US banks to get more freedom to offer unsecured loans 

Courtesy of Jacksonville Business Journal   Banks have historically shied away from providing unsecured loans to cash-strapped consumers, complaining that tough rules on underwriting — and the negative publicity of providing loans with very high effective annual interest rates — made the business more trouble than it was worth. The Trump administration plans to loosen … Continue reading US banks to get more freedom to offer unsecured loans 

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Wells Fargo local market presidents discuss what they learned during a challenging year 

(Courtesy of Jacksonville Business News) Wells Fargo market presidents discussed the changes the bank has made to its culture after a year of scandals, including the revelation that 3.5 million customer accounts had been created without customers' approval. Wells Fargo (NYSE: WFC) will not remember 2017 fondly. During the last year, a third-party investigation revealed … Continue reading Wells Fargo local market presidents discuss what they learned during a challenging year 

US banks to introduce new anti-fraud measures after Equifax hack 

(Courtesy of Jacksonville Business Journal)   The attack on Equifax earlier this year is particularly worrying for banks both because of its scale and the type of information that was compromised. US banks are stepping up anti-fraud controls after the data breach at credit checking group Equifax put about half the country's population at risk … Continue reading US banks to introduce new anti-fraud measures after Equifax hack 

Wells Fargo unveils ATMs that work with phones

(Courtesy of Jacksonville Business Journal)    Wells Fargo (NYSE: WFC) announced Tuesday that more than 5,000 of its ATMs, including more than 70 in the Jacksonville area, can be used by phones. Using near-field communication, customers can bank from virtual wallets on their cell phones, including Wells Fargo Wallet, Apple Pay, Android Pay and Samsung … Continue reading Wells Fargo unveils ATMs that work with phones

Wells Fargo shuttering hundreds of branches as customers embrace mobile banking

(Courtesy of Jacksonville Business Journal) Wells Fargo plans to close 450 of its almost 6,000 branches nationwide as it cuts costs and adjusts to more customers banking outside a branch. The bank, led by CEO Tim Sloan, said it cut 93 branches in the first half of this year, with more than half of those … Continue reading Wells Fargo shuttering hundreds of branches as customers embrace mobile banking