Payments

As U.S. credit card balances continue to march above $1 trillion, the number of newly delinquent credit card users now exceeds the pre-pandemic average and millennials and those with student or auto loans are driving the increase in past-due payments, the New York Fed said.

The servicer said it entered into the consent order "without admitting any wrongdoing, to avoid the expense and distraction of litigation."

The list of 57 early adopters includes large banks like BNY Mellon, JPMorgan Chase and Wells Fargo, as well as large bank technology companies including Jack Henry, FIS and Fiserv.

In its ongoing quest to diversify beyond bank account data-aggregation, Plaid aims to help fintechs and banks to block fraud by sharing data about stolen consumer identities via a fee-based consortium called Beacon.

The bank is working with The Clearing House and real estate tech company EMTransfer and is hoping to cut paper and time from the process of selling property.

The industry is taking lessons from instant point-of-sale lenders to help homeowners embarking on major projects.

Synthetic-ID scammers can use the same techniques they honed for stealing from banks to target consumers facing economic hardships.

Rocket Rewards is the latest marketing initiative from the mortgage giant following the introduction of home equity loans and a monthly payment reduction offer earlier this year.

The total value of transactions flowing through Early Warning Service's peer-to-peer payments service rose nearly 30% during the second quarter, as more consumers used Zelle to pay recurring expenses.

American Banker interviewed the Consumer Financial Protection Bureau chief about his views on Big Tech, the qualified mortgage rule, real-time payments apps and more.