech provider Finix , with support from financial institution Pathward , has launched Payouts, enabling businesses to send money with Mastercard Send and Visa Direct.

US 45

US 45

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