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

A CBDC could make cross-border payments faster, safer: NY Fed

Researchers designed a prototype digital currency and blockchain and simulated foreign exchange spot transactions that cleared within 10 seconds but said the study doesn’t endorse a CBDC or assume the Fed will issue one.

By Rajashree Chakravarty • Nov. 8, 2022

Explore the Trendline➔

Data-driven disruption

More often than not, an innovator may see disruption as an enhancement to be embraced. And sometimes the innovators are the establishment.

By Banking Dive staff

FedNow gives fee holiday in 2023

The Fed reiterated the fees the banks will ultimately charge — namely, customer credit transfer and customer credit transfer return fees of $0.045 per-item and a participation fee of $25 per routing transit number per month.

By Lynne Marek • Nov. 7, 2022

Goldman launches digital asset classification system

Datonomy is intended to help institutional investors make sense of the new asset class.

By Gabrielle Saulsbery • Nov. 4, 2022

CFPB investigating U.S. Bank over pandemic-era unemployment payments

The bank is the latest lender to face regulatory scrutiny over its administration of the payments. Bank of America was handed a $225 million fine in July after regulators said its efforts to tamp down fraud went too far.

By Anna Hrushka • Nov. 3, 2022

Safe Harbor to buy cannabis banking, payments fintech

The deal will add 300 accounts to Safe Harbor’s portfolio and expand the firm’s operations to more than 30 states.

By Anna Hrushka • Nov. 2, 2022

Here’s what Brett Harrison expects in the crypto market

The "decade of free money" is ending, but the future is bright, said the former president of FTX US. 

By Gabrielle Saulsbery • Oct. 27, 2022

CFPB aims to give ‘open banking’ rule teeth in 2024

The bureau's chief, Rohit Chopra, laid out a timeline on a rule change meant to make it easier for consumers to break up with their banks.

By Gabrielle Saulsbery • Oct. 26, 2022

FedNow will be a ‘public utility model,’ Waller says

The central bank governor equated the nascent system with an interstate highway on which private companies will provide "on-ramps" and "off-ramps."

By Lynne Marek • Oct. 26, 2022

Marqeta launches demand deposit accounts in banking push

The company's suite of seven banking products includes early wage access, bill pay and instant funding. The latter two will be available in beta next year.

By Gabrielle Saulsbery • Oct. 25, 2022

FedNow may stumble without nonbanks, cross-border payments

“In addition to cross-border payments, the benefits of FedNow must be widely available to Americans through competitive, diverse providers — including nonbanks,” writes a U.S.-based Wise executive.

By Rina Wulfing • Oct. 19, 2022

Texas securities regulators investigate FTX, Sam Bankman-Fried

FTX shouldn't be allowed to buy Voyager's digital assets while the regulator is looking into whether the company is illegally offering interest-bearing accounts, an enforcement official asserted.

By Gabrielle Saulsbery • Oct. 18, 2022

Fintechs clamor for FedNow access

The association representing Block, Stripe and others is asking the central bank to make access to the faster payments system more widely available.

By Lynne Marek • Oct. 18, 2022

Green Dot fires CEO, names replacement

The company terminated Dan Henry, its CEO since 2020, on Friday, it said. George Gresham, the firm’s chief financial and operating officer, is stepping into the top role.

By Anna Hrushka • Oct. 17, 2022

Fed’s Waller expresses skepticism on CBDC

Launching a digital currency could introduce costs and risks that could harm the U.S. dollar's standing internationally, Waller said. The dollar’s primacy, he added, has little to do with technology.

By Gabrielle Saulsbery • Oct. 17, 2022

Warren roasts Wells Fargo’s ‘severely bad performance’ on Zelle fraud

Four of the seven banks that own Zelle reported specific data to the senator, but she focused on Wells CEO Charlie Scharf specifically in a letter Thursday.

By Gabrielle Saulsbery • Oct. 14, 2022

Apple to launch high-yield savings account with Goldman Sachs

The move is the logical next step for the Apple-Goldman partnership, according to one consultant, who said the day-to-day banking product complements Apple’s Goldman-powered credit-card offering.

By Anna Hrushka • Oct. 14, 2022

4 takeaways from Michael Barr’s DC Fintech Week speech

The Federal Reserve’s vice chair for supervision stressed caution with banks’ ties to crypto and spotlighted what sets stablecoins apart from other digital assets.

By Dan Ennis • Oct. 13, 2022

Banks reimburse less than half of Zelle-related fraud claims, Warren says

The senator pushed to bolster a key CFPB rule after releasing a report tallying claims of fraud and scams on the P2P platform submitted by Truist, PNC, U.S. Bank and Bank of America.

By Dan Ennis • Oct. 4, 2022

PNC buys restaurant point-of-sale firm Linga

The Pittsburgh-based bank is boosting its payments footprint as banks from Banc of California to JPMorgan Chase are making similar large investments.

By Anna Hrushka • Sept. 27, 2022

Banc of California acquires Deepstack in payment processing play

The acquisition gives the bank access to predictable fee income and enables it to capture a larger share of revenue per transaction, Banc of California said.

By Anna Hrushka • Sept. 26, 2022

Varo’s tech unit looks to speed development, find efficiencies

The neobank aims to diversify its offerings in payments and lending, but there are unresolved questions about the company’s path to profitability.

By Suman Bhattacharyya • Sept. 26, 2022

Bank CEOs defend Zelle in Senate hearing

Sen. Elizabeth Warren, D-MA, called the peer-to-peer payments network “unsafe,” claiming Zelle users were defrauded out of $500 million last year.

By Anna Hrushka • Sept. 23, 2022

Kraken CEO Jesse Powell steps aside, as COO takes the reins

The crypto exchange’s top executive raised ire over a culture document that addressed preferred pronouns, diversity-focused hiring and abortion. He told Fortune he had “grown tired of long hours and day-to-day management tasks.”

By Gabrielle Saulsbery • Sept. 22, 2022

Republicans grill bank CEOs on handling of new merchant gun code

GOP lawmakers, during a wide-ranging hearing Wednesday, demanded the CEOs of the nation’s top banks share how they plan to respond to a new category code for gun and ammunition retailers.

By Anna Hrushka • Sept. 22, 2022