Technology: Page 27
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Dan Kitwood via Getty Images
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 -
Mario Tama via Getty Images
Morgan Stanley fined $35M by SEC over improper data disposal
The bank hired a company with no data-destruction experience to decommission hard drives and servers, which were sold to a third party and auctioned with some unencrypted customer data intact, the regulator found.
By Gabrielle Saulsbery • Sept. 20, 2022 -
Explore the Trendline➔
da-kuk via Getty Images
TrendlineArtificial 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 -
Mark Wilson via Getty Images
OCC frees Capital One from consent order tied to 2019 breach
The Office of the Comptroller of the Currency determined the bank had reached a level of “safety and soundness” no longer requiring extra oversight regarding a leak of 106 million customers’ data.
By Gabrielle Saulsbery • Sept. 19, 2022 -
Anna Moneymaker via Getty Images
Biden administration releases digital asset regulation framework
The Biden administration wants the SEC and the CFTC to “aggressively pursue investigations and enforcement actions against unlawful practices in the digital assets space.”
By Anna Hrushka • Sept. 16, 2022 -
The image by Hobiecat93 is licensed under CC BY-SA 3.0
Citizens to buy college planning platform College Raptor
The deal will give Citizens, which already has several student lending products, greater access to the college student market, the bank’s executive vice president and head of student lending said.
By Anna Hrushka • Sept. 15, 2022 -
Permission granted by Majority
Majority raises $37M as neobank expands immigrant outreach
The neobank, which declined to share its current valuation or number of users, has raised $83.5 million to date.
By Anna Hrushka • Sept. 14, 2022 -
Chip Somodevilla via Getty Images
Gensler: Securities laws cover ‘vast majority’ of crypto tokens
The SEC chief signaled he would cooperate with the CFTC to the extent that “it needs greater authorities with which to oversee and regulate crypto non-security tokens.”
By Maura Webber Sadovi • Sept. 8, 2022 -
Win McNamee via Getty Images
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 -
Permission granted by Visa
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 -
Branch-closure freefall slows down: S&P Global
Net branch closures fell to 312 in the second quarter, compared with 950 in the first three months of 2022. If second-half closures continue at the first half’s pace, 19% fewer locations will shut down this year than in 2021.
By Anna Hrushka • Sept. 1, 2022 -
Permission granted by Central Pacific Bank
Hawaii’s Central Pacific Bank embraces BaaS to gather mainland deposits
“We could be business as usual, and continue focusing on traditional community banking in Hawaii,” the bank’s CFO said. “We chose to participate in the disruption."
By Anna Hrushka • Aug. 31, 2022 -
Dan Kitwood via Getty Images
Trade groups clap back at Warren’s call to rescind crypto guidance
The crypto winter is "wholly unrelated" to banks’ involvement in OCC-approved activities, the Bank Policy Institute and the American Bankers Association wrote. But further clarity is crucial.
By Gabrielle Saulsbery • Aug. 31, 2022 -
Retrieved from Federal Reserve Bank of Boston.
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 -
Courtesy of State Street
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 -
Deep Dive
How automation can help banks tame the home-lending ‘roller coaster’
The cyclical nature of the market doesn’t mean lenders should be forced to respond with mass hiring or firing as demand for mortgages ebbs and flows, analysts say.
By Anna Hrushka • Aug. 26, 2022 -
Permission granted by SMBC
Japanese bank SMBC to launch US digital bank Jenius
Jenius will launch with personal loans in the coming months, and expand to savings and checking products within its first year, SMBC said.
By Anna Hrushka • Aug. 25, 2022 -
Permission granted by Rho
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 -
(2024). [Photo]. Retrieved from Federal Reserve.
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 -
alvarez via Getty Images
First Internet Bank launches small-business account
The account allows business owners to earn interest, make unlimited transactions, and link their business and personal checking or savings accounts, credit cards, loans and investments.
By Anna Hrushka • Aug. 18, 2022 -
YinYang via Getty Images
Nashville bank execs launch Sonata to serve fast-food industry
Dan Dellinger and Farzin Ferdowsi, with their third venture, aim to solve turnover and banking access issues in the quick-service space, and add telehealth and financial literacy to help franchisees retain talent.
By Anna Hrushka • Aug. 12, 2022 -
Permission granted by BM Technologies
Q&ABM Technologies’ Luvleen Sidhu bets on BaaS, bank charter
“For those that can combine the charter with the technology, that is the most competitive way to play in the banking-as-a-service space,” said Luvleen Sidhu, BM Technologies’ chair, CEO and founder.
By Anna Hrushka • Aug. 10, 2022 -
Courtesy of USAA
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 -
Anna Hrushka/Banking Dive
FDIC advisory reinforces boundaries of bank-crypto ties
The note emphasizing risks comes a day after the regulator issued a cease-and-desist order giving bankrupt platform Voyager Digital two business days to remove any misleading claims regarding deposit insurance.
By Dan Ennis • Aug. 1, 2022 -
Permission granted by Modern Treasury
Sponsored by Modern TreasurySoftware is changing payments and banks should care
In the future, all payments will begin and end in software. To remain a part of clients’ financial lives, banks need to play well with software.
Aug. 1, 2022 -
Permission granted by Grain
Sponsored by GrainFraudsters are out to get the digital banking industry: How fintechs can significantly mitigate risk
By implementing strategies surrounding prevention and detection, the overall damage and negative impact of fraud can be significantly decreased – and both customer and stakeholder trust can be regained and supported.
By Carl Memnon, Co-founder and COO of Grain Technology • Aug. 1, 2022
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