Coronavirus Refunds: Cleveland Indians Unveil Credit, Reimbursement Options

PYMNTS

The Cleveland Indians unveiled credit and reimbursement options for fans along with their new schedule for this year in an announcement. Coronavirus Baseball Cleveland Indians COVID-19 credits News refunds sportsAs the pandemic continues to disrupt everyday life the world over, consumers might want refunds on things they have already paid for but may not be able to use. Sports teams, for instance, are offering to provide credits or refunds.

Cleveland Fed Pulls P2P Lending Report for ‘Revision’ Over Questions on Data

Bank Innovation

The Federal Reserve Bank of Cleveland has taken a report on P2P lending offline due to questions regarding the report’s underlying data. Released earlier this month, the report — which is now under revision, according to the Cleveland Fed — concluded that the P2P lending industry is similar to that of “predatory loans,” and that […]. Compliance Exclusive Lending Payments Risk Social Media Cleveland Fed lending Marketplace Lending Association P2P Lending research

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Coronavirus Refunds: NFL Details Reimbursement Procedure; Cleveland Cavaliers Provide Refund Options

PYMNTS

The Cleveland Cavaliers are offering refund options for fans who hold single-game tickets for a 2019-2020 season that is suspended as of now, Cleveland.com reported. Coronavirus Basketball Cleveland Cavaliers Football NBA News NFL Roger GoodellAs the coronavirus pandemic continues to disrupt everyday life the world over, many consumers want refunds on things they paid for but aren’t able to use.

FedNow is necessary, Fed digital currency is not: Mester

Payments Source

The Cleveland Fed president dismissed concerns about the central bank's faster payments system competing with The Clearing House's network, while saying that a national digital currency is less of a necessity in the U.S. FedNow Capital requirements Digital currencies Stress tests Real-time payments Loretta Mester Randal Quarles Federal Reserve Bank of Cleveland Federal Reserve The Clearing House Association

New Study Suggests Online Lenders Target Vulnerable Consumers

PYMNTS

The Federal Reserve Bank of Cleveland issued new research on the online lending market showing that borrowers end up in more debt than consumers who don’t utilize this method of borrowing. According to a news report in American Banker covering the study published last week, the Cleveland Fed said it found consumers who take out loans via the internet, either from a peer-to-peer lender or via a marketplace, likely could have utilized a traditional bank.

Fed: Two-Thirds Of SMBs Say They Are Dissatisfied With Online Lenders

PYMNTS

On that score, online lenders have been successful, according to a just-released study from the Cleveland Federal Reserve. That, according to the Cleveland Fed, is the good news. And within those major categories, actual specifics range more widely, the Cleveland Fed notes, based on other features and functions of how a specific online underwriter is structured.

Online Lending And A Tale Of Two Fed Studies

PYMNTS

The recent release of a study by the Cleveland Federal Reserve has managed to increase the decibel level of that debate. Cleveland’s Dark Outlook. The Cleveland Federal Reserve Bank captured a lot of headlines with the release of its online lending study – particularly due to its use of the words “predatory” and “needs additional regulation.” Online consumer lending – in a variety of forms – has grown explosively over the last decade.

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Online Catering Platforms Help Restaurants Reach Offices

PYMNTS

To help make this happen, ZeroCater recently notched $12 million in a Series B funding round with Cleveland Avenue as a lead investor, according to Crunchbase. Delivery Cleveland Avenue Corporate Catering Custom Catering food delivery News Restaurants Retail ZeroCaterCompanies often face a dilemma when it comes to corporate catering: They want to order breakfast, lunch, dinner or snacks for their employees, but the process can be complicated.

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Mezu trumpets privacy with new mobile P2P app

Mobile Payments Today

As consumers become more conscious about which companies they share sensitive information with, a Cleveland-based company has launched a mobile person-to-person app that adds a level of anonymity its co-founder and CEO believes is missing from the market

PayPal gets cryptocurrency license; Fed official warns on monetary policy risks

American Banker

The New York State “Bitlicense” will allow customers to use bitcoin to make online retail purchases; Cleveland Fed chief says persistent low rates may encourage risky behavior

Cleveland Fed's Mester on TBTF, Fintech and Interest Rates

American Banker

In a wide-ranging interview with American Banker, Cleveland Fed President Loretta Mester talks about what should be kept in the push to deregulate banking regulation, as well as her view on reforming the Fed, ending "too big to fail," the future of Basel and the effect of a Trump administration on financial services.

BofA Will Add 500 New Locations and Redesigns Old Ones With More Tech

Bank Innovation

With these branches, the bank will also move into Cincinnati, Cleveland, and Columbus, Ohio. Bank of America will open 500 new branches in the United States over the course of the next four years, the bank announced today. It will continue to make investments for both physical and digital growth, according to CNBC, and will.Read More. Exclusive Mobile Bank of America BofA branch banking JPMorgan Chase Mobile banking

What's in, what's out as KeyCorp resets consumer strategy

American Banker

The Cleveland company will exit indirect auto lending and close branches so it can devote more resources to mortgages, student loans and other relationship-driven, digital-friendly businesses. Digital banking Mortgages Student loans Earnings Branch network KeyCorp Consumer banking

KeyBank Takes Equity Stake in Payment Cycle Firm BillTrust

Bank Innovation

Cleveland-based KeyBank announced a partnership with cloud-based payment cycle management firm BillTrust, with KeyBank taking an equity stake in the firm, the companies said yesterday in a statement. Terms of KeyBank’s equity investment were not disclosed. This is the latest in a series of fintech partnerships for KeyBank, according to the company, and will allow […]. Exclusive Online Payments Automation BillTrust cloud services invoicing KeyBank payments the Cloud

KeyCorp looking to accelerate pace of branch closings

American Banker

Chris Gorman, the Cleveland company's chairman and CEO, said at an industry conference that an ongoing shift to digital channels provides an “opportunity to continue to ramp up" efforts to shutter physical locations.

P2P player wants to mimic cash's anonymity

Payments Source

A Cleveland startup’s play in the crowded and noisy P2P market is to nudge the transaction as close to digital version of paper money as possible — without Venmo’s social tools or Zelle’s email model. P-to-P payments Digital payments Personally identifiable information Customer data Data security Data privacy

Former KeyCorp CEO Henry Meyer dies at 70

American Banker

Meyer was credited with guiding the Cleveland company through the financial crisis and returning it to profitability. He died this week at his home in Florida. Beth Mooney M&A KeyCorp Consumer banking Commercial banking

Fed, Central Banks Frame Criteria For Digital Currency

PYMNTS

Last month, Cleveland Federal Reserve President Loretta Mester said in her speech “Payment and the Pandemic” that laying the groundwork for digital currency has been a priority since before COVID-19. .

KeyBank upgrades relationship banking with human-digital approach

BankInovation

The Cleveland-based bank, which has $156 billion in assets, is using banker-led consulting sessions, complemented by proprietary algorithms, to connect customers with relevant solutions. KeyBank is embracing a human-digital strategy. Think of the old banking world where the customer is on one side of the desk and a banker is typing into a mystery computer […].

Upscale restaurant chain hit by POS breach: Krebs

Payments Source

Cleveland-based Select Restaurants Inc., a national chain of upscale restaurants and bars, has experienced a breach exposing customers’ payment card data through point of sale technology, according to data security expert Brian Krebs. Data security Point-of-sale

KeyCorp defends its credit cushion as ample

American Banker

Other regionals set more aside for loan losses than the Cleveland bank did in the second quarter, and its ratio of reserves to total loans is slightly lower, too.

Ohio Firms Team To Put PPE Into Vending Machines

PYMNTS

The companies said all the kitting will be done in Cleveland. CLEANLIFE and D & S are both in Cleveland, Ohio. To make personal protective equipment (PPE) available via vending machines, PPE and medical safety product distributor CLEANLIFE and vending industry supplier D&S Vending are joining forces. Vending operators will be able to buy six PPE kits at first to sell via their snack machines that are meant to work with current coils, according to an announcement.

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US DOJ Charges 14 With $28M In PPP Fraud

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Levy, 50, of Bedford, Ohio; and Abdul-Azeem Levy, 22, of Cleveland, Ohio. 46, of Cleveland, Ohio; and Bern Benoit, 44, of Burbank, California. The U.S.

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KeyCorp Earnings Take Hit from Merger-Related Expenses

American Banker

KeyCorp in Cleveland posted lower profit after merger-related costs cut into its bottom line. breaking_news dealmaking-strategy national-regional

United Drops Change Fees On Domestic Flights

PYMNTS

United Airlines said it heard customers’ displeasure and has permanently dropped the $200 fee to change a ticket for travel within the U.S., the company announced in a press release Sunday (Aug 30). That’s not all. Starting Jan.

KeyCorp Shareholders Reject Splitting CEO, Chairman Roles

American Banker

Shareholders at KeyCorp in Cleveland soundly rejected a proposal to separate the chairman and chief executive roles. breaking_news dealmaking-strategy oh national-regional

Merger Expenses Weigh on KeyCorp's Earnings

American Banker

KeyCorp in Cleveland reported lower quarterly profit as expenses tied to its pending purchase of First Niagara Financial Group cut into its earnings. breaking_news performance national-regional

Rocket Trims IPO By 39 Pct From $3.3B To $2B After Investors Reject Valuation

PYMNTS

Gilbert, owner of the Cleveland Cavaliers and founder of Quicken Loans will retain 79 percent of the voting power of the company’s common stock through controlling entities, the SEC filing shows.

Fed Sees Possible Path To ‘Direct Issuance’ Of Digital Dollars

PYMNTS

Cleveland Federal Reserve President Loretta Mester said in a speech this week that a digital dollar could conceivably be a form of money transfer that would enable the Fed to disburse money to all individuals in America.

Xealth Raises $14M In Series A

PYMNTS

New investors Atrium Health, Cleveland Clinic and MemorialCare Innovation Fund joined McKesson Ventures, Novartis, Philips, ResMed, Threshold Ventures (formerly DFJ Venture), Providence Ventures, UPMC and Froedtert and the Medical College of Wisconsin health network as participants in the round. Medical Director of Distance Health at Cleveland Clinic.

KeyCorp Picks Buffalo as Regional Headquarters

American Banker

KeyCorp in Cleveland will open a regional headquarters in western New York as part of its acquisition of First Niagara Financial Group. dealmaking-strategy strategic-alternatives breaking_news national-regional

DOJ To Investigate Intuit’s $7B Takeover Of Credit Karma 

PYMNTS

Christopher Sagers , an antitrust expert at the Cleveland-Marshall College of Law, told ProPublica that it appears Intuit’s goal is to eliminate a competitor. “It The U.S. Department of Justice (DOJ) has launched a probe into Intuit ’s $7.1 billion purchase of Credit Karma.

TFS Financial's Profit Jumps on Declining Loss Provision, Expenses

American Banker

TFS Financial in Cleveland posted a double-digit profit increase in the quarter that ended June 30 thanks to a combination of improved credit quality and lower expenses. earnings-community-banks performance oh breaking_news community-banking

Merger Expenses Weigh on KeyCorp's Earnings

American Banker

KeyCorp in Cleveland posted lower quarterly profit as merger-related expenses cut into the bottom line. breaking_news dealmaking-strategy performance earnings-national-regional-banks oh m-a consolidation national-regional

Third Federal in Ohio to Offer First Mortgages in Five More States

American Banker

Third Federal Savings and Loan in Cleveland has long offered mortgage refinancing in New Jersey, Pennsylvania, Maryland, Virginia and North Carolina. Now it plans to offer purchase loans in those states. breaking_news mortgage housing consumer-finance