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.

  • A sign reads "Wells Fargo" outside of a Wells bank branch.
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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.

  • A JPMorgan Chase logo stands in front of a building on a city street.
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    subman via Getty Images
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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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    Courtesy of Comerica
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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.

  • Senator Elizabeth Warren speaks during a legislative hearing, holding her handout to the side. A sign in front of her reads "Ms. Warren."
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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.”

  • Neobank CHime, banking products Chime
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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.

  • Stock Trading Platform Robinhood Goes Public On The New York Stock Exchange
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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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    Courtesy of Bank of America
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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.

  • The entrance to the Consumer Financial Protection Bureau headquarters is seen, with the bureau's logo on a glass door.
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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.

  • A bicyclist rides by a Wells Fargo bank branch in San Francisco, California
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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.” 

  • Jonathan McKernan speaks and gestures during a Congressional hearing. A screen in the background also shows him speaking.
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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.

  • The Capital One logo is displayed on the side of its headquarters in McLean, Va.
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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.