Play ball! Banks are back to sponsoring baseball; who's regulating what at the Fed; CFPB goes after TransUnion exec
American Banker
In-depth analysis, perspective and commentary on key issues affecting the banking industry.
How banks are working with Major League Baseball on sponsorships they hope will be home runs; what the Fed is doing in the absence of a vice chair for supervision; why Quontic Bank is launching payment rings; and what else we're covering today in banking, finance, payments, regulation and credit unions.
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Only two years ago, banks were left scrambling to plug gaps in their marketing plans after the coronavirus pandemic shrank the 2020 baseball season by more than half, to 60 games, while Major League Baseball banned in-person attendance to limit transmission. By contrast, the 2022 season is less than two weeks old and already banks have announced several significant marketing arrangements.
With the prospect of adding a new vice chair for supervision this year growing more remote by the day, the Federal Reserve Board could soon find itself in an undesirable position: having to wade into politically choppy waters.
The card network is using technology from Finicity, an open banking provider Mastercard acquired in 2020 for $825 million, to improve performance for account-to-account transfers. Mastercard is reducing overdraft risk through faster processing, as well as increasing its ability to serve consumers, issuers and merchants beyond card transactions — an important move as card networks attempt to become less reliant on the fees they collect at the point of sale.
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The CFPB announced a lawsuit against the credit bureau TransUnion for allegedly violating a 2017 order to stop misleading customers about the credit reporting and monitoring services the Chicago company offers and to disclose recurring charges for them.
On Monday, Quontic Bank began offering customers an unassuming black band embedded with contactless payment technology that they can use at point-of-sale terminals.
VyStar would combine with the $11.2 million-asset FCFCU under the deal, pending regulatory approval and confirmation from members of the smaller credit union. The deal is expected to be finalized this year, with employees of FCFCU to be extended employment offers from VyStar, whose assets top $12 billion.
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