Silvergate’s FTX ties probed by DOJ fraud unit: report

The investigation is looking into the bank’s hosting of accounts linked to former FTX CEO Sam Bankman-Fried. Silvergate has not been accused of wrongdoing, sources told Bloomberg.

By Gabrielle Saulsbery • Feb. 3, 2023

Small banks, fintechs ask CFPB for more time to phase out screen scraping

A CFPB proposal aims to eliminate screen scraping by requiring banks to establish APIs, standardized software widely regarded as a more secure way to connect consumers’ accounts to financial apps.

By Anna Hrushka • Feb. 1, 2023

Explore the Trendline➔

The Banking Dive Outlook on 2022

Some narratives in 2022, such as office returns, will seem like a logical progression from the year before. Others, such as the regulatory sphere and shift toward smaller M&A, may mark a big shift from the previous 12 months.

By Banking Dive staff

Lawmakers press Silvergate harder, say due diligence failed ‘miserably’

Silvergate CEO Alan Lane’s response to a December letter regarding the bank's FTX ties was “evasive and incomplete,” a bipartisan group of U.S. senators wrote Monday.

By Gabrielle Saulsbery • Feb. 1, 2023

JPMorgan plans to launch digital bank in Germany by 2025: report

The bank has been hiring in Berlin to support the effort and plans to make the city its base of EU consumer operations, Bloomberg reported.

By Dan Ennis • Feb. 1, 2023

BM Technologies to cut 25% of staff

BM Technologies’ effort to reduce expenses follows the dissolution of the fintech’s planned acquisition of First Sound Bank, a $23 million deal the two parties called off in December.

By Anna Hrushka • Jan. 31, 2023

Crypto bank Anchorage Digital names execs to compliance, BSA posts

The eight-move revamp of C-suite and other leading posts comes nine months after the OCC ordered the digital bank to fix BSA and anti-money laundering shortcomings.

By Dan Ennis • Jan. 31, 2023

Varo slows burn rate, shifts marketing strategy

The bank cut its marketing budget and shifted its focus from maximizing user numbers to growing the segment that uses Varo as its primary bank.

By Anna Hrushka • Jan. 31, 2023

Crypto firm Gemini picks new finance chief

Tyler Skelton joins Gemini from small-business payment service provider Till Payments. He also held finance roles at crypto insurance marketplace Nayms and financial services provider Bakkt.

By Grace Noto • Jan. 30, 2023

Marqeta names new CEO, makes $275M deal

The company is elevating its chief product officer and acquiring cloud-native credit card program management platform Power Finance.

By Gabrielle Saulsbery • Jan. 30, 2023

Crypto firm Dinara takes proactive stance on compliance, general counsel says

The company's work to meet Banking Secrecy Act standards serves as a key differentiator in the industry amid FTX's bankruptcy, Yanire Martes says.

By Lyle Moran • Jan. 27, 2023

The crypto world is sending mixed signals

Nearly 2,000 crypto workers have been laid off in 2023, but the value of Bitcoin climbed enough in January for Goldman Sachs to take note.

By Gabrielle Saulsbery • Jan. 27, 2023

Morgan Stanley claws back bankers’ pay over WhatsApp scandal

The bank is considering the number of messages sent, the banker’s seniority and whether they received prior warnings in levying penalties ranging from a few thousand dollars to more than $1 million, the Financial Times reported.

By Dan Ennis • Jan. 26, 2023

Former BofA CEO-backed fintech launches to match SMBs with lenders

“What we want to do is to put people that want to lend money together with people who need money. It's not complicated,” said ex-Bank of America CEO Hugh McColl Jr., a founding investor in Foro.

By Anna Hrushka • Jan. 25, 2023

Feds seize $150M from Farmington, Silvergate amid FTX probe

Each of the affected banks has made a marked shift this year: Farmington is exiting the crypto space, and Silvergate has cut 40% of its staff, citing current “economic realities.”

By Gabrielle Saulsbery • Jan. 25, 2023

Inside Jenius Bank’s plan to tap the US consumer market

Japanese giant Sumitomo Mitsui Banking Corp. has invested $150 million in the digital bank, which aims to roll out personal loans, savings and checking accounts within the next 12 to 18 months.

By Anna Hrushka • Jan. 24, 2023

Gemini cutting another 10% of staff: report

The crypto exchange has been affected by Genesis' bankruptcy and the FTX contagion.

By Gabrielle Saulsbery • Jan. 23, 2023

Big banks to launch digital wallet operated by Zelle parent: report

The wallet, which is expected to launch in the second half of the year, aims to compete with PayPal and Apple, sources told The Wall Street Journal. But serious competition may take a while, an analyst said.

By Anna Hrushka • Jan. 23, 2023

Capital One cuts 1,100 tech jobs

The cuts affect employees in the bank’s “agile” job family. Responsibilities associated with the eliminated positions will be folded into existing engineering and product manager roles, Capital One said.

By Anna Hrushka • Jan. 20, 2023

Crypto lender Nexo to pay $45M in SEC settlement

Nexo said last month it would cease U.S. operations after hitting a “dead end” in talks with regulators. One of company’s founders Thursday said he is “confident that a clearer regulatory landscape will emerge soon.”

By Gabrielle Saulsbery • Jan. 20, 2023

Genesis prepping to file bankruptcy: report

If the lending arm of Digital Currency Group is unable to come to an agreement with creditor groups, it is poised to become the latest in a series of crypto sector bankruptcies, Bloomberg reported.

By Gabrielle Saulsbery • Jan. 19, 2023

Fintech wreckage spells opportunity for bargain-hunting banks

Following a challenging year for the fintech sector, enterprising banks may be able to acquire startups whose previous valuations put them out of reach in prior years, said Klaros Group’s Jonah Crane.

By Anna Hrushka • Jan. 18, 2023

CEO of bank software firm Temenos steps down

Max Chuard’s departure follows a drop in earnings, and comes amid pressure from activist investors who claimed the executive was "far out of his depth."

By Anna Hrushka • Jan. 17, 2023

Three Arrows, CoinFlex founders eye new exchange to help FTX victims

The entrepreneurs aim to raise $25 million for an effort to let depositors transfer claims caught up in bankruptcy for a new token. The exchange’s placeholder name, GTX, saw considerable backlash on Twitter.

By Gabrielle Saulsbery • Jan. 17, 2023

Banks have an urgent need to transform for the future — and they know it

Are you missing out on the great migration?

Jan. 17, 2023

SEC charges Gemini, Genesis with selling unregistered securities

The regulator took issue with Gemini's high-yield Earn product, which was terminated this week. Gemini has faulted Genesis for pausing withdrawals, which has kept investors from accessing millions.

By Gabrielle Saulsbery • Jan. 13, 2023