Michael Hsu, acting comptroller of the currency at the Office of the Comptroller of the Currency (OCC), recently voiced support for a new proposal by Federal Deposit Insurance Corp. (FDIC) to apply additional scrutiny when reviewing bank mergers that will result in combined assets that exceed $100 billion. Hsu on Thursday...
The Federal Deposit Insurance Corp. (FDIC) is seeking public comment on a proposal that would “update, strengthen and clarify” its approach to evaluating bank mergers. The FDIC board of directors voted Thursday (March 21) to approve a Federal Register notice seeking comment on proposed revisions to the...
Dave Scola, CEO, U.S. at Form3, said the transformation of banking and financial services is demanding collaboration between traditional banks and digital upstarts. The most notable, and long lasting, changes in consumer behavior have been spurred by the pandemic: The shift to contactless payments, and the...
Digital banking is all the rage, right? Who can resist the convenience of using a bank app to balance accounts while waiting for the barista to brew a cup? No one is denying the allure of digital banking, but according to The Wall Street Journal,...
The U.S.’s top consumer protection watchdog is on the lookout for financial services industry players hoping to game open banking for their own benefit. This warning was delivered last week by Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB), who reiterated his support of...
Conventional wisdom might hold that the great digital shift has shaken up banking, spurring financial institutions to innovate and push new offerings through digital channels. Tom Priore, CEO of Priority Technology Holdings, told PYMNTS that not much has changed, at least for now. But the rise...
Embedded payments, embedded lending and a continuing shift to virtual cards all demand a reconsideration of technical infrastructure. Banks, grappling with legacy back-end systems, and FinTechs, seeking to innovate within financial services — and smaller businesses aiming to engage with their end markets — have...
In a world where change is constant, digitization has become one of life’s certainties. This advancement is coming to even traditionally staid sectors like financial services and banking, spurring profound transformations. That’s because the story of banking is not just about money, transactions and deposits;...
Citi Ventures has become a strategic investor in Tuum in an extension to the Series B funding round Tuum announced in February. Together with its investment, Citi Ventures will introduce Tuum to key stakeholders within Citi, the bank, to explore commercialization opportunities, Tuum said in a Thursday (March 14) press...
