The Latest

  • 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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    Envato Elements/Brebca

    Sponsored by Bridgeforce LLC

    How accurate is your Metro 2® furnishing? (And how do you even know?)

    Focus on these four key areas to gain a real-world understanding of accurate Metro 2® furnishing.

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    Dan Kitwood via Getty Images

    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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    da-kuk via Getty Images

    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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    Doug Armand via Getty Images

    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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    Alex Wong via Getty Images

    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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    Photo by Kindel Media on Pexels

    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.

  • The Office of the Comptroller of the Currency's seal hangs on a brick building.
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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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    Daniel Berehulak via Getty Images

    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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    Getty Images/Staff via Getty Images

    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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    Piotrekswat via Getty Images

    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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    Atstock Productions via Getty Images

    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.

  • A round sign features HSBC's lettering and logo.
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    Matt Cardy/Getty via Getty Images

    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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    Chip Somodevilla via Getty Images

    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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    Just_Super via Getty Images

    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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    Justin Sullivan / Staff via Getty Images

    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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    Oli Scarff via Getty Images

    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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    Just_Super via Getty Images

    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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    Mario Tama via Getty Images

    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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    Chris Hondros via Getty Images

    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.

  • Bobby Matson, CEO of Payitoff
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    Payitoff 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.