Technology


  • FTX signage is shown with a phone in the foreground
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    Former FTX exec Ryan Salame sentenced to 7½ years

    He originally faced up to 10 years in prison, following guilty pleas to two counts in September. Prosecutors, however, suggested he serve five to seven years.

    By May 28, 2024
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    Q&A

    How banks are employing quantum computing

    Because cyber risks are consistently top of mind for banking executives, “using quantum to fight quantum” is the most prominent application currently, said EY’s Jan Bellens.

    By May 28, 2024
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    Fraud and AML in banking

    It’s not just big banks like Citi and TD that face stiffer AML oversight from regulators. The FDIC is looking closely at banks offering BaaS alongside fintechs.

    By Banking Dive staff
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    Sponsored by Avenga

    Proper data preparation for AI in financial organizations

    The proliferation of different types of AI is profoundly impacting the financial industry. According to The Financial Brand, banks leveraging AI technologies are expected to save a staggering $1 trillion by 2030.

    By Olena Domanska, Data Science Engineering Manager at Avenga • May 28, 2024
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    Comerica slapped with OCC enforcement action

    The regulator discovered unsafe or unsound practices at the Dallas-based bank, including those related to its risk governance framework and internal controls.

    By May 24, 2024
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    Varo Bank faces lawsuit over March data breach

    The lawsuit accuses the online bank of failing to protect personal information stored within its network, including customer phone numbers and the last four digits of Social Security numbers. 

    By May 22, 2024
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    Citi fined $78.4M over 2022 flash crash error

    A Citi trader had meant to sell a basket of equities at $58 million but mistakenly created a $444 billion basket, regulators said. About $189 billion of the trade went on the market.

    By May 22, 2024
  • CFPB Director Rohit Chopra participates in a meeting of the Financial Stability Oversight Council at the U.S. Treasury
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    CFPB to treat BNPL loans like credit cards

    “Whether a shopper swipes a credit card or uses Buy Now, Pay Later, they are entitled to important consumer protections under longstanding laws and regulations,” CFPB Director Rohit Chopra said.

    By James Pothen • May 21, 2024
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    Goldman exec Mintzberg named next Grayscale CEO

    Peter Mintzberg adds his name to a growing list of Goldman departures. He is set to join the crypto asset manager Aug. 15.

    By May 20, 2024
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    Customer satisfaction with online-only banks dwindles, study finds

    Though online-only direct bank customers have a higher satisfaction rate than traditional banks, that rate declined this year, particularly for those with checking accounts, J.D. Power reported.

    By May 15, 2024
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    Kabbage to pay $120M in PPP fraud settlements with DOJ

    The second-largest PPP lender in the nation by application volume “knowingly submitted thousands of false claims” and employed lax fraud controls, the Justice Department said.

    By May 14, 2024
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    Natee K Jindakum,/Shutterstock.com

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    Sponsored by PerformLine

    Why banks can’t risk manual marketing compliance in today’s regulatory environment

    How banks can avoid regulatory headaches and drive growth with automated marketing compliance.

    May 13, 2024
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    TabaPay calls off deal with Synapse

    TabaPay sent Synapse a termination notice of the transaction Thursday, “based on failure to meet the purchase agreement closing conditions,” a TabaPay spokesperson said.

    By May 10, 2024
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    Upstart subpoenaed by SEC over AI, loans

    “We are cooperating with the SEC and are unable to predict the outcome of this matter,” the fintech lender said in a filing Tuesday.

    By May 9, 2024
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    Leon Neal / Staff via Getty Images
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    FTX to repay customers more than they lost

    The collapsed cryptocurrency exchange, which owes creditors about $11.2 billion, has between $14.5 billion and $16.3 billion available to distribute to them.

    By May 9, 2024
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    Fifth Third launches ‘reimagined’ eBus with SpringFour

    The eBus will travel to underserved communities across the bank’s footprint and give consumers access to around 24,000 nonprofit resources through its collaboration with the social impact fintech.

    By May 8, 2024
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    Chime dinged by CFPB for delayed customer refunds

    “When Chime discovered the issue, we worked with our vendor to resolve the error and issued refunds to impacted consumers,” a Chime spokesman said, adding that most issues occurred in 2020 and 2021.

    By May 7, 2024
  • Stock Trading Platform Robinhood Goes Public On The New York Stock Exchange
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    Robinhood may face SEC lawsuit over crypto unit

    In a blog post, the company cited its "good-faith attempts" with the agency. At least one analyst said Robinhood has no incentive to sue because the SEC chair's term is up in two years.

    By May 7, 2024
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    Sponsored by FedEx Office

    4 reasons banks should focus on print to enhance customer experience

    Though a distant memory for many banking customers, the pandemic's significant effect — shifting away from physical bank visits is fading fast.

    May 6, 2024
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    Gorodenkoff/Shutterstock.com. Licensed by Arian Fernandez De La Vega.

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    Sponsored by CallMiner

    4 financial services CX trends to watch for 2024

    Discover 2024's CX trends in finance: AI, EX focus and data synergy.

    May 6, 2024
  • A bicyclist rides by a Wells Fargo bank branch in San Francisco, California
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    Wells Fargo says US authorities probing Zelle disputes

    JPMorgan also said it was responding to civil and government authorities’ inquiries regarding handling Zelle customer disputes. The banks did not divulge further details.

    By May 3, 2024
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    SVB to sell venture-capital arm to investment firm Pinegrove

    SVB Capital will be acquired for a combination of cash and “other economic consideration,” the companies said, without giving details on the deal’s value.

    By May 3, 2024
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    Ansa snags $14M mainly from female investors

    The fintech, which helps merchants cut down on payment fees and drive loyalty with its white-labeled wallets, will use the cash to drive team growth and product development.

    By May 1, 2024
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    TD sets aside $450M for AML penalties

    The amount, however, is meant to cover the fine from just one of the three U.S. regulators investigating the bank's anti-money laundering systems.

    By May 1, 2024
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    Stripe unbundles services as industry shifts

    The company’s move to decouple embedded financial services from payment processing means it’s ready to pursue larger customers, analysts said.

    By James Pothen • May 1, 2024
  • former binance ceo changpeng zhao
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    Binance founder Changpeng Zhao gets 4 months in prison

    The ex-crypto boss pleaded guilty in November to violating anti-money laundering law. The sentence is less than the 12 to 18 months suggested by guidelines, and the three years the DOJ was hoping for.

    By April 30, 2024