Fintech: Page 11
The latest fintech news for banking professionals.
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TrackerA running list of BaaS banks hit with consent orders in 2024
Regulators have taken a harder look at bank-fintech partnerships. Experts said the orders highlight gaps in due diligence and monitoring related to third-party partners.
Dec. 18, 2024 -
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Evolve seeks dismissal of Yotta lawsuit
Yotta sued its partner bank Evolve in September, four months after its customers were locked out of millions of dollars in funds in connection to middleware firm Synapse’s bankruptcy.
By Gabrielle Saulsbery • Dec. 11, 2024 -
Explore the Trendline➔
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TrendlineArtificial intelligence
The heavily regulated banking sector rarely gets to trailblaze. But with AI, an all-in mentality is fueling both research and adoption.
By Banking Dive staff -
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Gen Digital to acquire MoneyLion in $1B deal
Gen, the global parent firm of cyber safety brands Norton and Avast, will pay $82 per share in cash to add the consumer finance fintech to its roster.
By Rajashree Chakravarty • Dec. 11, 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 -
Celsius founder Mashinsky pleads guilty to fraud
His two-count guilty plea could send the 59-year-old to prison for 30 years.
By Gabrielle Saulsbery • Dec. 4, 2024 -
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First National Bank of Omaha’s online-only bank shuts abruptly
Milli Bank, the online-only banking platform of FNBO, said last month it had closed its doors, without citing a reason.
By Rajashree Chakravarty • Dec. 4, 2024 -
Permission granted by Thread Bank
Thread Bank CEO anticipates more ‘reasonable’ regulatory environment under Trump
The lender – hit with an FDIC consent order this year – has tried to ensure its house “can withstand the storm,” rather than simply “being mad at the weather,” CEO Chris Black said.
By Caitlin Mullen • Dec. 4, 2024 -
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Crypto leaders have knives out for attorneys leaving the SEC
Coinbase and Ripple executives want law firms not to hire lawyers who worked on lawsuits against them.
By Robert Freedman • Dec. 4, 2024 -
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Metropolitan Commercial Bank ‘aided and abetted’ Voyager fraud: lawsuit
MCB is accused of defrauding customers of crypto exchange Voyager Digital, many of whom have been unable to access their funds since Voyager’s 2022 bankruptcy.
By Gabrielle Saulsbery • Dec. 3, 2024 -
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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 -
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Synapse partner banks hit with lawsuit over fund mismanagement
The four banks – Evolve, AMG National Trust, American Bank and Lineage – were sued Friday, after thousands of consumers were left without access to their funds post-Synapse collapse.
By Rajashree Chakravarty • Nov. 27, 2024 -
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Trump 2.0 expected to open the ‘regulatory gates’ for chartering
“Fintech had really just become kind of a dirty word during the Biden administration, and that’s going to change,” said Michele Alt, an OCC veteran and co-founder of financial services advisory firm Klaros Group.
By Caitlin Mullen • Nov. 27, 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 -
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Custodia takes a step back ahead of Trump term
The Wyoming bank, long embattled with the Federal Reserve, aimed to “preserve capital” and its charter before the White House takes a presumably more crypto-positive tone.
By Dan Ennis • Nov. 26, 2024 -
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Blueacorn founders indicted on PPP fraud charges
The Justice Department accused Nathan Reis and Stephanie Hockridge of submitting thousands of fraudulent PPP applications through the fintech in the name of “democratizing access to loan relief.”
By Gabrielle Saulsbery • Nov. 26, 2024 -
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DC attorney general sues EarnIn over ‘deceptive’ marketing
The fintech couches its “cash out” product as earned wage access, but it’s a loan that, at times, carries 300% interest with a poorly disclosed fee for “instant” payouts, the AG said.
By Dan Ennis • Nov. 20, 2024 -
Anna Hrushka/Banking Dive
FDIC extends recordkeeping rule comment period
The comment window for the agency’s third-party recordkeeping rule has been extended by 45 days.
By Rajashree Chakravarty • Nov. 20, 2024 -
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Deep DivePayPal CEO pushes beyond payments
After a year as CEO of the digital payments pioneer, Alex Chriss is spearheading an expanded role in commerce for the company.
By Lynne Marek • Nov. 20, 2024 -
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Robinhood buys wealth management platform TradePMR
Ahead of what’s projected to be the largest wealth transfer in history, Robinhood is bringing financial advisers directly to its 24 million customers.
By Gabrielle Saulsbery • Nov. 20, 2024 -
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Community banks need to step up third-party practices: survey
Community and mid-size banks lack due diligence and rigorous contract negotiations with third-party vendors, including fintechs, leading to potential risks, a Jones Walker survey said.
By Rajashree Chakravarty • Nov. 13, 2024 -
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Block recalibrates crypto approach
The payments firm is winding down its bitcoin-focused TBD business and investing in its self-custody wallet and bitcoin mining businesses.
By Gabrielle Saulsbery • Nov. 13, 2024 -
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Klarna files for IPO
The buy now, pay later company announced Tuesday it had filed confidentially with the Securities and Exchange Commission for an initial public offering.
By Patrick Cooley • Nov. 13, 2024 -
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Evolve offers Yotta, Juno customers pennies
Depositors affected by the Synapse middleware bankruptcy are pushing back against reconciliation payouts they allege barely scratch the surface of what they’re owed.
By Gabrielle Saulsbery • Nov. 12, 2024 -
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FTX suing Binance, founder for $1.76B
The FTX estate is looking to recoup funds it alleged were “fraudulently” transferred to Binance in 2021.
By Gabrielle Saulsbery • Nov. 11, 2024 -
Photo illustration: Shaun Lucas/Industry Dive; Getty Images; Paze
Paze gets new leader amid slow start
Early Warning Services, the bank-owned company that operates Paze, tapped a new leader last month for the digital wallet operation after slow progress in launching the new service.
By Patrick Cooley • Nov. 7, 2024
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