Successful collaborations between traditional financial institutions (FIs) and FinTechs rest on one shared goal: offering end-users the best of both worlds. FinTechs bring speed and innovation, enabling things like real-time payments and access to funds, while FIs and credit unions contribute trust and regulatory expertise....
Federal regulators have taken action against VyStar Credit Union following a “botched” online banking launch. As the Consumer Financial Protection Bureau (CFPB) said in its announcement Thursday (Oct. 31), VyStar in May 2022 switched to a new and “dysfunctional” digital banking platform that made it...
Digital Federal Credit Union and First Tech Federal Credit Union have announced plans to merge, the credit unions said in a Monday (Sept. 30) news release. If the merger is approved by the National Credit Union Administration and First Tech’s membership, the new credit union...
Nine federal financial regulatory agencies have proposed or will propose joint data standards that would apply to data submitted to the agencies. As required by the Financial Data Transparency Act of 2022, the data standards for identifiers of legal entities and other common identifiers are...
November 06, 2023
A growing number of consumers are interested in cryptocurrencies, and most know what they are. But the number of financial institutions ready to offer cryptocurrency services to their members or customers is shrinking. “The wild fluctuations in value that used to make [crypto] exciting have flattened out. But that has made it more attractive and […]
March 30, 2020
As COVID-19, the disease caused by the coronavirus, ravages the economy, and millions of Americans shelter in place to figure out their next financial moves amid layoffs and volatile markets,...
December 06, 2024
The Financial Stability Oversight Council (FSOC) said Friday (Dec. 6) that Congress should pass legislation ensuring that relevant agencies have the examination and enforcement powers they need to oversee their regulated entities’ third-party service providers. The FSOC said these relevant agencies include the Federal Housing Finance Agency and the National Credit Union Administration, according to a Friday press release […]
October 31, 2024
Federal regulators have taken action against VyStar Credit Union following a “botched” online banking launch. As the Consumer Financial Protection Bureau (CFPB) said in its announcement Thursday (Oct. 31), VyStar...
September 30, 2024
Digital Federal Credit Union and First Tech Federal Credit Union have announced plans to merge, the credit unions said in a Monday (Sept. 30) news release. If the merger is...
August 02, 2024
Nine federal financial regulatory agencies have proposed or will propose joint data standards that would apply to data submitted to the agencies. As required by the Financial Data Transparency Act...
