Payments

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.

Balances reached nearly $1 trillion at the end of the first quarter, up 17% from a year earlier. The increase reflects higher spending by well-off consumers on travel and entertainment, as well as the pressure that lower-income households are facing from inflation and higher interest rates.

The related rewards are targeted to both new homebuyers and existing mortgage servicing clients.

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.

In a wide-ranging interview with American Banker, Consumer Financial Protection Bureau Director Rohit Chopra talked about litigating against large firms, fighting overdraft fees and reining in Big Tech.