The Latest
-
Fed aims to make instant payments the norm
“It's going to be up to us to move instant payments from being novel to being normal,” Federal Reserve Financial Services’ chief payments executive told attendees at an industry conference last week.
-
Sponsored by ARIS
Fortifying banks for the future: Ensuring operational resilience in an era of disruptions
The future of banking depends on the ability to adapt to a fast-changing risk landscape.
-
Visa lawsuit may complicate DOJ’s scrutiny of Capital One-Discover deal, analysts say
If the Justice Department were to block the Capital One-Discover deal while also going after Visa, “they’d be intellectually inconsistent,” a George Mason University law professor said.
-
Flagstar taps CIO, credit review chief
The bank has brought on a number of new executives this year and also completed the sale of its mortgage business to Mr. Cooper on Friday.
-
Mid Penn Bancorp to acquire in-state peer in $127M deal
The lender will acquire William Penn Bancorp in an all-stock transaction expected to close in the first half of 2025 to expand in the greater Philadelphia metro area.
-
Stablecoins face obstacles to widespread adoption
The digital currencies could simplify cross-border payments, but consumers are wary of using them, payments and fintech executives say.
-
Capital One warns of possible CFPB enforcement action
The bureau notified the lender last month it’s considering action after customers sued Capital One, claiming it never told savings account holders they could get a higher yield if they switched to another product.
-
JPMorgan to pay $151M over flawed investment disclosures, more
The Securities and Exchange Commission issued five enforcement actions against the bank, including allegations that some JPMorgan advisers’ recommendations went against the best interests of clients.
-
CFPB fines VyStar $1.5M over 2022 outage
The order requires the Jacksonville, Florida-based credit union to reimburse fees and costs to members from the botched rollout of an online banking system.
-
Kraken cuts staff, appoints co-CEO and CFO
The crypto exchange has cut about 400 employees, sources told The New York Times, in an effort to be “leaner and faster.” The move comes alongside changes in the company's C-suite.
-
Warren blasts DOJ over TD settlement
Penalties imposed fell short and prosecutors’ “legal gymnastics” allowed the bank’s “reckless leadership” to skirt responsibility, the Democrat said.
-
FirstSun looks to alter HomeStreet deal again
The firms are “discussing the pursuit of an alternative regulatory structure” after FirstSun said talks with the Fed and a Texas agency indicated the deal may not get a green light.
-
AI increases fraud risk, fintechs say
Financial firms monitor for fraud by looking for unusual activity, but an artificial intelligence model can be trained to transact like a real person.
-
Singh, fourth FTX exec sentenced, avoids prison
Former FTX engineering chief Nishad Singh showed an “eagerness to assist” the prosecution during its case against Sam Bankman-Fried, and a similar energy to help CEO John Ray in FTX's bankruptcy case.
-
BofA discloses Zelle probe, says it may result in litigation
The bank also said it’s in contact with regulators over its Bank Secrecy Act/anti-money laundering and sanctions compliance programs, and a regulatory order could stem from those discussions.
-
5 lessons learned from Synapse’s collapse
Ledgering issues, bank partner and regulatory lapses and gross mismanagement led to a shortfall of up to $95 million between bank-held funds and amounts owed to fintech end users, a law firm found.
-
New Jersey AG accuses Republic First of redlining
The failed lender originated 6% of its home loans to residents of majority-nonwhite neighborhoods between 2018 and 2022, the state found. The state filed a claim with the FDIC seeking remediation.
-
Treasury floats financial inclusion strategy
The department’s strategy “provides a national roadmap to expand access to foundational financial tools like credit and investments that are key to building wealth,” Treasury Secretary Janet Yellen said Tuesday.
-
Morgan Stanley adjusts climate targets with Paris goal slipping
The bank’s 2030 targets now include a net-zero scenario that would limit additional temperature rise to 1.7°C, as aspirations for limiting global warming to 1.5°C fade.
-
Consensys to slash 20% of workforce
The blockchain software firm best known for its self-custodial MetaMask wallet cited regulatory uncertainty and a push toward “rigorous decentralization.”
-
JPMorgan Chase sues customers who exploited viral ‘glitch’
With four nearly identical lawsuits, the nation’s largest bank wants users to return hundreds of thousands of dollars taken in a scheme promoted on TikTok.
-
Dimon swipes at regulators, large retailers: ‘Time to fight back’
The JPMorgan CEO slammed recent rules, including Basel and open banking, saying the industry is right to challenge regulators. “If you’re in a knife fight, you better damn well bring a knife,” he said.
-
How open banking will shape the future of payments
The Consumer Financial Protection Bureau released its open banking final rule last week, leading the payments and financial services industries to begin preparing for a new era in data sharing.
-
HSBC insists it’s not gearing up to split
The bank saw profits jump 10% in the third quarter and announced a $3 billion share buyback. But analysts pressed CEO Georges Elhedery on the long-term effects of a recent reorganization.
-
FDIC hits 3 banks within embattled Texas parent firm
The regulator hit three subsidiary banks of Industry Bancshares with consent orders to improve their capital positions and take a hard look at staff qualifications.
-
NC bank to buy fintech BM Technologies in $67M deal
First Carolina Bank's acquisition of the Pennsylvania-based digital banking platform is expected to close in the first quarter of 2025.