Banking Dive

American Express Reportedly in Talks to Buy Kabbage for $850M

American Express Reportedly in Talks to Buy Kabbage for $850M

Dive Brief: American Express is in advanced talks to buy online lender Kabbage, a person familiar with the matter told Bloomberg. An agreement could be announced as early as this month, the person said. The all-cash deal could be worth as much as $850 million, the person said.

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The Digital Transformation of Payments Reaches Its Next Phase

The Digital Transformation of Payments Reaches Its Next Phase

Carl Slabicki is head of strategic payments, BNY Mellon Treasury Services. The views expressed herein are the author’s and may not reflect those of BNY Mellon. This does not constitute Treasury Services advice, or any other business or legal advice, and it should not be relied upon as such. A digital revolution is driving U.S.

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Durbin Asks Fed to Probe Visa, Mastercard, Issuers Over PINless Purchases

Durbin Asks Fed to Probe Visa, Mastercard, Issuers Over PINless Purchases

Dive Brief: Sen. Dick Durbin, D-IL, asked the Federal Reserve in a letter Friday to examine whether payment networks Visa and Mastercard and debit card issuers are engaging in anticompetitive practices when issuers don’t enable PINless functionality, according to The Wall Street Journal.

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Don’t Use Coronavirus as Excuse to Close Branches, OCC Says

Don’t Use Coronavirus as Excuse to Close Branches, OCC Says

Dive Brief: Banks should not be using the coronavirus pandemic as a cover to shutter branches, the acting head of the Office of the Comptroller of the Currency (OCC) told the Financial Times.

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Bank Profitability at Risk as Pandemic Slows Economy, OCC Says

Bank Profitability at Risk as Pandemic Slows Economy, OCC Says

Bank profitability is at risk as the decline in economic conditions, brought on by the coronavirus pandemic, will broadly affect bank earnings, credit quality, operations and capital, the Office of the Comptroller of the Currency (OCC) said in a report released Monday.

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Banks Tap Fed Discount Window to Signal Readiness on Credit

Banks Tap Fed Discount Window to Signal Readiness on Credit

The largest banks in the United States acted in concert Monday night to tap funds from the Federal Reserve’s emergency discount window to show they’re prepared to use all available tools to keep credit flowing while the economy reels from the novel coronavirus outbreak.

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Banks Mostly Fear Payments and Money Transfer Fintechs, Survey Finds

Banks Mostly Fear Payments and Money Transfer Fintechs, Survey Finds

New payments and money transfer platforms such as Venmo and Stripe are keeping banking executives up at night, a survey by Promontory Interfinancial Network found.

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LendingClub to Purchase Radius Bank for $185M

LendingClub to Purchase Radius Bank for $185M

LendingClub is buying Boston-based Radius Bank in a cash-and-stock transaction valued at 185 million, the online credit marketplace Tuesday. The firm says acquiring the online bank will provide greater regulatory clarity and cheaper funding for its loans.

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American Express Catches Up to Visa, Mastercard in Acceptance, It Reports

American Express Catches Up to Visa, Mastercard in Acceptance, It Reports

American Express added 1 million U.S. merchants last year to achieve virtual parity with competitors Visa and Mastercard, CEO Steve Squeri announced Friday in the card network’s latest quarterly earnings call.

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Banks Cut Nearly 78K Jobs in 2019, a 4-year High

Banks Cut Nearly 78K Jobs in 2019, a 4-year High

Banks worldwide cut 77,780 jobs in 2019, according to filings by financial institutions and labor unions – the highest total since 91,448 cuts in 2015. Nearly 82 of that figure came from banks in Europe, where negative interest rates are expected to continue for years to come.

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2 in 3 Consumers Uncomfortable With Financial Apps’ Level of Access to Data

2 in 3 Consumers Uncomfortable With Financial Apps’ Level of Access to Data

More than half (54) of U.S. banking consumers use apps to manage their finances or make person-to-person payments, but most are unaware how their personal data is stored and shared, or even which data is used, according to a study released this week by payments infrastructure firm, The Clearing House .

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Amazon Abandons Plan for Checking Accounts

Amazon Abandons Plan for Checking Accounts

Dive Brief: Tech giant Amazon abandoned its effort to create checking accounts, telling one of its potential banking partners, JPMorgan Chase, it was concerned it would be subject to banking regulations, according to a report from The Information.

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