CBA: Most consumers want more oversight for crypto, fintech firms

The trade group’s study saw an age gap. About 46% of baby boomers and 42% of Gen Xers sought higher regulatory standards for the companies, compared with 24% of millennials and 18% of Gen Zers.

By Gabrielle Saulsbery • Dec. 13, 2022

DOJ, SEC charge Sam Bankman-Fried with defrauding investors

The former FTX CEO, who was arrested Monday in the Bahamas, was supposed to appear in front of the House Financial Services Committee on Tuesday. FTX’s current CEO will testify instead.

By Gabrielle Saulsbery • Dec. 13, 2022

Explore the Trendline➔

Artificial 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

SBA bars fintechs Womply, Blueacorn after PPP report

The agency is also investigating Cross River Bank, Celtic Bank, Customers Bank and nonbank lenders Fountainhead, Harvest, Capital Plus, Benworth and Prestamos, as well as individuals and entities connected to them.

By Dan Ennis • Dec. 9, 2022

Female CMOs are building some of fintech’s fastest-growing brands

They're "rapidly expanding financial services by ... creating brands that deeply resonate with their customers,” said Jennifer Tramontana, founder of fintech-focused marketing firm The Fletcher Group.

By Gabrielle Saulsbery • Dec. 7, 2022

Plaid cuts 260 employees

The 20% downsizing comes on the heels of moves by neobank Chime to slash 12% of its workforce and Morgan Stanley's effort, announced Tuesday, to trim headcount by 1,600.

By Dan Ennis • Dec. 7, 2022

Newtek gets OCC green light to acquire NBNYC

The approval comes 16 months after Newtek proposed to reposition itself as a bank holding company. The acquisition should strengthen Newtek’s foothold as the third-largest lender in the SBA’s 7(a) program.

By Rajashree Chakravarty • Dec. 6, 2022

Circle’s $9B SPAC deal falls apart

The stablecoin issuer and the blank-check company that had hoped to take it public terminated their agreement over the wait for SEC approval, they said.

By Dan Ennis • Dec. 6, 2022

Apiture’s new tool helps banks drive customer engagement

Data Engage allows financial firms to deliver tailored messages such as pop-ups, sales and marketing notices, tutorials and guides to customers through their digital banking platform.

By Rajashree Chakravarty • Dec. 6, 2022

10 top reads from Banking Dive

If you're new, welcome. Here's a chance to catch up on some of our best work.

By Dan Ennis • Dec. 4, 2022

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. Another fintech included in the report blamed the SBA’s “sh***y rules.”

By Anna Hrushka • Dec. 2, 2022

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.”

By Gabrielle Saulsbery • Dec. 1, 2022

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.

By Gabrielle Saulsbery • Nov. 30, 2022

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.

By Anna Hrushka • Nov. 30, 2022

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.

By Gabrielle Saulsbery • Nov. 29, 2022

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.

By Anna Hrushka • Nov. 29, 2022

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.

By Gabrielle Saulsbery • Nov. 28, 2022

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.

By Gabrielle Saulsbery • Nov. 28, 2022

PayPal counts on its digital app for gains

The digital payments pioneer is scouting for new ways to increase customer use of its digital wallet, including plans to add a new Venmo teen account.

By Lynne Marek • Nov. 28, 2022

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.

By Gabrielle Saulsbery • Nov. 23, 2022

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.

By Rajashree Chakravarty • Nov. 23, 2022

JPMorgan’s crypto wallet trademark is approved

The green light comes more than two years after the bank submitted paperwork to the U.S. Patent and Trademark Office, and runs counter to CEO Jamie Dimon’s opinion on virtual currencies.

By Dan Ennis • Nov. 22, 2022

Neobank GloriFi shuts down following turbulent launch

The Dallas-based fintech attributed the shutdown to “startup mistakes, reputation attacks, the declining economy, and multiple negative media stories.”  

By Anna Hrushka • Nov. 22, 2022

BM Technologies’ acquisition of Seattle community bank pushed to 2023

The deal would, over time, create a $2 billion-plus institution, and regulators want more details on the infrastructure that would support that growth, CEO Luvleen Sidhu said.

By Anna Hrushka • Nov. 21, 2022

Can Congress come together on crypto?

Perhaps even a divided Congress can make bipartisan headway in crafting a regulatory framework for crypto following FTX’s failure.

By Lynne Marek • Nov. 18, 2022

LGBTQ+-focused Daylight to offer family planning subscription service

The service, set to launch early next year, will feature family planning concierges, a family-building marketplace with vetted attorney networks, IVF and surrogacy clinics, and loan access, the company said.

By Anna Hrushka • Nov. 18, 2022