New York Community Bank averts its predicted collapse: Its high-profile management team assuaged investors’ fears—for now—by showing a path to profitability.
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Signals about the long-predicted M&A revival remain mixed: Bank mergers had a slow start in Q1, coming off a historically bad year for deal announcements. Despite regulatory headwinds, there’s still reason for hope.
Data hasn’t persuaded the Fed to lower interest rates: But Jerome Powell thinks it’s unlikely that its next move will be a rate hike. Here are our takeaways from his press conference.
Reclassification won’t ease marijuana businesses’ woes: A major policy change would make weed less heinous but still federally illegal—and that’s not reassuring to the many banks that want to avoid compliance hassles.
The company will continue to lean on services but cut revenue forecasts for the year after spending slowed more than expected
BNPL rewards programs are being cut and redone across the industry, but these rewards likely won’t stand up to credit card programs
It offers solid rewards for a fee-free business card, but it might struggle to stand out
Adoption of AI in banking chatbots gathers steam this year: A survey finds that 3 in 10 credit union respondents plan to invest in AI-powered chatbots in the coming months. That’s a more aggressive rate than their rival community banks.
The Philadelphia-based lender had planned to exit the mortgage business after struggling under the weight of higher interest rates
Open-ended questions still surround open banking in Canada: The government budget reveals the plan’s outlines, but financial institutions still want a timeline and clarity on technical standards.
The company wants to grow profits by accelerating branded checkout and operating more efficiently, among other priorities
The deal fits into Barclay’s strategy of diversifying its co-brand portfolio to grow its US credit card business
Growing this partnership should help Marqeta diversify its client base and rely less on Block
Traditional financial institutions are losing new business to digital competitors. But banks can still compete.
Unaffordable rates have caused a spike in home sales and plans to leave the state.