NEW YORK–Citigroup has agreed to pay a $400-million fine over long-running problems related to keeping its daily operations under control. The announcement comes just two months after one of its employees sent nearly $1 billion to the wrong recipients.
Fresh Today
ATLANTA–There has been a significant increase in small and midsize business lending fraud, primarily in digital channels, according to a new report released by LexisNexis Risk Solutions.
LONDON–Banks have previously been too conservative in sticking to their core brand image, but innovative design can be key to attracting younger customers in a post-pandemic world, according to GlobalData.
SAFFORD, Ariz.–OneAZ Credit Union has signed a multi-year commitment with Lumin Digital to use its platform as its digital banking solution. San Ramon, Calif.-based Lumin Digital will provide consumer and retail banking to more than 145,000 OneAZ members when the credit union launches on the platform in June 2021.
STOCKHOLM, Sweden—Lenders in a country at the center of one of Europe’s largest dirty-cash scandals are testing a new anti-money-laundering system that doesn’t interfere with banking privacy.
NEW YORK—U.S. consumer borrowing unexpectedly fell in August as credit card balances declined for a sixth consecutive month with the coronavirus pandemic continuing to limit some purchases amid elevated unemployment.
LAWRENCEVILLE, Ga.—Used vehicle values saw a slight increase in September, thanks to a surge in the values of full-sized pickup trucks, Black Book reports.
NEW YORK–A growing number of everyday Americans are being scammed on payments apps. During the pandemic people have flocked to instant payments apps such as Cash App, Venmo and Zelle as consumers have seen their financial institution branches close and they’ve turned increasingly to online commerce.
SAN ANTONIO—Harland Clarke is again sponsoring International Credit Union Day in collaboration with CUNA and the World Council of Credit Unions.
WASHINGTON—Senate Banking Committee Chairman Mike Crapo (R-ID) has sent a letter to NCUA Chairman Rodney Hood and other financial institution regulators calling on them ensure credit unions and banks have the flexibility to meet members' needs amid the coronavirus pandemic.