US servicemembers ensnared by digital payment app scams

Servicemember complaints about digital payment apps surged last year, according to a CFPB report, which also highlighted military families’ susceptibility to payments fraud.

By Lynne Marek • June 22, 2023

Shopify taps Adyen in bid for bigger clients

Canadian e-commerce company Shopify is upgrading its integration with Dutch fintech Adyen in an effort to serve larger merchants in North America and on the international stage.

By Caitlin Mullen • June 21, 2023

Explore the Trendline➔

Fraud and AML in banking

The past year has been one of reckoning with regard to fraud — from TD’s $3 billion AML penalty to the continuing punitive phase connected to PPP misdeeds, crypto bankruptcies and pig butchering.

By Banking Dive staff

Deutsche Bank applies for crypto custody license

BlackRock and a Charles Schwab-backed platform have entered or clearly made plans to broach the cryptosphere in the past week, which could bode well for crypto-native companies.

By Gabrielle Saulsbery • June 21, 2023

Visa hires CFO replacement

The card giant has selected Chris Suh as its new finance chief. The Electronic Arts and Microsoft veteran will receive a $3 million signing bonus and $20 million in longer-term compensation.

By Lynne Marek • June 20, 2023

Fed publishes master account list

The move follows calls from Republicans for the Fed to shed light on the process by which it grants accounts, and comes as an increasing number of uninsured firms are vying for access to the central bank’s system.

By Anna Hrushka • June 20, 2023

Binance.US laid off employees following SEC enforcement

About 50 employees were affected, according to Reuters. A former Binance.US employee confirmed the reduction to Banking Dive.

By Gabrielle Saulsbery • June 16, 2023

Visa launches fintech accelerator in Africa

The program is part of Visa’s effort to invest $1 billion in the continent’s digital transformation over five years.

By James Pothen • June 14, 2023

CFPB to hover as open banking evolves

The agency is on track to issue a proposal in October, and seek public comment, the agency’s director, Rohit Chopra, told a House committee.

By Lynne Marek , Dan Ennis • June 14, 2023

Banks too slow to address P2P payment scams, CFPB’s Chopra says

“They have been very slow to take action,” the bureau’s director said Tuesday, when asked if banks were creating frameworks to combat fraud and scams conducted on peer-to-peer payment platforms.

By Anna Hrushka • June 13, 2023

FIS acquires Bond: reports

FIS has acquired Bond, according to two news outlet reports, including one backed by an internal company memo.

By Lynne Marek • June 12, 2023

Capital One acquires digital concierge service Velocity Black

The bank’s “entrepreneurial spirit and customer-first, tech-led culture align beautifully” with Velocity Black, the startup’s CEO said.

By Rajashree Chakravarty • June 7, 2023

CBDC ecosystem risks fragmentation, trade group says

A set of common rules and standards, allowing for interoperability between public and private blockchains, would be crucial to building an international system, the Faster Payments Council said.

By Lynne Marek • June 5, 2023

CFPB slaps warning on P2P

The federal agency told consumers that money sitting in uninsured accounts, such as some offered by PayPal, Venmo and Cash App, could be at risk.

By Lynne Marek • June 2, 2023

Marqeta shuts down Australia operations

The fintech has eliminated about 10 jobs in that country and two more in Singapore, a spokesperson said.

By Lynne Marek • May 30, 2023

Payments fraud climbs as banks reach for joint response

Financial institutions and payments players are seeking to coalesce around new efforts to battle skyrocketing payments fraud.

By Lynne Marek • May 26, 2023

Citizens makes wealth-management push with private-client card

The card marks the U.S. debut of Mastercard’s Touch Card feature, a tactile notch to assist visually impaired consumers. It also offers a yearly rebate, 2% cash back, TSA Pre-Check rebates and airport lounge access.

By Suman Bhattacharyya • May 25, 2023

Citizens Bank to pay $9M to settle disputed-charge suit

The bureau claimed the bank, in 2015, improperly denied customer reports of fraud and unauthorized use and, in some cases, failed to fully reimburse users.

By Dan Ennis • May 23, 2023

Fifth Third acquires embedded payments fintech Rize

Acquiring Rize bolsters Fifth Third's existing embedded payments business and adds to its treasury management business, the bank said.

By Gabrielle Saulsbery • May 23, 2023

Legislators spar over stablecoin proposals

Lawmakers agree stablecoin legislation is needed to ensure the U.S. establishes itself as a leader in the space.

By Caitlin Mullen • May 22, 2023

Neobank for retirees offers early access to Social Security checks

Allowing retirees to withdraw their Social Security benefits up to four weeks ahead is a streamlined version of earned wage access, Charlie CEO Kevin Nazemi said.

By Anna Hrushka • May 17, 2023

Warren, other senators call out banks over card late-fee practices

Seven senators asked the CEOs of JPMorgan Chase and nine other card issuers to detail how much money in late fees is collected annually and what portion is collected from low-income families.

By Caitlin Mullen • May 9, 2023

Battle ensues over CFPB proposal to cap late fees

Supporters and opponents of the bureau’s move to limit late fees at $8 clashed during a comment period that ended this week.

By Lynne Marek • May 5, 2023

FDIC orders Cross River to correct ‘unsafe’ lending practices

The $9 billion-asset bank, which neither admitted nor denied the charges, is not allowed to enter into any new partnerships with third parties or offer new credit products without the regulator’s approval.

By Anna Hrushka • May 1, 2023

Global Payments to replace CEO

CEO Jeff Sloan will step down June 1 and be replaced by the payment processor’s president and chief operating officer, Cameron Bready.

By Caitlin Mullen • May 1, 2023

Santander joins PNC, TD as DailyPay client

“What we didn’t realize probably eight years ago is how much impact earned wage access was going to have within this payroll space,” Doug Sturm-Smith, PNC’s head of digital and real-time payments, said at a conference last week.

By Lynne Marek • April 25, 2023