The Latest
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Panel blasts fintechs for missing ‘obvious and preventable’ PPP fraud
Womply and Blueacorn’s lack of fraud controls made them the “paths of least resistance” for fraudsters, a House subcommittee said Thursday. Another fintech included in the report blamed the SBA’s “sh***y rules.”
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NYDFS proposes charging crypto businesses for supervision
The fees, up for two comment periods, would help the agency “continue adding top talent to its virtual currency regulatory team,” NYDFS said Thursday.
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CFTC chair pushes lawmakers on the creation of crypto regulatory framework
Thursday's hearing marked the first in a series that will address the downfall of FTX and future regulation in the beleaguered crypto industry.
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Courtesy of State Street
State Street, Brown Brothers Harriman scrap $3.5B deal
“The regulatory path forward would involve further delays, and all necessary approvals have not been resolved,” State Street said.
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Republicans blast Gruenberg over FDIC power struggle at hearing
"I'm actually kind of angry that you, Mr. Gruenberg, forced the resignation of your predecessor as FDIC chair, a first-generation American immigrant who was a woman," said Sen. Cynthia Lummis, R-WY.
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FTX ex-CEO says he ‘unknowingly commingled funds’
In his first public appearance since his former company's collapse, Sam Bankman-Fried said he doesn’t think he has criminal liability, but what happens with him is “not the important part.”
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Trade groups urge Senate to hear SAFE Banking Act
The bill would alleviate “the threat to public safety posed by cash intensive [cannabis-related businesses] effectively being shut out of the banking industry,” the ICBA and other associations said.
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Permission granted by Office of the Comptroller of the Currency
OCC may stiffen penalties with revised guidance
Updates to the agency’s policy manual make new categories with elevated fine totals for violations by the largest banks and change the factors that beget leniency. The OCC also suggests restricting bank business as a tie-in.
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Novo grows customizable small-business banking platform, eyes lending
The fintech, which raised $35 million from GGV Capital last week, announced a new partnership Wednesday with LegalZoom to provide entity formation services to Novo customers.
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UBS chair rules out M&A for its US growth strategy
“The message in the States is organic growth, no optionality, no distractions, no M&A,” Colm Kelleher said two months after a $1.4 billion deal to buy Wealthfront collapsed.
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Kraken cuts workforce by 1,100 people
Thousands of crypto jobs have vanished in 2022 as a result of the ongoing crypto winter, and the Kraken team is back to the size it was a year ago.
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Can the SBA make its 7(a) loan program attractive to fintechs?
A new proposal could pave the way for nonbanks to grab a share of the small-business agency’s 7(a) lending program, but not everyone is convinced the program is suited for fintechs.
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BMO unveils $40B community benefits plan
The five-year effort aims to boost homeownership and small-business growth for borrowers of color and in LMI areas. It also comes ahead of BMO’s one-year deadline to close its Bank of the West acquisition.
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RBC to buy HSBC’s Canada unit for $10B
The transaction, expected to close in late 2023, would bolster Canada’s largest lender with a further $99.6 billion in assets and 130 branches. It may also ease investor pressure on HSBC to divest its foreign footprints.
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Kraken settles with Treasury Department for $362K
The platform avoided the maximum penalty of $272 million because it self-reported, the Office of Foreign Assets Control said.
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BlockFi sues Bankman-Fried’s holding company
The lawsuit, to recover shares in Robinhood, came the same day BlockFi filed for Chapter 11 bankruptcy protection, in part because of its exposure to FTX, which Bankman-Fried founded.
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Banks discuss refund rule for Zelle customer fraud: report
Under measures being discussed, banks would share liability inside Zelle’s system and guarantee to reimburse one another, sources told The Wall Street Journal.
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Epstein accusers sue JPMorgan Chase, Deutsche Bank
Two unnamed women who allege the disgraced financier sexually abused them are seeking unspecified damages from the banks, which they say enabled Epstein’s behavior.
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Barclays CEO Venkat diagnosed with cancer
Doctors called Venkat’s prognosis “excellent,” the CEO wrote in a letter. Treatment will last 12 to 16 weeks, during which the CEO will work from home and not be able to travel. Barclays has not appointed an interim chief.
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BlockFi files for bankruptcy amid FTX contagion
The crypto lender has initiated a cost-cutting plan that involves “major layoffs,” according to Decrypt. Monday’s announcement follows earlier rumors that the company had been mulling bankruptcy.
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State regulators probe Genesis for securities violations
Regulators are investigating whether the company influenced residents to invest in crypto securities through its platform without having the right registrations, an Alabama official said.
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Regulatory challenges more prominent in eyes of fintech industry leaders this year
Private firms are adopting a more defensive posture, delaying new funding rounds, planning for modest growth and addressing regulatory risks, according to a report.
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Fed, FDIC order Citi to address data management weaknesses
Citi must submit a “mapping document” addressing the issues by Jan. 31. The bank promised “more streamlined systems that improve the quality of our data as well as the speed with which it can be accessed.”
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Goldman Sachs fined $4M over ESG investment policy failures
The bank’s asset-management unit “had several policies and procedures failures involving the ESG research its investment teams used to select and monitor securities,” the SEC said.
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Q&APayitoff CEO, spouse became ‘walking testimonial’ for student debt management
“If I'm in a bank, I would want to learn everything I could from these fintechs, whether it's partnering with them, buying them ... because everything's on discount,” CEO Bobby Matson said.
