FDIC’s Hill sets out priorities for agency’s ‘new direction’

The agency’s vice chair anticipates a shift in bank supervision that emphasizes core financial risks over a process-related focus.

By Caitlin Mullen • Jan. 13, 2025

CFPB brings back sandbox but keeps competition emphasis

The bureau’s policies restore the no-action letter and sandbox designation, but feature some tweaks aimed at correcting past “shortcomings.”

By Caitlin Mullen • Jan. 9, 2025

Explore the Trendline➔

Customer service

Banks and fintechs have a choice when looking to grow: Identify a new customer segment and expand services, or drill down and better serve the clients they have.

By Banking Dive staff

Finastra taps new CEO

Chris Walters will succeed Simon Paris, the current CEO of the London-based software firm, who announced Monday he is stepping down from his role.

By Rajashree Chakravarty • Jan. 8, 2025

Fintech Dave alters fee structure, blasts DOJ over amended lawsuit

The cash advance online platform called the lawsuit “a continued example of government overreach.”

By Rajashree Chakravarty • Jan. 8, 2025

CFPB picks FDX to set open banking standards

The nonprofit will craft standards for consumer data sharing between financial institutions for the next five years.

By Patrick Cooley • Jan. 8, 2025

Walmart forced delivery workers to pay ‘junk fees,’ CFPB alleges

A Consumer Financial Protection Bureau lawsuit alleges the retailer and fintech Branch Messenger illegally opened accounts for drivers, and deposited their pay into accounts without their consent.

By Peyton Bigora • Jan. 2, 2025

Tokenized securities firm Prometheum raises $20M

Co-CEO Aaron Kaplan plans to use the funds to launch trading services, and to provide a venue for financial institutions and investment firms to offer investors tokenized securities.

By Gabrielle Saulsbery • Dec. 18, 2024

A running list of BaaS banks hit with consent orders in 2024

Regulators have taken a harder look at bank-fintech partnerships. Experts said the orders highlight gaps in due diligence and monitoring related to third-party partners.

Dec. 18, 2024

Evolve seeks dismissal of Yotta lawsuit

Yotta sued its partner bank Evolve in September, four months after its customers were locked out of millions of dollars in funds in connection to middleware firm Synapse’s bankruptcy.

By Gabrielle Saulsbery • Dec. 11, 2024

Gen Digital to acquire MoneyLion in $1B deal

Gen, the global parent firm of cyber safety brands Norton and Avast, will pay $82 per share in cash to add the consumer finance fintech to its roster.  

By Rajashree Chakravarty • Dec. 11, 2024

FDIC letters give credence to ‘Choke Point 2.0’ claims: Coinbase CLO

The agency asked nearly two dozen banks to pause crypto-related activity in 2022, according to letters unveiled via Coinbase’s FOIA requests.

By Gabrielle Saulsbery • Dec. 11, 2024

Celsius founder Mashinsky pleads guilty to fraud

His two-count guilty plea could send the 59-year-old to prison for 30 years.

By Gabrielle Saulsbery • Dec. 4, 2024

First National Bank of Omaha’s online-only bank shuts abruptly

Milli Bank, the online-only banking platform of FNBO, said last month it had closed its doors, without citing a reason. 

By Rajashree Chakravarty • Dec. 4, 2024

Thread Bank CEO anticipates more ‘reasonable’ regulatory environment under Trump

The lender – hit with an FDIC consent order this year – has tried to ensure its house “can withstand the storm,” rather than simply “being mad at the weather,” CEO Chris Black said.

By Caitlin Mullen • Dec. 4, 2024

Crypto leaders have knives out for attorneys leaving the SEC

Coinbase and Ripple executives want law firms not to hire lawyers who worked on lawsuits against them.

By Robert Freedman • Dec. 4, 2024

Metropolitan Commercial Bank ‘aided and abetted’ Voyager fraud: lawsuit

MCB is accused of defrauding customers of crypto exchange Voyager Digital, many of whom have been unable to access their funds since Voyager’s 2022 bankruptcy.

By Gabrielle Saulsbery • Dec. 3, 2024

Worldpay exec talks digital wallet security

The head of fraud prevention for the processor said the company leverages data to block hackers and fraudsters seeking digital wallet information.

By Patrick Cooley • Dec. 3, 2024

Synapse partner banks hit with lawsuit over fund mismanagement

The four banks – Evolve, AMG National Trust, American Bank and Lineage – were sued Friday, after thousands of consumers were left without access to their funds post-Synapse collapse.

By Rajashree Chakravarty • Nov. 27, 2024

Trump 2.0 expected to open the ‘regulatory gates’ for chartering

“Fintech had really just become kind of a dirty word during the Biden administration, and that’s going to change,” said Michele Alt, an OCC veteran and co-founder of financial services advisory firm Klaros Group.

By Caitlin Mullen • Nov. 27, 2024

BNPL use may rise this year for holiday shopping

With credit card interest rates at a historic high, consumers are likely to gravitate to lower-cost alternatives, including potentially buy now, pay later options, industry consultants say.

By Patrick Cooley • Nov. 27, 2024

Custodia takes a step back ahead of Trump term

The Wyoming bank, long embattled with the Federal Reserve, aimed to “preserve capital” and its charter before the White House takes a presumably more crypto-positive tone.

By Dan Ennis • Nov. 26, 2024

Blueacorn founders indicted on PPP fraud charges

The Justice Department accused Nathan Reis and Stephanie Hockridge of submitting thousands of fraudulent PPP applications through the fintech in the name of “democratizing access to loan relief.”

By Gabrielle Saulsbery • Nov. 26, 2024

DC attorney general sues EarnIn over ‘deceptive’ marketing

The fintech couches its “cash out” product as earned wage access, but it’s a loan that, at times, carries 300% interest with a poorly disclosed fee for “instant” payouts, the AG said.

By Dan Ennis • Nov. 20, 2024

FDIC extends recordkeeping rule comment period

The comment window for the agency’s third-party recordkeeping rule has been extended by 45 days.

By Rajashree Chakravarty • Nov. 20, 2024

PayPal CEO pushes beyond payments

After a year as CEO of the digital payments pioneer, Alex Chriss is spearheading an expanded role in commerce for the company.

By Lynne Marek • Nov. 20, 2024