Citi wins appeal on $500M Revlon loan blunder

“Put simply, you don’t get to keep money sent to you by mistake unless you’re entitled to it anyway,” one judge wrote in his opinion.

By Anna Hrushka • Sept. 9, 2022

10 takeaways from Michael Barr’s first speech as Fed’s supervision czar

The regulator pushed a tiered set of capital requirements and stricter living wills for regional banks. He also clarified the central bank’s stance on climate risk.

By Dan Ennis • Sept. 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

Who’s afraid of FedNow? Not Visa

“The fact that there is a pipe, right, doesn't mean there's going to be traffic or volume on that pipe,” said the card network’s CFO, Vasant Prabhu. “If the pipe doesn't serve [specific] needs, the pipe will not be used.”

By Lynne Marek • Sept. 6, 2022

FedNow aims for September testing

Central bank officials put a finer point on the start date for the instant payments service, saying it would launch as early as May 2023 and no later than July.

By Lynne Marek • Aug. 30, 2022

JPMorgan Chase, State Street push back against CBDC

In comments to the Federal Reserve, trade groups and Wall Street banks stressed the risks of a digital dollar and largely rejected the idea that it would accomplish stated goals.

By Lynne Marek • Aug. 29, 2022

Rho woos bigger clients as fintechs vie to fill Brex’s small-biz void

The business banking startup added an automated expense-management tool for its middle-market clients. But the company won't be tempted to aim small to snatch a share of Brex's core audience.

By Suman Bhattacharyya • Aug. 23, 2022

FedNow to launch by mid-2023, Bowman says

The Fed’s request for input on a potential central bank digital currency has generated some 2,000 responses so far. The central bank plans to publish a summary of the comments, the Fed governor said.

By Lynne Marek • Aug. 22, 2022

Commercial banks and embedded finance: Growth engine or existential threat? It’s a matter of timing

The opportunities to unlock new revenue growth are unparalleled. But for banks that fail to see it, or aren’t prepared, embedded payments could prove an existential threat. 

By Dimitri Dadiomov, CEO and Co-Founder of Modern Treasury • Aug. 22, 2022

Marqeta executive exodus follows IPO

Of 10 top executives leading the company at its IPO last year, only three remain, including CEO Jason Gardner, who said he plans to exit that role and become executive chairman.

By Jonathan Berr , Lynne Marek • Aug. 17, 2022

Fed master account guidance includes tiered review framework

Firms that lack deposit insurance or traditional regulatory frameworks would undergo the highest level of scrutiny, while companies with federal deposit insurance would be subject to a “streamlined” process.

By Anna Hrushka • Aug. 16, 2022

U.S. Bank builds out its real-time payments capabilities for auto dealers

The Minneapolis lender is issuing instant loan funds using the RTP Network — a move that follows U.S. Bank’s partnership with Lithia Motors to provide instant payments for car sellers using the same network.

By Tatiana Walk-Morris • Aug. 12, 2022

Green Dot is locked in Uber contract dispute, loses other clients

“I don't want to be out there opening up our [bank] charter for every Joe fintech that wants to do something in payments,” Green Dot CEO Dan Henry said last week on a call with analysts.

By Lynne Marek • Aug. 11, 2022

Goldman, Citi, Jefferies reveal ‘August surprises’ to stave off September ones

Warnings of a CFPB probe into Goldman's credit-card business, Citi's rising Russia exposure and Jefferies' $80 million WhatsApp set-aside give investors time to settle in to bad news.

By Dan Ennis • Aug. 5, 2022

How Credit Suisse is bucking a trend in incentives

The Swiss lender paid out $302 million in July alone to retain its top bankers. That stands in contrast to a Johnson Associates prediction that some investment bankers could see a 45% in bonuses from last year.

By Dan Ennis • Aug. 4, 2022

USAA sues Truist in patent case over mobile deposit tech

The U.S. District Court for the Eastern District of Texas has awarded USAA three nine-figure judgments since 2019 (against Wells Fargo and PNC) in patent cases.

By Dan Ennis • Aug. 4, 2022

Banks and fintechs don't need to fight

Customers win when banks’ strengths — customer relations, scale, profitability and brand — are paired with best-in-class cloud-based software to complement existing systems, writes Modern Treasury CEO Dimitri Dadiomov.

By Dimitri Dadiomov • July 19, 2022

FedNow chases real-time payments front-runners

The Federal Reserve plans to unleash a U.S. real-time payments system next year in the form of FedNow, but it’s an open question as to whether, or how, consumers and businesses will adopt instant payments.

By Lynne Marek • July 18, 2022

Banks aren’t doing enough to address Zelle fraud, senators say

Months after writing the CEO of Zelle’s parent company, Sens. Bob Menendez and Elizabeth Warren — with six other lawmakers signing on — are seeking information from seven banks with ownership stakes in the platform.

By Anna Hrushka • July 8, 2022

Payactiv jettisons some fees in wake of CFPB move

The earned wage access provider said it was eliminating some fees just as the bureau decided to remove a prior order giving the company leeway under certain laws.

By Jonathan Berr • July 5, 2022

CFPB terminates Payactiv's sandbox protection

The earned wage access provider told the CFPB last week it wanted to make changes to its fee model without review by the bureau. The bureau, in turn, expressed concern over potentially misleading public statements by Payactiv.

By Dan Ennis • July 1, 2022

CFPB strikes at debt collector fees

The collectors may refer to the fees as “convenience fees,” but the agency called them “pay-to-pay” fees and said they are prohibited under the Fair Debt Collection Practices Act.

By Jonathan Berr • June 30, 2022

Fintech Amount cuts about 18% of workforce

The Chicago-based banking technology provider, valued at $1 billion last year, said this week it had pared 108 workers in what the company called “proactive adjustments.”

By Caitlin Mullen • June 28, 2022

Brex's move has fellow fintechs ready to pounce

Brex’s cutting of small-business customers — the handling of which prompted a mea culpa from the co-founder — may provide opportunity for B2B fintechs like Ramp or Divvy. But big banks still dominate the space.

By Caitlin Mullen • June 27, 2022

Green Dot pays Republic Bank $13M to settle suit over failed acquisition

The payout comes atop a $5 million termination fee Republic received in January after Green Dot pulled out of a proposed $165 million purchase of the bank's tax refund processing unit.

By Dan Ennis • June 8, 2022

Lawsuits over Zelle pile up

Bank of America and Wells Fargo have both been sued recently by consumers who allege they were defrauded by scam artists using Zelle payments.

By Lynne Marek • June 6, 2022