Payments
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Silvergate ex-CFO seeks dismissal of SEC charges
Antonio Martino filed for dismissal Tuesday, seven months after the SEC fined Silvergate and banned two of its executives from C-suite positions for five years.
By Gabrielle Saulsbery • Jan. 16, 2025 -
Jesse Grant via Getty Images
Block agrees to pay $255M to regulators for Cash App deficiencies
The Consumer Financial Protection Bureau said the payments provider “employed weak security protocols for Cash App and put its users at risk.”
By Lynne Marek • Jan. 16, 2025 -
Trendline
Fraud and AML in banking
The past year has been one of reckoning with regard to fraud — from TD’s $3 billion AML penalty to the continuing punitive phase connected to PPP misdeeds, crypto bankruptcies and pig butchering.
By Banking Dive staff -
Leon Neal via Getty Images
Judge stays Coinbase, SEC case
Judge Katherine Polk Failla granted Coinbase an interlocutory appeal, leading to a stay, so another court can decide one of the most pressing questions in crypto.
By Gabrielle Saulsbery • Jan. 8, 2025 -
Getty Images via Getty Images
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 -
Anna Moneymaker via Getty Images
Merchants, banks spar over Fed’s debit card fee proposal
Major trade groups for merchants and banks engaged in another round of fighting last week over whether the Federal Reserve should finalize a lower debit card interchange fee rate.
By Lynne Marek • Jan. 3, 2025 -
Anna Hrushka/Banking Dive
Kansas bank challenges $20M FDIC penalty
CBW Bank, charged with failing to maintain adequate anti-money laundering controls, has filed a lawsuit challenging the agency’s action, calling the penalty “unreasonable and unprecedented for a bank of this size.”
By Caitlin Mullen • Jan. 2, 2025 -
Courtesy of Walmart
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 -
Michael M. Santiago / Staff via Getty Images
CFPB sues JPMorgan, Bank of America, Wells Fargo over Zelle
Zelle operator Early Warning Services rushed the platform to market to compete with the likes of Venmo and CashApp but without effective safeguards, the agency said.
By Caitlin Mullen • Dec. 20, 2024 -
Chris McGrath/Getty Images Europe via Getty Images
What role do stablecoins play in the payments industry?
With the discussion of stablecoins intensifying after the election of Donald Trump, here’s a primer explaining what this cryptocurrency is and what its practical uses may be.
By Patrick Cooley • Dec. 17, 2024 -
Drew Angerer / Staff via Getty Images
U.S. Bank CEO talks payments split, a rising DOGE
Dividing its payments unit into two segments under different leaders points to the significance of the business at the bank, said Andy Cecere, the lender’s chief executive.
By Caitlin Mullen • Dec. 13, 2024 -
Courtesy of Coinbase
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 -
Spencer Platt / Staff via Getty Images
BofA corporate client app surpasses $1 trillion in payments
Payments approved over the app are expected to rise 25% this year, echoing a similar increase last year over 2022.
By Lynne Marek • Dec. 11, 2024 -
Chip Somodevilla via Getty Images
FedNow racks up nearly $246M in annual expenses
The Federal Reserve projects the real-time payment system’s costs will climb slightly next year, from the $245.5 million it expects to spend this year.
By Lynne Marek • Dec. 4, 2024 -
Cecilie Arcurs via Getty Images
Q&AWorldpay 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 -
Courtesy of Affirm
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 -
Retrieved from OCC.
OCC admonishes Texas’ Clear Fork Bank for not correcting AML problems
The lender’s board was given one week to appoint a compliance committee to oversee the bank’s adherence to the OCC order’s provisions.
By Caitlin Mullen • Nov. 22, 2024 -
Courtesy of BNY Mellon newsroom
BNY nabs 5-year deal for Treasury’s Direct Express program
Comerica, Treasury’s previous partner on the program, reportedly drew flak for allowing a third-party vendor to work on dispute resolution from overseas.
By Dan Ennis • Nov. 22, 2024 -
Anna Moneymaker via Getty Images
CFPB tweaks big tech payments rule
In finalizing the new rule to oversee digital wallet providers Thursday, the Consumer Financial Protection Bureau said it made important changes to its initial proposal.
By Lynne Marek • Nov. 21, 2024 -
Justin Sullivan via Getty Images
Deep DivePayPal 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 -
Anna Moneymaker via Getty Images
18 AGs sue SEC over crypto actions
A group of attorneys general led by Kentucky’s Russell Coleman allege the agency and its commissioners “sought to unilaterally wrest regulatory authority away from the States” through crypto enforcement.
By Gabrielle Saulsbery • Nov. 15, 2024 -
Joe Raedle via Getty Images
Block recalibrates crypto approach
The payments firm is winding down its bitcoin-focused TBD business and investing in its self-custody wallet and bitcoin mining businesses.
By Gabrielle Saulsbery • Nov. 13, 2024 -
Michael M. Santiago / Staff via Getty Images
Underbanked US population grows to 14.2%, FDIC finds
Separately, the unbanked proportion of U.S. households dropped to 4.2% last year, the regulator said in its biennial survey. But racial disparity persists: 32.3% of unbanked households are Black and 33.4% are Hispanic, the FDIC found.
By Caitlin Mullen • Nov. 13, 2024 -
Lynne Marek/Banking Dive
Fed’s Waller: Payments industry needs public-private balance
The Federal Reserve must consider when to make up for private sector shortcomings in payments, while keeping its role limited, board governor Christopher Waller said Tuesday.
By Tatiana Walk-Morris • Nov. 13, 2024 -
John Phillips via Getty Images
Klarna files for IPO
The buy now, pay later company announced Tuesday it had filed confidentially with the Securities and Exchange Commission for an initial public offering.
By Patrick Cooley • Nov. 13, 2024 -
Courtesy of Comerica
Comerica sues CFPB over ‘costly’ prepaid card probe
The agency “failed to acknowledge” that Comerica “generally acted with the oversight … or approval of the federal government” in handling a Treasury Department program, the bank said.
By Caitlin Mullen • Nov. 12, 2024
