Daniel Wolfe
American Banker
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Past articles by Daniel:
Shoplifters are fueling a financial crime wave. Can fintech fight back?
Thieves are getting more organized and aggressive in how they steal from shelves to fund bigger schemes. Emerging checkout systems that track shoppers can deter some of this activity, but not enough to address the full scope of the risk. → Read More
MetaBank, having sold its name to Facebook, rebrands as Pathward
The company had accepted a $60 million naming rights deal from Meta Platforms — the social media giant's new brand. → Read More
Lenders warned they risk irrelevance if they're not inclusive
Credit unions and banks need to ask themselves if they're finding ways to say "yes" to consumers who too often hear "no" from mainstream institutions. Otherwise, they perpetuate a system that excludes the poor and people of color and drive them toward nonbanks, said Pablo DeFilippi of Inclusiv Network and other experts. → Read More
No longer invisible: The rise of CU Pride
Just a few years ago, there was no organization for LGBTQ credit union executives and employees, nor was there anyone openly out on the stages of credit union conferences — until Linda Bodie, CEO of Element Federal Credit Union in West Virginia, asked them to make themselves known. → Read More
Why a Maine bank sometimes lets the fraudsters win
In many cases, stopping fraud in the moment is costly — and any transactions a bank flags incorrectly could alienate its best customers, a Bangor Savings Bank executive said at American Banker's Card Forum. → Read More
Wells Fargo to launch Reflect 0% APR card in October
The second of three credit cards announced in June, Reflect rewards consumers who don't miss payments by extending the 18-month promotional period for its 0% annual percentage rate to 21 months. → Read More
UMB blends tech and product teams in a bid to speed innovation
Longtime bank executive Uma Wilson will head the cross-disciplinary team. → Read More
How Wells Fargo and Current keep digital banking novices engaged
Showcasing contactless ATM access and enabling easier use of stimulus funds are among the ways the megabank and digital upstart are tailoring services to customers acquired during the pandemic. → Read More
Dirty money: Sex and the payments industry
When Mastercard and Visa cut ties with Pornhub in December, it was abrupt but unsurprising. The banking and payments industries have had a long and conflicted history with adult content. → Read More
Money laundering battle drives Japan banks to JPMorgan’s network
JPMorgan Chase & Co.’s blockchain-based information network for payments is drawing the greatest interest in Japan, a country long blamed for weak measures against money laundering. → Read More
JPMorgan weighs sale of $1 billion AARP credit card portfolio
JPMorgan Chase is considering selling the credit card portfolio it built through an almost three-decade partnership with the AARP, according to people with knowledge of the matter. → Read More
Criminals sell hacker toolkits for BofA on dark web, study finds
Organized crime groups are selling access to the computer networks of financial firms like Bank of America Corp. and hacking tools targeting these companies, according to a British researcher who posed as a buyer on several dark web marketplaces. → Read More
Visa CEO Kelly breaks with big banks on need for faster payments
Banks and governments around the world have invested in systems that seek to instantly transfer money between accounts, moves that could put pressure on the sprawling debit-card business at the world’s largest payments network. But Visa Inc. Chief Executive Officer Al Kelly isn’t too worried. → Read More
Sanders, Ocasio-Cortez propose 15% cap on credit card interest
Democratic presidential candidate Bernie Sanders and Representative Alexandria Ocasio-Cortez accused banks of acting as “modern-day loan sharks” and called on Congress to enact a federal limit of 15% on credit-card interest rates. → Read More
Wells Fargo expects to refund debit-card fees amid review
Wells Fargo & Co. said it expects to refund certain fees paid on debit-card accounts as it reviews disclosures that may have confused customers. → Read More
How much does P2P drive engagement for banks?
The market for P2P payments is finally taking off after years of false starts, but there are still many unanswered questions. The biggest one: How do banks get value out of offering this service free of charge? → Read More
Amex ratchets up spending in rewards war for premium clients
American Express Co. is pulling out the big bucks to keep its stronghold on premium credit-card users. → Read More
Marriott hit by Starwood hack that ranks among biggest ever
Marriott International Inc. said it’s investigating a hack of the guest reservation database at its Starwood unit that may be one of the biggest such breaches in corporate history. Marriott shares slumped 5.6 percent in pre-market trading. → Read More
Amex falls as profit forecast fails to match rosiest predictions
Analysts had expected the New York-based firm to boost its forecast as consumers increased spending on its cards. → Read More
Capital One restricts third-party data access, upsets customers
Capital One Financial Corp. is limiting how account data flows to outside apps for managing finances, prompting a backlash from the bank’s customers who say they have been locked out of their own information. → Read More