Crypto lender BlockFi to pay $100M to settle with SEC, states

The company agreed to stop selling its interest-bearing account in the U.S. and launch a new one tailored to the Securities Act of 1933. Half of the settlement money will go to the SEC. The other $50 million will be split among 32 states.

By Dan Ennis • Feb. 14, 2022

CFTC chief eyes greater authority in crypto oversight

CFTC Chair Rostin Behnam asked a Senate panel for an extra $100 million and the authority to police the cash market for digital assets, in addition to its traditional role overseeing derivatives.

By Robin Bradley • Feb. 10, 2022

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Artificial intelligence

Banks must decide whether to forge AI tools in-house or partner with outside firms. AI’s importance can’t be understated, but legacy tech may also constrain the budget for banks looking to innovate.

By Banking Dive staff

Fees make customers twice as likely to switch banks, study finds

Moving "from a punitive, carrot-and-stick approach suggests that retail banks are recognizing [they must] evolve beyond service provider [to] more of a hub of financial advice and guidance," J.D. Power researchers wrote.

By Robin Bradley • Feb. 1, 2022

Revolut to offer 30-minute, fee-free remittances from US to Mexico

Remittances sent from the U.S. to Mexico increased by 37.7% between November 2020 and 2021, according to research published by BBVA.

By Robin Bradley • Jan. 31, 2022

Diem to end crypto project, sell its assets to Silvergate Bank for $182M

The California bank said Monday it intends to launch a stablecoin this year using the assets it acquired in the deal.

By Dan Ennis • Updated Feb. 1, 2022

H&R Block launches challenger bank Spruce

The tax-preparation company last March teased its desire to offer digital checking and savings accounts. Spruce marks H&R Block's second foray into banking after it surrendered its charter in 2015.

By Robin Bradley • Jan. 21, 2022

Crypto questions, Fed vacancies fill 2022 regulatory agenda with unknowns

The people doing the regulating will be as important as rulemaking substance — and the Senate's vote on the Fed's Lael Brainard can serve as a test of Republicans' appetite for change.

By Dan Ennis • Jan. 20, 2022

SoFi gets OCC's conditional approval to become a bank

The OCC restricted the bank, once it's operational, from crypto activity without first obtaining the regulator's non-objection.

By Dan Ennis • Jan. 19, 2022

Neobank Starling halts advertising on Facebook, Instagram

The U.K.-based fintech's CEO, in a blog post, said the company would not post ads on Meta platforms until the social media giant addresses its scammer infestation.

By Robin Bradley • Jan. 7, 2022

NCUA OKs crypto partnerships for credit unions

"Financial services has always been 'adapt or die,'" Kyle Hauptman, the regulator's vice chair, told CoinDesk. "I don't want credit unions to go the way of Blockbuster Video because we, the regulators, prevented innovation."

By Robin Bradley • Jan. 4, 2022

5 banking trends to watch in 2022

A reversal on in-office work from a hard-liner like Goldman Sachs may represent a pivot point in the acceptance of remote policies. But other narratives, such as small-scale niche M&A, mark a continuation from 2021.

By Dan Ennis , Anna Hrushka , Robin Bradley • Jan. 4, 2022

Banks are 'missing the mark' on overdraft revamps, Dave CEO says

"Getting rid of overdraft solves part of the problem, but it also can hurt customers who are relying on those funds to get by, even though it's a very expensive credit," said the fintech's top executive, Jason Wilk.

By Anna Hrushka • Dec. 21, 2021

Customers Bank plays up 'fintech-forward' focus in rebrand

The bank said it's attracting "younger, more diverse, more tech savvy" clients, and the new branding is "designed to capture this vibe."

By Anna Hrushka • Dec. 16, 2021

Crypto custody firm Anchorage Digital raises $350M in $3B valuation

The company's latest raise comes as the firm is ramping up its strategy to partner with financial institutions that want to provide their clients with custody services for their digital assets.

By Anna Hrushka • Dec. 15, 2021

Chime customers can deposit funds at Walgreens for free

The retailer joins CVS, Walmart and 7-Eleven in allowing Chime's customers to make deposits at their brick-and-mortar locations. Walgreens, however, is the only retailer to do so without charging a fee.

By Anna Hrushka • Dec. 14, 2021

Wells Fargo to use HSBC's blockchain tech to settle forex transactions

Through the arrangement, the banks will sidestep CLS, a Federal Reserve-regulated third party, to settle matched foreign-exchange transactions in U.S. and Canadian dollars, euros and British pounds.

By Robin Bradley • Dec. 13, 2021

Coinbase's revenge, CFTC shade-throwing highlight return of 'winter filter'

Coinbase debuted an interest-bearing product for non-U.S. users a day after warning lawmakers the U.S. is at risk of being left behind. Also, "regulating through enforcement" comes under fire — from a regulator.

By Dan Ennis • Dec. 10, 2021

Crypto execs tout financial inclusion during digital-asset hearing

Circle, for example, aims to funnel "billions of dollars" of USDC dollar-denominated reserves into minority depository institutions to aid underserved communities, CEO Jeremy Allaire told lawmakers Wednesday.

By Anna Hrushka • Dec. 9, 2021

Crypto execs push for tailored regulation, but not a rush to judgment

At stake, they said in a Wednesday hearing on Capitol Hill, is the U.S.'s leadership in the field.

By Dan Ennis • Dec. 8, 2021

The decentralization in DeFi just an illusion, BIS says

DeFi is ripe for regulation before the ecosystem becomes more popular, the Basel, Switzerland-based organization says in its quarterly report.

By Robin Bradley • Dec. 7, 2021

Crypto, cybersecurity and climate in focus in OCC risk report

"The OCC is approaching crypto-related activities in the federal banking system very carefully with a high degree of caution and expects its supervised institutions to do the same," the agency said in its report.

By Anna Hrushka • Dec. 7, 2021

Quotable Quarles: 5 takeaways from the Fed governor's farewell speech

The outgoing central bank official suggested a change to big banks' stress-testing framework, warned against stifling digital-asset innovation and cautioned the misuse of Fed emergency funds.

By Dan Ennis • Dec. 3, 2021

How Stash helps its customers navigate emerging wealth tools

"One of the biggest learnings for us ... was making sure that we give context to the information that we're asking for and why," said Claudio Esposito, the fintech's senior vice president of product.

By Suman Bhattacharyya • Dec. 3, 2021

Execs from 6 crypto firms to testify Dec. 8 before House panel

Representatives from Coinbase, Circle — and a former acting comptroller — are set to discuss "the challenges and benefits of financial innovation" as lawmakers seek answers.

By Robin Bradley • Dec. 2, 2021

Diem co-creator Marcus to leave Facebook parent Meta by end of year

In a series of tweets and Facebook posts Tuesday, David Marcus said he is leaving to pursue other projects. Stephane Kasriel, vice president of product at Novi, will take over his role leading the stalled crypto effort.

By Anna Hrushka • Dec. 1, 2021