Technology: Page 23
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A look at SVB’s new CEO, Tim Mayopoulos
The former Fannie Mae CEO on Tuesday urged clients who left SVB in the past week to return. The FDIC allegedly has targeted Mayopoulos since 2017 as someone who could steer a seized bank.
By Anna Hrushka • March 16, 2023 -
Permission granted by Mercury
Fintechs offer expanded FDIC insurance in wake of SVB failure
“It is abundantly clear that $250K FDIC insurance is not enough for startups,” Immad Akhund, CEO of neobank Mercury, said after Silicon Valley Bank’s collapse.
By Rajashree Chakravarty • March 15, 2023 -
Explore the Trendline➔
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TrendlineArtificial intelligence
Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?
By Banking Dive staff -
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Deep Dive‘Meme stock in reverse’: SVB collapse portends new era of viral bank runs
Silicon Valley Bank’s demise gave the banking sector a glimpse into how social media and digital banking can turn a financial institution from operational to insolvent in a matter of hours.
By Anna Hrushka • March 15, 2023 -
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Anchorage Digital cuts 20% of staff
“The need for better crypto infrastructure is growing ever clearer,” the company told Bloomberg amid a seven-day span that has seen the closure of three banks heavily invested in the crypto sector.
By Dan Ennis • March 15, 2023 -
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Bank failure panic fuels moment of opportunity for threat actors
As regulators step in to operate SVB and Signature, threat hunters and security executives warned organizations to look out for malicious activity.
By Matt Kapko • March 14, 2023 -
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HSBC buys UK arm of SVB for symbolic £1
“Deposits will be protected, with no taxpayer support,” Jeremy Hunt, Britain’s finance minister, tweeted Monday.
By Rajashree Chakravarty • March 13, 2023 -
Anna Hrushka/Banking Dive
Signature Bank closed by NY regulator
Business clients pulled deposits Friday after the crumbling of fellow crypto-friendly Silicon Valley Bank. An auction for Signature’s assets could begin Monday.
By Dan Ennis • March 13, 2023 -
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Regulators take over Silicon Valley Bank
The California Department of Financial Protection and Innovation closed the embattled bank and appointed the FDIC as receiver, regulators said Friday.
By Anna Hrushka • March 10, 2023 -
Dan Kitwood via Getty Images
Crypto bank Silvergate shuttering operations, liquidating
“Today we are seeing what can happen when a bank is overreliant on a risky, volatile sector like cryptocurrencies,” Sen. Sherrod Brown, D-OH, said in a statement.
By Gabrielle Saulsbery • March 9, 2023 -
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Technology gap puts Black banks at risk: report
Black banks, which help expand credit to underserved areas, risk losing customers if they continue to fall behind their nonminority peers in terms of digital banking offerings, a researcher said.
By Anna Hrushka • March 9, 2023 -
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Q&AGrasshopper Bank leans on fintech partners to weather economic downturn
“We understand partnerships. And the one thing that I tell people is, once you refer to one of your fintech partners as a vendor, then you’re in a bad place,” CEO Mike Butler said.
By Rajashree Chakravarty • March 8, 2023 -
Permission granted by HMBradley
HMBradley ends waitlist after landing new sponsor bank
The neobank tapped NYCB as its new sponsor bank after its former partner struggled to keep up with the rapid deposit growth.
By Anna Hrushka • March 8, 2023 -
Permission granted by Archway
WaFd fintech spinoff Archway launches after $15M funding round
“We’re trying to close that digital divide so the community and regional banks can really foster those relationships without making them sacrifice the technology side,” said Dustin Hubbard, Archway’s president.
By Gabrielle Saulsbery • March 8, 2023 -
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Brex offers ChatGPT-style CFO tools
The announcement comes as interest in ChatGPT is rapidly gaining momentum, even as some worry about potential privacy and security risks.
By Alexei Alexis • March 7, 2023 -
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Hsu: Crypto needs lead regulator, global framework of rules
The OCC’s acting chief, during a speech Monday, likened FTX’s collapse to that of the Bank of Credit and Commerce International in 1991.
By Gabrielle Saulsbery • March 7, 2023 -
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Kraken ‘on track’ to launch bank despite headwinds
“We’re going to have those pens with the little ball chains ... and attach them to the desks of Wall Street banks everywhere. With our logo,” Chief Legal Officer Marco Santori said on a podcast.
By Gabrielle Saulsbery • March 7, 2023 -
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Banking technology provider Amount cuts 25% of staff
The Chicago-based fintech, which was valued at $1 billion in 2021, has initiated its second round of layoffs in less than a year.
By Anna Hrushka • March 6, 2023 -
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Silvergate closes its crypto payments network
The abrupt closure follows an exodus of Silvergate partners and the bank’s acknowledgment that it may be “less than well-capitalized.”
By Gabrielle Saulsbery • March 6, 2023 -
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Sponsored by EncaptureDodd-Frank 1071 is here: How financial institutions are preparing with automation
Just in time for the March 31 ruling, here’s what banks are doing about it.
By Will Robinson, CEO, Encapture • March 6, 2023 -
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Sponsored by FedEx OfficeMaking it work: Why linking your digital and print strategies is essential for success
Digital content management is an essential technology for all businesses that want to thrive in today’s world.
March 6, 2023 -
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Some Celsius customers can make withdrawals now
The bankrupt crypto lender is allowing withdrawals from some custody accounts, it said Thursday. Full funds distribution could start as soon as June.
By Gabrielle Saulsbery • March 3, 2023 -
Dan Kitwood via Getty Images
Partners drop Silvergate amid delays, financial review
Coinbase, Paxos and others reconsider their relationship with the crypto-heavy bank after it delays filing its 10-K document as an audit wraps up.
By Gabrielle Saulsbery • March 2, 2023 -
Permission granted by Chime
Chime CTO: System optimization is key, including in a bear market
The fintech veteran, an alum of PayPal and eBay and a self-proclaimed “eternal optimist,” said he isn’t afraid of the market downturn.
By Gabrielle Saulsbery • March 1, 2023 -
Dan Kitwood via Getty Images
Circle CFO: Trust, transparency are key to crypto’s next phase
Stablecoin issuer Circle is moving to position itself as a player in crypto’s coming “utility phase,” and continuing its efforts to become a public company, its CFO said.
By Grace Noto • Feb. 24, 2023 -
Courtesy of Green Dot
Green Dot juggles customer changes
The banking-as-a-service company posted profits in the final quarter of last year even as it recovered from the loss of clients.
By Lynne Marek • Feb. 24, 2023
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