Financial News

  About $2 billion changes hands daily for the sale of new motor vehicles in the U.S., making auto dealers a prime use case for faster payments. So why aren't more using it? 

  Norwegian fintech Vipps' consumers can use iPhones to make digital payments following Apple's settlement with regulators. Klarna gets hit with a money-laundering fine and more in our weekly global payments roundup. 

  A report by the Federal Deposit Insurance Corp.'s Office of Inspector General revealed deficiencies in the FDIC's preparedness for large bank failures. 

  Financial institutions are adopting AI technology into virtually every aspect of the business. Analysts and fintechs share a framework for protecting data and bank reputations. 

  In testimony before the Senate Banking Committee Wednesday morning Consumer Financial Protection Bureau Director Rohit Chopra said that he has no plans to resign ahead of President-elect Donald Trump's inauguration, suggesting he will wait to be fired instead. 

  Workers in the bank's conduct management intake group joined colleagues at 23 Wells Fargo branches in approving a union. 

  Misconceptions about the risks of private credit must not be allowed to affect important policy decisions about an industry that provides vital support to a vast swath of the American economy. 

  Annualized inflation increased to 2.7% in November from 2.6% the previous month, providing further evidence that the economy remains strong despite restrictive monetary policy. 

  Republicans seek to pass sweeping legislation that renews Trump's 2017 tax overhaul and eliminates taxes on tips, overtime pay and Social Security benefits. 

  Institutions like BMO Financial Group and Bank of Nova Scotia saw earnings bogged down by increased loan loss provisions and higher tax rates.