The Latest
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Fintech association to defend open banking in court
The Financial Technology Association will seek to protect a Consumer Financial Protection Bureau open banking rule after receiving a federal judge’s permission to intervene.
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Sponsored by Federal Reserve Financial Services
New survey: Innovative use cases drive businesses to instant payments
New research reveals that 66% of businesses are ready to embrace instant payments, signaling a major shift in digital finance.
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Hack could cost Coinbase up to $400M: filing
The crypto exchange is offering a $20 million reward for information leading to the hackers’ arrest. Coinbase terminated customer support agents who leaked customer data.
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CFPB slashes most of Wise penalty
The U.S. unit of fintech Wise must pay the bureau $45,000 and roughly $450,000 in redress to affected customers – a far cry from the $2.5 million penalty issued in January.
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Judge denies move to reduce Ripple’s penalty in SEC case
The parties failed to “address the heavy burden” involved in vacating an injunction, choosing to couch their agreement as a settlement to be approved rather than a request for relief, Judge Analisa Torres said Thursday.
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Banks struggle to talk about fraud
Financial institutions battling an increase in fraud, particularly push-payment scams, have been stymied in sharing information that might help them better protect customers.
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NY AG sues Capital One over lost customer interest
The state essentially picked up the challenge the CFPB put down when it dismissed its own lawsuit alleging the bank cost users $2 billion by not informing them of a higher-yield savings account.
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Wells Fargo eyes opportunity with baby-boomer wealth transfer
The bank, which has bolstered the connection between its commercial bank and wealth units, seeks to cultivate deeper relationships as aging business owners assess the future.
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JPMorgan drops portions of its Viva lawsuit
The bank and Viva Wallet, which it partially owns, have been locked in legal battles since early 2024.
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Fed drops enforcement action against Illinois bank
The central bank flagged deficiencies at Du Quoin State Bank in 2023 and directed the lender to improve capital, liquidity and interest rate risk management.
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Q&A
JPMorgan Chase taps payments tech head
The bank’s payments arm named Sri Shivananda to head up its technology operations this year. Now, he’s overseeing decisions on stablecoins, real-time transactions and other advances.
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Comerica risk chief heads to USAA
Brian Goldman, who’s been Comerica’s chief risk officer for about a year and a half, will leave to take the same role at USAA, effective May 27.
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Warren prods DOJ to sue to block Capital One-Discover deal
The senator urged the Justice Department’s new antitrust czar, who's expressed a general concern over the creation of too-big-to-fail firms, to “back [her] words with action.”
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Chime files for IPO
Chime submitted its paperwork to go public Tuesday in a widely expected move, stressing that it “is a technology company, not a bank.”
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Generative AI may shoulder up to 40% of workload, some bank execs predict
Six in 10 bank executives list generative AI as a top investment priority this year, according to a survey published in April by KPMG.
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Robinhood to buy WonderFi for $179M
The deal pushes Robinhood deeper into the Canadian market after the fintech opened its Canadian headquarters in Toronto last year.
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CFPB seeks to rescind registry of nonbank repeat offenders
The NBR rule is “not necessary as a tool to effectively monitor and reduce potential risks to consumers from bad actors,” according to Acting Director Russ Vought.
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Lawmaker seeks probe into Ramp’s bid for $25M GSA contract
Rep. Gerry Connolly, D-VA, is looking into the GSA’s contractor selection process to work on the SmartPay program, alleging an agency employee called the fintech the “favorite” to win the contract.
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Bank of America to open 150 locations through 2027
Forty are anticipated to open by year’s end. All in, the bank has invested more than $5 billion across its branch footprint since 2016.
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BNP Paribas shareholders approve higher age limit for CEO
The French bank’s investors Tuesday backed moves to allow 63-year-old Jean-Laurent Bonnafé and 74-year-old Jean Lemierre to remain in the chief executive and board chair roles longer.
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CFPB rescinds 67 pieces of guidance
The rescissions are not final and will allow the bureau to evaluate whether each of the items was statutorily prescribed, CFPB Acting Director Russ Vought said.
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Trump signs resolution to nix CFPB overdraft rule
The move overturns the bureau’s effort to cap overdraft fees at $5. The American Bankers Association also dropped its lawsuit regarding the rule.
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Ex-Wells exec sues Fed for deferred compensation
James Richards’ restricted share rights were denied in March, arguably over Wells Fargo’s “troubled condition” and whether the annual awards were “golden handcuffs” or a “golden parachute.”
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Trump to scrap McKernan’s CFPB nod for Treasury post
Jonathan McKernan’s nomination to lead the CFPB had been awaiting Senate confirmation. Instead, the president will nominate him to serve in a Treasury Department role.
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Q&A
Marqeta chief focuses on revenue diversity, execution
Interim CEO Mike Milotich wants to boost the processor’s non-Block revenue and expand its embedded finance offerings via a new mobile app for customers.
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Capital One asks judge to toss Trump de-banking lawsuit
The Trump Organization’s “generalized allegations” of politically motivated de-banking don’t hold up and its claims lack “factual or legal support,” the bank said Wednesday.