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    CFPB recasts innovation office to emphasize competition

    The bureau walked back its no-action letter and sandbox policies in favor of "incubation events" meant to troubleshoot barriers to innovation and help customers switch providers more easily.

    By May 25, 2022
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    CBDC would pull deposits away from banks, trade groups tell Fed

    A U.S. digital dollar would take $720 billion in deposits out of banks even if the central bank were to cap accounts at $5,000 per "end user," the American Bankers Association wrote in a letter.

    By May 24, 2022
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    Business banking

    Selling banking and payments solutions to small and medium-sized businesses has become a lucrative prospect for fintechs and banks alike.

    By Banking Dive staff
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    VyStar Credit Union digital banking platforms offline for a week

    The mobile and digital banking platform of the Jacksonville, Florida-based credit union has been down since May 13, leaving many members unable to access digital services. 

    By May 20, 2022
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    Neobank Stretch wants to bank individuals with a conviction history

    Stretch is zeroing in on the struggles the formerly incarcerated face, pain points that are not adequately addressed in the mainstream banking system, Founder Yasaman Hadjibashi said.

    By May 19, 2022
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    Wells Fargo taps former JPMorgan exec to head financial advisory unit

    The firm selected Sol Gindi, a former C-suite executive for JPMorgan's wealth management and consumer banking businesses, to replace Jim Hays as the head of Wells Fargo Advisors.

    By May 17, 2022
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    PNC ordered to pay $218M to USAA in patent infringement case

    “This verdict further validates our position that we created mobile deposit capture technology,” USAA Vice President of Corporate Development Nathan McKinley said in a statement.

    By May 16, 2022
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    Breaking the mainframe habit: Banks consider a cloud future

    Banks are bullish on cloud migration, but challenges remain.

    By Matt Ashare • May 13, 2022
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    Connecticut issues cease-and-desist order over fintech's 'tip' structure

    Including tips, the annual percentage rates on loans made to SoLo Funds borrowers in Connecticut ranged from 43% to 4,280% between June 2018 and August 2021, the state's banking commissioner said.

    By May 12, 2022
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    Yellen urges stricter stablecoin regulation this year, amid TerraUSD crash

    The coin, which relies on an algorithm rather than being backed by dollar reserves, plummeted to 23 cents Wednesday, according to CoinDesk.

    By May 11, 2022
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    Current wades into embedded banking with launch of API platform

    The neobank announced Plaid as its first partner, a tie-up the two firms said will enable Current’s customers to access more than 6,000 apps and services powered by the data aggregator’s network.

    By May 11, 2022
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    SEC to nearly double crypto enforcement unit

    The agency is adding 20 supervisors, investigative staff attorneys, trial counsels and fraud analysts to an already 30-strong team. 

    By May 3, 2022
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    Truist buys gamified finance app Long Game

    Long Game, which uses prize-linked games to encourage smart financial habits, aims to help banks and credit unions with client retention and account growth, particularly among Gen Z and millennial customers.

    By May 3, 2022
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    Citi's role in 'flash crash' reinforces perils of manual transactions

    Nasdaq said it won't cancel any trades from Monday that pushed European indexes down as much as 8% in five minutes. Unlike in 2020, the damage from a Citi employee's hands wasn't contained to the bank.

    By May 3, 2022
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    U.S. Bank rolls out Spanish-language voice assistant for mobile app

    The Minneapolis lender cites a study indicating 25% of Hispanic Americans are "smartphone-only" internet users — double the proportion of White adults.

    By May 2, 2022
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    TD Bank targets South Florida tech talent pool

    The Toronto-based lender on Tuesday announced the launch of a hub in Fort Lauderdale, adding it intends to hire 200 tech workers in the area over the next two years.

    By April 26, 2022
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    Bank trade groups want more clarity on Fed master accounts

    The groups want further detail on how the central bank will review and scrutinize applications. The authors also want the Fed to explain how the country's reserve banks will monitor institutions in the proposed tiered system.

    By April 25, 2022
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    The 3 banking challenges synthetic data is ready to meet

    Three challenges AI-generated synthetic data is ready to tackle in banking: an overview.

    April 25, 2022
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    From Uber to Grubhub, embedded finance is an everyday reality for consumers

    From buying delivery through Grubhub to requesting a ride from Uber, what exactly is embedded finance and how can banks participate in this evolution?

    By Angus Ross • April 25, 2022
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    Bank of America wants its cards made of 80% recycled plastic by 2023

    The bank estimates it will produce 235 fewer tons of single-use plastics with the transition.

    By April 21, 2022
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    Marcus brand, marketing exec leaves to join real estate investment startup

    Dustin Cohn, who has taken at least partial credit in naming Goldman Sachs' consumer arm, said the departure — to become chief marketing officer at Cadre — was "completely amicable."

    By April 20, 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 April 19, 2022
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    USAA revamps mobile app

    With a new predictive search function, users can transact with fewer taps, said the company, which also reduced load times and added fingerprint, face and voice recognition log-in capabilities.

    By April 19, 2022
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    Revolut, Cross River link up to offer US consumer loans

    Customers who use the personal loan offering, which will be available in the coming months, won't be subject to late fees, origination fees or prepayment penalties, the neobank said.

    By April 18, 2022
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    Citi sets aside $1.9B to counter Russia exposure

    The bank said it now risks a $3 billion loss at most over its Russia entanglements. Profit at the third-largest U.S.-based lender dropped by 46% in the first quarter, Citi said Thursday.

    By April 14, 2022
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    Neobank Step to launch crypto, stock investing product for users under 18

    The teen-focused challenger bank claims the new offering will make it the first financial app to enable customers under the age of 18 to buy, sell, hold and receive crypto.

    By April 12, 2022