Citigroup, faced with lackluster deposits from individual customers, is trying to ramp up that side of the business by rolling out a new app in the third quarter of this year. Get the Full Story Complete the form to unlock this article and enjoy unlimited...
The government in France is working on a new plan to help the country’s poor in which it could cap the fees a bank can apply to them. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to...
Though Square has reportedly withdrawn its application to create a deposit-taking bank, the payments processor intends to file the application again in the future. The firm had applied for an “industrial loan company (ILC)” license with the Federal Deposit Insurance Corporation (FDIC), Reuters reported. Get the Full...
After a key legal case that may set a precedent for future claims, U.K. banks may have to pay up to £18 billion to customers who were sold payment protection insurance (PPI). The case centered around a couple who unknowingly paid 76 percent commission for...
Social Finance, the online lender, has been holding talks with banks during the past few weeks in an effort to raise around $500 million in an unsecured line of credit to fund mergers and acquisitions of other FinTechs. Get the Full Story Complete the form...
The majority of Americans don’t dedicate much time to routine access to financial services. About 77 percent of American adults are able to have all of their financial service needs met by the mainstream market – in fact, those providers compete for their business. Get...
Monzo, the digital bank in the U.K., could reach 1 million users in a matter of months, according to a report in Reuters. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no...
Ahead of a planned reduction in interchange fees, which card issuers pay for cash withdrawals at ATMs in the U.K., data from LINK indicates that over 500 cash points have closed this year over a five-month period to May. During that time, the number of...
After Citibank, N.A. allegedly violated the Truth in Lending Act by failing to reevaluate and reduce the annual percentage rates (APRs) of consumer credit card accounts, the Bureau of Consumer Financial Protection (CFPB) announced that it has reached a settlement with the bank. With the terms...
