Cross River drops lawsuit against Fiserv subsidiary

The Fort Lee, New Jersey-based lender dismissed its lawsuit against First Data Merchant Services, which was filed in October 2023, without disclosing a reason. 

FTC sues fintech Dave over alleged misleading marketing, undisclosed fees

The Federal Trade Commission filed a complaint Tuesday claiming the fintech rarely disbursed the advertised loan amount and charged consumers a “tip” without giving them the ability to opt out of it.

First Wells Fargo contract negotiations set to begin

Wells Fargo Workers United members in Albuquerque are sitting down this week with representatives from their employer to set off inaugural contract negotiations, 11 months after voting to unionize.

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.

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.