Payments: Page 6
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Lynne Marek/Banking Dive
Fed courts nonbanks for FedNow growth
Nonbanks "help us understand what is needed, what customers are demanding [and] not seeing, what's on the horizon that we should be thinking about," a Chicago Fed specialist said this month.
By Lynne Marek • April 23, 2024 -
Win McNamee / Staff via Getty Images
For Capital One and Discover, the 4th time may have been the charm
Discover rebuffed three Capital One pitches before agreeing to a deal, and talks halted for seven weeks, an SEC filing indicates.
By Dan Ennis • April 22, 2024 -
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 -
Truist CIO, chief audit officer leave bank
The bank, meanwhile, has added new leaders in its payments business and logged $70 million in restructuring charges in the first quarter, CEO Bill Rogers said Monday.
By Caitlin Mullen • April 22, 2024 -
Michael M. Santiago via Getty Images
Pathward to pay refunds, penalty tied to NY AG investigation
The bank, a frequent partner to fintechs, froze customer accounts and transferred money to debt collectors, violating state law, the NY AG’s office said.
By Caitlin Mullen • April 17, 2024 -
LD via Getty Images
Fed keeps up CBDC research
Despite political opposition to a potential U.S. central bank digital currency, research staff at the central bank continue to study the possibility.
By Lynne Marek • April 17, 2024 -
E4C via Getty Images
US, Europe lock arms on payments regulation
U.S. and European regulators have joined forces to monitor digital payment concerns, including those related to buy now, pay later financing and big tech market participation.
By Lynne Marek • April 15, 2024 -
hapabapa via Getty Images
Citi’s reorg job toll climbs to 7,000: Fraser
The bank boosted its expectation for annual savings to $1.5 billion. Meanwhile, Citi, Wells Fargo and JPMorgan Chase reported marked increases in FDIC special assessment costs.
By Caitlin Mullen • April 12, 2024 -
Courtesy of KeyBank
KeyBank scouts for fintech partners
The bank, which has yet to strike a fintech partnership this year, generally enters into one to two each year, said Ken Gavrity, president of Key Commercial Bank.
By Caitlin Mullen • April 10, 2024 -
Win McNamee / Staff via Getty Images
Dimon blasts regulation, proxy advisers in annual letter
The JPMorgan Chase CEO also gave prominent space to AI, touting its potential impact in software engineering, customer service and operations, “as well as in general employee productivity."
By Caitlin Mullen • April 8, 2024 -
Permission granted by Treasury Prime
Treasury Prime, Narmi partner to offer customers FedNow service
The partnership aims to simplify and accelerate the adoption of FedNow by small and medium-sized financial institutions in Treasury Prime’s network.
By Rajashree Chakravarty • April 3, 2024 -
Mario Tama via Getty Images
Citi asks judge to toss NY AG’s fraud reimbursement suit
The bank called Letitia James' lawsuit against the bank a "misguided attempt" to modify the Electronic Fund Transfer Act, when a different law covers wire transfers.
By Dan Ennis • April 3, 2024 -
Kevin Dietsch via Getty Images
Credit card complaints surpass bank account gripes at CFPB
The agency received 70,000 card-related complaints from consumers last year, but complaints regarding checking and savings accounts jumped 33% from 2022, according to a report last week.
By James Pothen • April 3, 2024 -
Brandon Bell/Getty Images via Getty Images
Warren reiterates call for gun MCC guidance
The senator and 32 other Democrats are stressing the need for federal guidance on the gun merchant category code as states take opposing sides.
By Caitlin Mullen • March 29, 2024 -
Courtesy of Ally Financial
Ally names Discover CEO to its top post
A little over a month after starting as Discover's CEO, Michael G. Rhodes is leaving to take the same position at Ally.
By Caitlin Mullen • March 27, 2024 -
milehightraveler/iStock/Getty Images Plus via Getty Images
Fintech trade group sues to block Colorado interest-rate cap
A law set to take effect July 1 would bar state-chartered banks from offering Coloradans installment loans and BNPL products. But it may clear the market for federally chartered banks, plaintiffs say.
By Dan Ennis • March 27, 2024 -
Justin Sullivan via Getty Images
Walmart can break off Capital One card partnership early, judge says
It won’t be easy for Walmart to find a new partner to replace Capital One, though, said Brian Riley, co-head of payments at Javelin Strategy & Research.
By Caitlin Mullen • March 27, 2024 -
Win McNamee via Getty Images
Capital One pledges to give Discover’s network a boost
Dominated by Visa and Mastercard, card network markets “sorely need an injection of competitive rivalry,” Capital One argued in its application to regulators to purchase Discover.
By Caitlin Mullen • March 26, 2024 -
Sean Gallup via Getty Images
DOJ calls Apple card fees ‘significant expense’ for banks
The tech giant’s fees for credit card transactions “cut into funding for features and benefits that banks might otherwise offer smartphone users,” the Justice Department said in suing the company this month.
By James Pothen • March 26, 2024 -
Chris Hondros via Getty Images
JPMorgan seeks embedded payments niches
The biggest U.S. bank aims to offer embedded payments software solutions in more industries for its corporate clients.
By Lynne Marek • March 25, 2024 -
Permission granted by Robinhood
Robinhood co-founder steps down
Baiju Bhatt, who co-founded the fintech 11 years ago and was most recently chief creative officer, is moving on to “focus on his next enterprise.”
By Gabrielle Saulsbery • March 25, 2024 -
Michael M. Santiago via Getty Images
He could get 5 years. He could get 100. For how long will Sam Bankman-Fried go to prison?
Ryan Lee O'Neill, a New Jersey-based defense attorney, has represented countless defendants in the FTX founder's place. She has her own estimates.
By Gabrielle Saulsbery • March 20, 2024 -
marchmeena29 via Getty Images
Marqeta CFO touts EWA expansion
The card-issuing fintech has seen adoption of its debit card-linked EWA product increase as hourly workers at Walmart and Uber have been added, CFO Mike Milotich said.
By James Pothen • March 18, 2024 -
Lynne Marek/Banking Dive
CFPB warns of ‘dangers’ on standards for open banking
“We know dangers exist when more powerful players weaponize industry standards,” the agency's director, Rohit Chopra, said in advance of finalizing an open banking rule later this year.
By Lynne Marek • March 15, 2024 -
Caitlin Mullen/Banking Dive, data courtesy of Industry Dive employee Caitlin Mullen
Klarna’s IPO prospects grab spotlight
The BNPL provider’s CEO has suggested the company could IPO “quite soon,” but fintech investors expect the market will first want to see a stronger track record of profitability.
By Caitlin Mullen • March 13, 2024 -
Permission granted by Stripe
Stripe reports payments volume increase
The digital payments company processed $1 trillion in total payments volume last year, according to its annual letter released Wednesday.
By James Pothen • March 13, 2024
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