Category: Banking and Financial Services

WSFS Financial Corporation has entered into a two-year partnership with SoFi Securities to offer payment processing and debit card sponsorship services for a new cash management account. The San Francisco-based startup provides student and consumer loans, but it lacks the infrastructure of a regular bank. WSFS will provide that backbone by handling ACH payment processing and debit…

U.S. Senator Tom Carper and Chris Coons announced their support for a bill that reduces banking regulations for community banks and credit unions. The Economic Growth, Regulatory Relief, and Consumer Protection Act was authored by Senate Banking Committee Chairman Mike Crapo (R-Idaho) and Senator Mark Warner (D-Va.) “After the financial crisis, Congress passed much-needed reforms…

(AP) — The Delaware-based student loan company Navient is facing a shareholder lawsuit over its declining value. The News Journal in Wilmington reported Monday that some shareholders claim the company withheld information about its subprime student loans. Such loans carry more risk because borrowers have lower credit ratings. The company’s value fell by more than…

Three major credit rating agencies awarded Delaware with a ‘AAA’ rating. The reports by Moody’s Investor Services, Fitch Ratings and Standard & Poor’s cited the state’s fiscal management. They also acknowledged lawmakers recent efforts to successfully balance the budget and make difficult cost cutting decisions. “Delawareans expect us to responsibly manage taxpayer dollars, and these…

(AP) — Delaware’s secretary of state is implementing a new requirement to ensure the state’s 1.3 million business entities are regularly screened against a federal database of terrorists, international drug traffickers and other criminals. The News Journal reported Monday that it learned of the move to rein in secretive limited liability companies through an open records request.…

CSC today announced the addition of three members to its Capital Markets services business. The hires include Jonathan Hanly as managing director in Ireland, Hinnerk Koch as managing director in Luxembourg and Aline Sternberg as head of transaction services in the United Kingdom. “Hiring experienced industry professionals has been part of the fabric of CSC…

WSFS Financial Corporation has formed a new trust company. Christiana Trust Company of Delaware, a limited-purpose trust company, will be a wholly-owned subsidiary of WSFS. The Delaware-charter company will offer Delaware Advantage trust services, including directed trusts, asset-protection trusts and dynasty trusts. “We are excited to have a Delaware-chartered trust company, which will put us…

Citizens Bank has selected payments technology company Transactis to expand its electronic billing and payment offerings. The use of Transactis will enable Citizens’ commercial clients to distribute bills to their customers electronically and accept payments online. Citizens has worked to enhance its treasury offerings, incorporating the cloud-based Transactis platform to allow small business clients as…