Payactiv jettisons some fees in wake of CFPB move

The earned wage access provider said it was eliminating some fees just as the bureau decided to remove a prior order giving the company leeway under certain laws.

By Jonathan Berr • July 5, 2022

CFPB terminates Payactiv's sandbox protection

The earned wage access provider told the CFPB last week it wanted to make changes to its fee model without review by the bureau. The bureau, in turn, expressed concern over potentially misleading public statements by Payactiv.

By Dan Ennis • July 1, 2022

Explore the Trendline➔

Fintech disruption in the banking industry

There are as many schools of thought on how to disrupt the banking space as there are disruptors.

By Banking Dive staff

CFPB strikes at debt collector fees

The collectors may refer to the fees as “convenience fees,” but the agency called them “pay-to-pay” fees and said they are prohibited under the Fair Debt Collection Practices Act.

By Jonathan Berr • June 30, 2022

Fintech Amount cuts about 18% of workforce

The Chicago-based banking technology provider, valued at $1 billion last year, said this week it had pared 108 workers in what the company called “proactive adjustments.”

By Caitlin Mullen • June 28, 2022

Brex's move has fellow fintechs ready to pounce

Brex’s cutting of small-business customers — the handling of which prompted a mea culpa from the co-founder — may provide opportunity for B2B fintechs like Ramp or Divvy. But big banks still dominate the space.

By Caitlin Mullen • June 27, 2022

Green Dot pays Republic Bank $13M to settle suit over failed acquisition

The payout comes atop a $5 million termination fee Republic received in January after Green Dot pulled out of a proposed $165 million purchase of the bank's tax refund processing unit.

By Dan Ennis • June 8, 2022

Lawsuits over Zelle pile up

Bank of America and Wells Fargo have both been sued recently by consumers who allege they were defrauded by scam artists using Zelle payments.

By Lynne Marek • June 6, 2022

NMI aims to equip banks with modern payments tech

The payments gateway is focused on attracting mid-market banks that "want to have the ability to have a modern tech stack, but don’t have the means to develop it," CEO Vijay Sondhi said.

By Caitlin Mullen • June 1, 2022

AmEx, Discover get top marks in direct banks survey

The No. 3 and No. 4 card companies, which also hold bank licenses, scored highly in customer satisfaction among online-only banks, J.D. Power found.

By Caitlin Mullen • May 16, 2022

Cannabis payments companies focus on compliance, creativity

Federal restrictions have kept many banks and payments companies on the sidelines regarding cannabis. That has given the ACH network a foothold to facilitate payments in states where pot is legal.

By Caitlin Mullen • May 9, 2022

AmEx CEO snags $28.5M total compensation

While the 2021 target for Stephen Squeri's long-term incentive awards was $14.5 million, the actual amount was $19 million.

By Caitlin Mullen • May 3, 2022

First Century Bank scraps First Internet deal

The Federal Reserve signed off on the combination April 29, but the banks couldn't close the tie-up by an April 30 deadline because of statutory waiting periods, and could not agree on extension terms, First Internet said.

By Dan Ennis • May 2, 2022

CFPB, New York AG sue MoneyGram

Thursday's lawsuit accuses the remittance giant of repeatedly giving senders inaccurate information about when their transfers would be available to recipients abroad. MoneyGram denounced the suit as "frivolous."

By Jonathan Berr • April 22, 2022

Robinhood's acquisition of crypto firm puts UK, Europe in its sights

The purchase of Ziglu, which is in the good graces of the Financial Conduct Authority, marks the second attempt by the stock-trading app to broach the U.K. market. Terms of the deal were not disclosed Tuesday.

By Dan Ennis • April 19, 2022

AmEx takes on banks in bid for new generation of clients

With the launch of its new checking service, the payment network aims to expand its relationship with cardholders — and not miss out on attracting consumers drawn to debit cards.

By Caitlin Mullen • April 13, 2022

CBDC will take years, not months, to develop, Yellen says

Transactions need to be faster but responsible, and regulation should be "tech-neutral," the treasury secretary said in her first remarks on digital assets since a March executive order.

By Dan Ennis • April 8, 2022

Sen. Cruz seeks to restrict Fed role for CBDC

The Texas Republican's legislation, which follows a House bill introduced this year, would prevent the central bank from issuing a digital currency directly to consumers.

By Jonathan Berr • April 4, 2022

Citizens Bank offers on-demand pay product for corporate clients

The bank said the service can be up and running within 30 days. Citizens is working with an unnamed third-party vendor to provide the offering, an executive said.

By Anna Hrushka • April 1, 2022

House bill would put CBDC alternative in Treasury's hands

Legislation proposed Monday emphasizes privacy, financial inclusion and anti-money laundering protections, and would "preserve a role in our financial system for smaller anonymous cash-like transactions," backers said.

By Lynne Marek • March 29, 2022

BNPL critics, backers join last-minute surge in feedback to CFPB

The Bank Policy Institute, the Consumer Bankers Association and a litany of state attorneys general and nonprofits submitted their views to the bureau just before the comment period's Friday deadline.

By Jonathan Berr • March 29, 2022

Cannabis firm's CFO works to bring industry's financing out of the 'gray'

Item 9 Labs' net revenues more than doubled last fiscal year. But pot's federal status can still make financial partners skittish, CFO Bobby Mikkelsen finds.

By Maura Webber Sadovi • March 29, 2022

Fed's Powell lists his 4 qualifications for a US CBDC

A digital dollar must ensure user privacy, be "identity verifiable," be "intermediated" and be widely accepted as a means of payment, the central bank chief said at an event hosted by the Bank for International Settlements.

By Dan Ennis • March 24, 2022

White House lays out digital-asset priorities

An executive order issued Wednesday details six priorities in "harnessing the potential benefits" of the emerging technologies.

By Lynne Marek • March 9, 2022

US extends sanctions to Russia's 2 largest banks

Russia's access to the SWIFT financial messaging service remains intact for now, a move that sparked criticism from both Democrats and Republicans. But President Joe Biden said he wouldn't eliminate that option.

By Dan Ennis • Feb. 25, 2022

Washington policymakers spout off on CBDCs

A Friday speech by Fed Gov. Lael Brainard and a Feb. 7 report from the Congressional Research Service underscore the U.S. government's rising interest in a digital dollar.

By Lynne Marek • Feb. 22, 2022