Cannabis firm's CFO works to bring industry's financing out of the 'gray'

Item 9 Labs' net revenues more than doubled last fiscal year. But pot's federal status can still make financial partners skittish, CFO Bobby Mikkelsen finds.

By Maura Webber Sadovi • March 29, 2022

Fed's Powell lists his 4 qualifications for a US CBDC

A digital dollar must ensure user privacy, be "identity verifiable," be "intermediated" and be widely accepted as a means of payment, the central bank chief said at an event hosted by the Bank for International Settlements.

By Dan Ennis • March 24, 2022

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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

White House lays out digital-asset priorities

An executive order issued Wednesday details six priorities in "harnessing the potential benefits" of the emerging technologies.

By Lynne Marek • March 9, 2022

US extends sanctions to Russia's 2 largest banks

Russia's access to the SWIFT financial messaging service remains intact for now, a move that sparked criticism from both Democrats and Republicans. But President Joe Biden said he wouldn't eliminate that option.

By Dan Ennis • Feb. 25, 2022

Washington policymakers spout off on CBDCs

A Friday speech by Fed Gov. Lael Brainard and a Feb. 7 report from the Congressional Research Service underscore the U.S. government's rising interest in a digital dollar.

By Lynne Marek • Feb. 22, 2022

Coinbase muscles in on popular remittance corridor

The company is partnering with Remitly to let users in Mexico cash out crypto transfers in pesos — a service that will be free through March.

By Robin Bradley • Feb. 16, 2022

Discover backs card-free payments

Atlanta-based fintech Buy It Mobility is partnering with the card network to enable consumers to make direct payments from their checking accounts to merchant apps.

By Caitlin Mullen • Feb. 16, 2022

Jack Henry to unbundle services, put them on the public cloud

The company's broadest strategic update in 20 years aims to help its customers adapt to disruption-by-fintech as consumers change their banking behaviors.

By Lynne Marek • Feb. 11, 2022

House lawmakers spar over stablecoin regulation

"Simply labeling something as stable or overly relying on a one-to-one ratio does not, in itself, mean it maintains a stable value," House Financial Services Committee Chair Maxine Waters, D-CA, said Tuesday.

By Jonathan Berr • Feb. 9, 2022

Senators probe allegations of JPMorgan 'robo-signing' in debt collection

A CFPB consent order barring the bank from that practice expired in 2020, but a ProPublica report alleges JPMorgan has resumed an "affidavit-signing assembly line."

By Robin Bradley • Feb. 8, 2022

Revolut to offer 30-minute, fee-free remittances from US to Mexico

Remittances sent from the U.S. to Mexico increased by 37.7% between November 2020 and 2021, according to research published by BBVA.

By Robin Bradley • Jan. 31, 2022

Diem to end crypto project, sell its assets to Silvergate Bank for $182M

The California bank said Monday it intends to launch a stablecoin this year using the assets it acquired in the deal.

By Dan Ennis • Updated Feb. 1, 2022

Walmart fintech buys earned wage access firm Even in 'super app' pursuit

Former Goldman Sachs exec Omer Ismail will serve as CEO of the combined business, which includes One Finance, a digital financial services company the retailer also bought Wednesday.

By Lynne Marek • Jan. 27, 2022

JPMorgan buys 49% stake in Greek fintech Viva Wallet

The U.S.'s largest bank is continuing an acquisition spree it accelerated in 2021, when it made more than 30 deals — many either banking-adjacent or outside banking entirely.

By Dan Ennis • Jan. 25, 2022

ATMs may have peaked in 2019, research finds

A Euromonitor International executive predicts the once-revolutionary dispensers may be gone within 25 years — a consequence of reduced demand and higher costs for servicing the machines.

By Lynne Marek • Jan. 10, 2022

Santander finds itself in a Citi moment with $175M error

In looking to claw back duplicate payments, Santander may find varying levels of cooperation from other banks. The incident may also prompt regulators to examine the lender's risk management framework and history.

By Dan Ennis • Jan. 5, 2022

BNPL growth prompts change from credit bureaus

Paying in installments has become wildly popular, but many of these plans aren't reflected on consumers' credit reports. Credit agencies say adaptations are coming.

By Caitlin Mullen • Dec. 24, 2021

Community banks form payments network to compete with Zelle: report

Community bank innovation consortium Alloy Labs Alliance will manage the network in partnership with Payrailz, a digital payments company, Forbes reported.

By Anna Hrushka • Dec. 20, 2021

Crypto custody firm Anchorage Digital raises $350M in $3B valuation

The company's latest raise comes as the firm is ramping up its strategy to partner with financial institutions that want to provide their clients with custody services for their digital assets.

By Anna Hrushka • Dec. 15, 2021

Chime customers can deposit funds at Walgreens for free

The retailer joins CVS, Walmart and 7-Eleven in allowing Chime's customers to make deposits at their brick-and-mortar locations. Walgreens, however, is the only retailer to do so without charging a fee.

By Anna Hrushka • Dec. 14, 2021

Wells Fargo to use HSBC's blockchain tech to settle forex transactions

Through the arrangement, the banks will sidestep CLS, a Federal Reserve-regulated third party, to settle matched foreign-exchange transactions in U.S. and Canadian dollars, euros and British pounds.

By Robin Bradley • Dec. 13, 2021

Citizens Bank's Microsoft partnership takes the BNPL 'training wheels off,' exec says

"We're not just throwing a checkout widget online on their checkout page," the bank's Andrew Rostami said of a deal Citizens inked to let users choose no-interest financing when shopping through the Microsoft Store.

By Caitlin Mullen • Dec. 10, 2021

Coinbase's revenge, CFTC shade-throwing highlight return of 'winter filter'

Coinbase debuted an interest-bearing product for non-U.S. users a day after warning lawmakers the U.S. is at risk of being left behind. Also, "regulating through enforcement" comes under fire — from a regulator.

By Dan Ennis • Dec. 10, 2021

Bank trade groups urge CFPB to keep an eye on big tech in payments probe

"Consumers can make better-informed choices if they more fully understand a big tech's ability to collect and use a consumer's financial transaction data, or directly and regularly access their bank account," the groups wrote.

By Jonathan Berr • Dec. 8, 2021

The decentralization in DeFi just an illusion, BIS says

DeFi is ripe for regulation before the ecosystem becomes more popular, the Basel, Switzerland-based organization says in its quarterly report.

By Robin Bradley • Dec. 7, 2021