Banks go password-free; CFPB vs. credit card late fees; stress capital

As a security gate, passwords don't work well. A vast majority of IT leaders at banks want to ditch passwords for something better and safer, and many tech vendors are moving in that direction already. But it's easier said than done. Read more: Big tech is building a passwordless future. Banks want to join in.

Sign up here ?to receive American Banker's complete Daily Briefing newsletter — delivered to your inbox every morning.

For more news about banking, fintech, credit unions, regulation and payments, see what else we're covering:

CFPB gets earful on limiting credit card late fees : The Consumer Financial Protection Bureau's review of credit card late fees has ignited pushback from industry that supports an expected 9% jump in fees next year pegged to inflation.?

M&T, Credit Suisse see biggest jumps in stress capital requirements : The Federal Reserve released its large bank requirements for 2023 based on the results from this year's stress test. Most of the banks tested will need to maintain or increase their tier one capital holdings.

Can the digital payments revolution finally wean cannabis shops off cash? : Legal marijuana dispensaries typically can't accept regular payment cards, but they have also never had a shortage of digital alternatives to cash. After the pandemic sparked a broad shift in payment habits, consumers may finally be more willing to stop using cash when buying weed.

BankThink: Silly fintechs, federal deposit insurance is for banks : Consumers should be aware that the FDIC does not protect their money if a fintech goes belly up, writes Gene Grant II of crypto platform LevelField Financial.