A Consumer Reports test of mobile payment app security yielded less-than-impressive results, with Apple Pay the high-score standout, at 76 out of 100. Generally the scores were only fair, with Venmo at 69, Square's Cash App at 64 and Facebook P2P Payments in Messenger at 63.
The Office of the Comptroller of the Currency is accepting applications for bank charters from financial-technology firms, but no company has applied. Executives are cautious and are expecting a legal challenge to the OCC's decision.
Mark D'Arcy has resigned as Wells Fargo's chief operational risk officer to pursue opportunities outside the bank. Mark Weintraub is taking over the job.
Popular but dubious recommendations for leaders include focusing only on your strengths, being authentic at all times and worrying about how you pose, argues Marc Effron of The Talent Strategy Group. "Be a critical consumer and realize that management advice that sounds too easy to be true, very likely is," he writes.
Student-loan servicer Heartland Campus Solutions ECSI has to respond to a subpoena from the Consumer Financial Protection Bureau, a federal appeals court ruled. Heartland had argued the bureau's request did not comply with federal law.
Financial-technology firms are offering credit cards to customers with poor credit history, with LendUp Global and Fair Square Financial mailing out about 35 million credit card offers during the first half of 2018, according to Competiscan. Subprime lending at seven big banks increased 3% year over year during the first half of 2018, compared with 13% a year earlier, according to Autonomous Research.
Wells Fargo might begin refinancing federal student loans, says John Rasmussen, head of personal lending. Student lending is a fast-growing market and lets the bank establish a relationship with students.
- Page 1