Payments: Page 2
-
dem10 via Getty Images
CFPB fines Wise $2.5M over remittance violations
In one of the bureau's final actions under former Director Rohit Chopra's leadership, the CFPB said Wise misled customers in the U.S. about fees and failed to make other required disclosures.
By Rajashree Chakravarty • Feb. 5, 2025 -
Dan Kitwood via Getty Images
Coinbase calls on regulators to clarify crypto-bank rules
Banks that pursued crypto “were almost universally met with resistance” from the FDIC, the agency’s acting chair, Travis Hill, said Wednesday.
By Gabrielle Saulsbery • Feb. 5, 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 -
Chip Somodevilla via Getty Images
Trump media firm aims to launch fintech brand this year
The company wants to develop “American First” investment vehicles with funding of up to $250 million to be custodied by Charles Schwab, it said Wednesday.
By Dan Ennis • Jan. 29, 2025 -
Courtesy of U.S. Bank
U.S. Bank’s Kedia to become CEO in April
The super-regional lender’s president, Gunjan Kedia, will become the second woman leading a top-10 American bank when she replaces Andy Cecere on April 15.
By Caitlin Mullen • Jan. 28, 2025 -
Anna Moneymaker via Getty Images
Fintechs may gain at banks’ expense in Trump era
The Trump administration may usher in policies that buttress the aspirations of new entrant payments players and increase competition for banks.
By Lynne Marek • Jan. 28, 2025 -
Brandon Bell via Getty Images
X teams with Visa on new digital payments tool
Billionaire Elon Musk’s social media site has forged an alliance with the card network giant to launch a new digital payments tool this year.
By Lynne Marek • Jan. 28, 2025 -
Just_Super via Getty Images
Judge deals SEC, Kraken partial wins in ongoing case
Kraken and the Securities and Exchange Commission both secured partial victories in a ruling about what defenses Kraken can use in the ongoing case between the two.
By Gabrielle Saulsbery • Jan. 27, 2025 -
Courtesy of Ally Financial
Ally to sell credit card business to CardWorks
Plans for the sale were hinted at earlier this year, a month after the CEO said the business wasn’t within Ally’s core focus.
By Gabrielle Saulsbery • Jan. 22, 2025 -
Matt Winkelmeyer via Getty Images
Stripe pushes out 300 employees
Despite the 3.5% cut to the payments services company’s headcount, it still plans to increase its workforce to 10,000 by the end of the year, up from 8,200 now.
By Patrick Cooley • Jan. 22, 2025 -
Avosb via Getty Images
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 -
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 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. 3, 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 -
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
Previous
