Banking
Top editor picks, summarized for you
9/27/2016

Consumers worldwide are expected to conduct transactions worth $23.2 trillion via card and $22.6 trillion via cash this year, according to Euromonitor International. This would be the first time consumers spend more using card than cash.

Full Story:
MarketWatch
9/26/2016

The growth of mobile and online payment channels will boost global payment revenues, but banks and card companies face market-share threats from financial-technology upstarts.

9/26/2016

The extensive breach at Yahoo is a threat to banks, even though no bank or credit card information was taken. Criminals could use the data gleaned for several types of bank-related attacks, including phishing and new-account fraud.

9/26/2016

GreenSky, a company that connects borrowers with instant loans for home improvement projects and medical procedures, recently gained attention after partnering with Fifth Third Bancorp, which took a $50 million stake in the company. CB Insights has ranked GreenSky third in the US for valuation among privately held, venture-backed financial-technology companies.

Full Story:
Bloomberg
9/26/2016

House members passed a resolution last week calling for a national policy for financial technology that would clarify standards as the industry evolves. Industry advocates are working to educate lawmakers on the regulatory maze they say developers face.

Full Story:
The Hill
9/26/2016

Two former Wells Fargo employees say they were wrongfully fired for not meeting "impossible quotas" and were made an example for other employees. They are seeking class-action status for a lawsuit over the matter.

Full Story:
USA Today
9/26/2016

Nandita Bakhshi, CEO of Bank of the West and a former CBA board member, rose to her leadership position from an initial job as a part-time bank teller when she came to the US from India at age 27. Bakhshi calls herself a smart risk taker and has focused on technology throughout her career.

9/26/2016

Former Wells Fargo bankers Alexander Polonsky and Brian Zaghi have sued the bank for wrongful dismissal related to cross-selling. The lawsuit, which requests class-action status, seeks at least $2.6 billion in damages.

Full Story:
Bloomberg
More Summaries:
Wells Fargo
9/26/2016

The Consumer Financial Protection Bureau excludes pawnshops from a proposed rule on small-dollar lending. Pawn loans do not threaten consumers' financial well-being, officials say.

9/26/2016

Lending Club's LC Advisors Broad-Based Consumer Credit Fund dropped 0.49% in August after changing how it values holdings and after incurring losses on riskier debt. The decline is the first since the fund launched in 2011.

Full Story:
Bloomberg