FDIC probes Voyager's language surrounding deposit insurance

The agency issued a final rule regarding misrepresentation in May. Voyager recently altered text on its website regarding customer reimbursement in the event of failure, according to two news outlets.

By Dan Ennis • July 8, 2022

Crypto brokerage Voyager files for Chapter 11 bankruptcy

The move allows the company to reorganize as it seeks to recover losses from a defaulted loan to hedge fund Three Arrows. A firm owned by FTX CEO Sam Bankman-Fried is Voyager's largest creditor.

By Dan Ennis • July 6, 2022

Explore the Trendline➔

Artificial 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

Revolut names new US CEO to accelerate North American growth

The move represents an expansion of responsibilities for Sid Jajodia, who will continue to serve as the company’s chief banking officer, a role he’s held since July 2021.

By Anna Hrushka • July 5, 2022

Meta to shutter Novi digital currency project Sept. 1

The company’s website tells users how to withdraw funds and access transaction data that they’ll lose access to once the Novi pilot ends. Meta, however, said it plans to use Novi’s technology in future projects.

By Dan Ennis • July 5, 2022

FTX could buy BlockFi for up to $240M

The deal boosts — to $400 million — a revolving credit facility the crypto exchange offered the lender last month. The potential purchase price may vary based on “performance triggers.”

By Robin Bradley • July 1, 2022

Chime's new CMO wants to build the industry's best marketing machine

“This is not a turnaround. This is not a reset of everything. It's about connecting the ingredients,” Chime CMO Vineet Mehra said of the new role.

By Anna Hrushka • June 30, 2022

OCC wants to start collecting cannabis, crypto business data from banks

The regulator’s proposal would put cannabis and crypto on a list that already includes industries such as casinos, liquor stores and check cashers.

By Anna Hrushka • June 9, 2022

Custodia Bank sues Fed over 'unlawful delay' in processing master account application

The digital asset bank, which was granted a Wyoming special-purpose depository institution license, has been waiting 19 months for its application to be approved.

By Anna Hrushka • June 8, 2022

Crypto framework would define SEC, CFTC oversight purview

A bipartisan Senate measure introduced Tuesday tackles regulatory requirements on stablecoin issuers, taxes on crypto transactions and delineates commodities and securities. But its chances of passing appear low.

By Robin Bradley • June 7, 2022

Banks eye first-mover advantage to embracing the metaverse

Banks are carving out their own spaces in the metaverse, a virtual world estimated to represent a $1 trillion market opportunity.

By Anna Hrushka • June 2, 2022

SEC enforcement attorney predicts 'a lot more fraud' in crypto markets

The SEC will turn to litigation if needed to achieve “clarity” as it fights abuses in cryptocurrency markets, according to an attorney in the agency’s Enforcement Division.

By Jim Tyson • May 16, 2022

Yellen urges stricter stablecoin regulation this year, amid TerraUSD crash

The coin, which relies on an algorithm rather than being backed by dollar reserves, plummeted to 23 cents Wednesday, according to CoinDesk.

By Robin Bradley • May 11, 2022

Current wades into embedded banking with launch of API platform

The neobank announced Plaid as its first partner, a tie-up the two firms said will enable Current’s customers to access more than 6,000 apps and services powered by the data aggregator’s network.

By Anna Hrushka • May 11, 2022

SEC to nearly double crypto enforcement unit

The agency is adding 20 supervisors, investigative staff attorneys, trial counsels and fraud analysts to an already 30-strong team. 

By Robin Bradley • May 3, 2022

OCC orders crypto bank Anchorage to revamp AML program

The regulator said the bank failed to implement internal controls for customer due diligence and procedures for monitoring suspicious activity. It also failed to hire a Bank Secrecy Act officer, the OCC said.

By Anna Hrushka • April 22, 2022

Revolut, Cross River link up to offer US consumer loans

Customers who use the personal loan offering, which will be available in the coming months, won't be subject to late fees, origination fees or prepayment penalties, the neobank said.

By Anna Hrushka • April 18, 2022

Neobank Step to launch crypto, stock investing product for users under 18

The teen-focused challenger bank claims the new offering will make it the first financial app to enable customers under the age of 18 to buy, sell, hold and receive crypto.

By Anna Hrushka • April 12, 2022

FDIC: Banks should alert agency of their crypto-related pursuits

The regulator said it supports safe and sound innovations, but is concerned that the risks associated with crypto assets and crypto-related activities are not well understood.

By Anna Hrushka • April 8, 2022

Toomey bill would let OCC give charters to stablecoin issuers

The Republican senator's draft bill would preserve state-registered money transmitter status for most existing issuers and would clarify that insured depository institutions are permitted to issue the digital currency.

By Anna Hrushka • April 7, 2022

Dimon: Russia exposure could cost JPMorgan $1B

Despite the conflict's impact on the bank's bottom line, the CEO called for tougher sanctions against the invading country — and added that because of a confluence of factors, mergers in banking are inevitable this decade.

By Anna Hrushka • April 5, 2022

Cross River hits $3B valuation, eyes global expansion — but still defies labels

"Besides the technology ... we also are a regulated financial institution, and the combination of the two really is the secret sauce that allows us to work" with heavy-hitting partner companies, executive Hillel Olivestone said.

By Anna Hrushka • March 31, 2022

Goldman's OTC crypto trade may cement bank's leading role in digital assets

The firm partnered with Galaxy Digital to execute the trade of a Bitcoin non-deliverable option, the first such transaction by a Wall Street bank.

By Robin Bradley • March 22, 2022

3 ways banking and finance could blur in 2022

Relationships have taken root where there was once overlap between banks and other financial service providers, writes Fabrizio Burlando, executive vice president of consulting at Mastercard.

By Fabrizio Burlando • March 17, 2022

3 execs are leaving Citi for crypto or fintech. Will it be a turnover trigger for the bank?

Goldman Sachs suffered a rash of executive flight last year. If leaders continue to leave Citi, observers may look back at these departures as cumulatively significant.

By Dan Ennis • March 14, 2022

Biden's digital-asset order may prompt legislation

Calls for coordination across government agencies and a relatively short timeline to produce reports on the issue reinforce how seriously officials view forward movement, a law professor said.

By Caitlin Mullen • March 11, 2022