Can the SBA make its 7(a) loan program attractive to fintechs?

A new proposal could pave the way for nonbanks to grab a share of the small-business agency’s 7(a) lending program, but not everyone is convinced the program is suited for fintechs.

By Anna Hrushka • Nov. 29, 2022

BlockFi files for bankruptcy amid FTX contagion

The crypto lender has initiated a cost-cutting plan that involves “major layoffs,” according to Decrypt. Monday’s announcement follows earlier rumors that the company had been mulling bankruptcy.

By Gabrielle Saulsbery • Nov. 28, 2022

Explore the Trendline➔

Artificial intelligence

Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?

By Banking Dive staff

State regulators probe Genesis for securities violations

Regulators are investigating whether the company influenced residents to invest in crypto securities through its platform without having the right registrations, an Alabama official said.

By Gabrielle Saulsbery • Nov. 28, 2022

PayPal counts on its digital app for gains

The digital payments pioneer is scouting for new ways to increase customer use of its digital wallet, including plans to add a new Venmo teen account.

By Lynne Marek • Nov. 28, 2022

Regulatory challenges more prominent in eyes of fintech industry leaders this year

Private firms are adopting a more defensive posture, delaying new funding rounds, planning for modest growth and addressing regulatory risks, according to a report.

By Gabrielle Saulsbery • Nov. 23, 2022

Payitoff CEO, spouse became ‘walking testimonial’ for student debt management

“If I'm in a bank, I would want to learn everything I could from these fintechs, whether it's partnering with them, buying them ... because everything's on discount,” CEO Bobby Matson said.

By Rajashree Chakravarty • Nov. 23, 2022

JPMorgan’s crypto wallet trademark is approved

The green light comes more than two years after the bank submitted paperwork to the U.S. Patent and Trademark Office, and runs counter to CEO Jamie Dimon’s opinion on virtual currencies.

By Dan Ennis • Nov. 22, 2022

Neobank GloriFi shuts down following turbulent launch

The Dallas-based fintech attributed the shutdown to “startup mistakes, reputation attacks, the declining economy, and multiple negative media stories.”  

By Anna Hrushka • Nov. 22, 2022

BM Technologies’ acquisition of Seattle community bank pushed to 2023

The deal would, over time, create a $2 billion-plus institution, and regulators want more details on the infrastructure that would support that growth, CEO Luvleen Sidhu said.

By Anna Hrushka • Nov. 21, 2022

Can Congress come together on crypto?

Perhaps even a divided Congress can make bipartisan headway in crafting a regulatory framework for crypto following FTX’s failure.

By Lynne Marek • Nov. 18, 2022

LGBTQ+-focused Daylight to offer family planning subscription service

The service, set to launch early next year, will feature family planning concierges, a family-building marketplace with vetted attorney networks, IVF and surrogacy clinics, and loan access, the company said.

By Anna Hrushka • Nov. 18, 2022

Treasury calls for more fintech oversight

Fintechs are re-bundling core banking services outside the bank regulatory perimeter and contributing to competitive pressure in the banking industry, the Treasury Department said in a 122-page report.

By Anna Hrushka • Nov. 16, 2022

Climate First Bancorp acquires ESG data fintech Ecountabl

Ecountabl founders Andy Burr and Justin Bretting now serve as chief growth officer and chief technology officer, respectively, at Climate First’s OneEthos digital banking fintech.

By Gabrielle Saulsbery • Nov. 16, 2022

Regulators defend their caution on crypto in Senate panel hearing

Some GOP lawmakers blasted a dearth of guidance from the OCC, Fed and FDIC, and one suggested it's up to Congress to establish the rules.

By Dan Ennis • Nov. 16, 2022

How deep of a banking threat is Walmart’s One?

The retailer has scale, brand recognition and a pedigree in an ex-Marcus CEO. The proof may come when the company turns its beta test loose on customers.

By Anna Hrushka • Nov. 16, 2022

FTX may have more than 1 million creditors

New CEO John Ray has appointed a new slate of directors at each of the main companies within FTX to guide them through Chapter 11, including a former federal judge.

By Gabrielle Saulsbery • Nov. 15, 2022

Cryptexodus: A running list of crypto execs who’ve quit since May

The crypto market has been volatile since spring. While some executives have run for the hills, others have opted to transition to back-seat roles.

By Gabrielle Saulsbery • Nov. 14, 2022

Sam Bankman-Fried steps down as FTX CEO amid bankruptcy filing

FTX.com’s assets were frozen in the Bahamas, where the company is headquartered. Crypto lender BlockFi also paused withdrawals because of its exposure to FTX.

By Gabrielle Saulsbery • Nov. 11, 2022

Green Dot focuses on tech modernization amid leadership shakeup

The company named a CFO, COO and chief revenue officer, and said two BaaS partners recently extended their contracts.

By Suman Bhattacharyya • Nov. 11, 2022

Elon Musk wants to turn Twitter into ‘the people’s financial institution’

During a Thursday call with Twitter staff, Musk shared his plans to allow users to maintain a cash balance on the platform. He also hinted at the possibility of offering loans.

By Anna Hrushka • Nov. 11, 2022

SEC, DOJ probe FTX as Binance backs out of acquisition

Regulator investigations have been going on for months but came to light amid Binance’s now-canceled bid to purchase the exchange.

By Gabrielle Saulsbery • Nov. 10, 2022

How Upgrade became a ‘marketing engine’ for deposit-hungry banks

The neobank is leveraging its network of more than 200 community banks and credit unions to offer users one of the industry’s highest savings rates.

By Anna Hrushka • Nov. 9, 2022

Banks create guide to manage fintech due diligence

The framework isn’t meant to replace existing regulatory guidance, but rather help banks better implement it, said Alloy Labs Alliance CEO Jason Henrichs.

By Anna Hrushka • Nov. 9, 2022

Brex co-CEO: Fintech took ‘reputation hit’ after dropping customers

Co-CEO and co-founder Henrique Dubugras said he regrets how the company handled its refocus on larger startups. Ultimately, though, the shift cost Brex just 2% of its total revenue from all businesses.

By Caitlin Mullen • Nov. 9, 2022

Binance to acquire rival FTX amid ‘liquidity crunch’

FTX founder Sam Bankman-Fried announced the deal two days after Binance CEO Changpeng Zhao said he’d dump his holdings of FTX native coin FTT.

By Gabrielle Saulsbery • Nov. 8, 2022