CFPB director wants some payments firms labeled systemically important

The bureau's chief, Rohit Chopra, urged users who maintain balances on their digital wallets and money-transfer apps to move that uninsured money to a bank account.

By Anna Hrushka • April 12, 2023

First Republic to suspend dividend on preferred stock

The San Francisco lender is not the only midsize bank to make changes at the board level. A director at Western Alliance, which saw its stock drop 82% last month, is resigning.

By Rajashree Chakravarty • April 10, 2023

Explore the Trendline➔

M&A

President Donald Trump’s reelection was predicted to yield loosened regulation. But tariff volatility and economic uncertainty has thrown a wrench into an expected boom in mergers and acquisitions.

By Banking Dive staff

Walmart sues Capital One to end credit-card deal

Capital One failed to meet standards outlined in the contract, such as issuing replacement cards and promptly processing payments and posting transactions, Walmart alleged.

By Anna Hrushka • April 10, 2023

Cash App founder stabbed dead, police say

No arrests have been made in the Tuesday morning death of Bob Lee, the chief product officer at crypto firm MobileCoin, police said.

By Gabrielle Saulsbery • April 5, 2023

EWS readies Paze to help banks take on digital wallet market

Even with the backing of the nation’s largest banks, the platform, set for a June launch, will face adoption and security hurdles, industry experts say.

By Anna Hrushka • April 3, 2023

FedNow eyes cross-border enhancements

Instantaneous cross-border payments represent "the holy grail" in the marketplace, "both for us and FedNow," a competitor said, "so we do want to get there as quickly as possible."

By Lynne Marek • March 31, 2023

Synchrony mulls creating a digital wallet

Merchant partners still want physical cards because their names and logos are on the plastic, but Synchrony knows consumers are segueing to digital, said Mike Bopp, the company’s chief growth officer.

By Lynne Marek • March 29, 2023

CFTC sues Binance over compliance ‘evasion’

The crypto exchange said it would restrict U.S. customers from certain trading but communicated with users on an app set to automatically delete messages, the CFTC alleged.

By Gabrielle Saulsbery • March 28, 2023

‘Faster has value’: FedNow attracts early adopters

Companies partnering with the Federal Reserve to test the real-time payments system see it as a way to draw customers and get an edge on rivals.

By Lynne Marek • March 23, 2023

Apto Payments, Sardine team on anti-fraud tools

Apto Payments and Sardine are joining forces to offer commercial customers issuing cards better anti-fraud tools.

By Tatiana Walk-Morris • March 22, 2023

Fed targets July launch for real-time payments service

The central bank aims to begin certifying FedNow participants next month, it said in a Wednesday release.

By Lynne Marek • March 16, 2023

Payments players caught in SVB fallout

As the banking crisis spread, payments players, such as FIS, and venture-backed firms, including Payoneer, were caught in the contagion.

By Lynne Marek , Caitlin Mullen • March 13, 2023

FedNow may draw in low-income users

The real-time payments system due later this year could have particular appeal to unbanked and underbanked Americans, Fed researchers say.

By Lynne Marek • March 9, 2023

Banking technology provider Amount cuts 25% of staff

The Chicago-based fintech, which was valued at $1 billion in 2021, has initiated its second round of layoffs in less than a year.

By Anna Hrushka • March 6, 2023

Behind Synchrony’s decision to join Project Black

The private-label card issuer decided it needed to do more to support entrepreneurs of color and women business owners, so it teamed up with Ariel Alternatives.

By Tatiana Walk-Morris • March 6, 2023

Senators urge Fed, OCC, FDIC and NCUA to keep close eye on Zelle

Five Democrats blasted the platform for its use of murky language, such as “authorized” transactions, in fraud-related reimbursements of customers.

By Rajashree Chakravarty • March 3, 2023

Partners drop Silvergate amid delays, financial review

Coinbase, Paxos and others reconsider their relationship with the crypto-heavy bank after it delays filing its 10-K document as an audit wraps up.

By Gabrielle Saulsbery • March 2, 2023

Credit union trade group preemptively blasts Durbin bill

NAFCU said a bill to curb the processing of credit card transactions would reduce credit union members’ revenue from swipe fees and limit loyalty programs, fraud protection and free checking.

By Lynne Marek • Feb. 27, 2023

Remitly to shutter digital banking platform Passbook

The Seattle-based remittance fintech launched Passbook in 2020. The product, however, hasn’t garnered significant overlap with existing customers, Remitly CEO Matt Oppenheimer said.

By Anna Hrushka • Feb. 27, 2023

Green Dot juggles customer changes

The banking-as-a-service company posted profits in the final quarter of last year even as it recovered from the loss of clients.

By Lynne Marek • Feb. 24, 2023

FedNow aims to avoid Zelle-type fraud

As the Federal Reserve prepares for a midyear launch of its instant payments system, it’s zeroing in on anti-fraud tools to protect users.

By Lynne Marek • Feb. 23, 2023

Cannabis banking fintech Dama Financial taps new CEO

Patrick O'Boyle will be responsible for overseeing Dama Financial's strategic direction, growth initiatives and the launch of new products, the firm said.

By Anna Hrushka • Feb. 22, 2023

Klarna touts US as largest market

The Swedish buy now, pay later provider aims to keep growing in the U.S. with new services despite the intense competition.

By Lynne Marek • Feb. 22, 2023

Retailers oppose banks seeking more time on debit routing rule

Banks requested a delay in implementing a debit routing rule, but a retail and merchant trade group argued it’s high time the card issuers comply.

By Lynne Marek • Feb. 15, 2023

Payments firms gear up for new ISO standard

The Clearing House and other payments players, including Swift, are readying for the March rollout of an international payments standard.

By Lynne Marek • Feb. 15, 2023