New FTX CEO blasts ‘complete failure of corporate controls’ under Bankman-Fried

CEO John Ray didn’t mince words in discussing mismanagement of the crypto exchange by its founder and others.

By Gabrielle Saulsbery • Nov. 17, 2022

BankProv braces for $27.5M hit on bad crypto mining loans

The Massachusetts-based bank said it has delayed the release of its financial statements for the most recent quarter, adding that losses could exceed the $27.5 million estimate.

By Anna Hrushka • Nov. 17, 2022

Explore the Trendline➔

Artificial intelligence

Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?

By Banking Dive staff

Climate First Bancorp acquires ESG data fintech Ecountabl

Ecountabl founders Andy Burr and Justin Bretting now serve as chief growth officer and chief technology officer, respectively, at Climate First’s OneEthos digital banking fintech.

By Gabrielle Saulsbery • Nov. 16, 2022

NY Fed, banks launch new 12-week CBDC project

Citi, Wells Fargo, BNY Mellon, U.S. Bank, PNC Bank, TD Bank, Truist, HSBC and Mastercard are set to participate in the proof-of-concept trial.

By Rajashree Chakravarty • Nov. 16, 2022

Regulators defend their caution on crypto in Senate panel hearing

Some GOP lawmakers blasted a dearth of guidance from the OCC, Fed and FDIC, and one suggested it's up to Congress to establish the rules.

By Dan Ennis • Nov. 16, 2022

How deep of a banking threat is Walmart’s One?

The retailer has scale, brand recognition and a pedigree in an ex-Marcus CEO. The proof may come when the company turns its beta test loose on customers.

By Anna Hrushka • Nov. 16, 2022

BlockFi teeters on bankruptcy as Gemini, Genesis units halt redemptions: reports

The dominos from FTX’s collapse are knocking down players across the crypto industry, with some companies pausing withdrawals and a group of U.S. investors suing FTX's former CEO.

By Gabrielle Saulsbery • Nov. 16, 2022

FTX may have more than 1 million creditors

New CEO John Ray has appointed a new slate of directors at each of the main companies within FTX to guide them through Chapter 11, including a former federal judge.

By Gabrielle Saulsbery • Nov. 15, 2022

Custodia Bank’s master account lawsuit against Fed advances

Custodia’s claim that its master account application has been “unreasonably delayed” by the regulator holds water, a U.S. district court judge ruled Friday.

By Anna Hrushka • Nov. 15, 2022

Bahamas law enforcement investigating FTX

The crypto exchange has faced a multimillion-dollar hack since filing for bankruptcy Friday.

By Gabrielle Saulsbery • Nov. 14, 2022

Cryptexodus: A running list of crypto execs who’ve quit since May

The crypto market has been volatile since spring. While some executives have run for the hills, others have opted to transition to back-seat roles.

By Gabrielle Saulsbery • Nov. 14, 2022

A financial solution built for America’s changing workforce

Something even more disruptive than perpetual job-hopping is underway.

Nov. 14, 2022

Sam Bankman-Fried steps down as FTX CEO amid bankruptcy filing

FTX.com’s assets were frozen in the Bahamas, where the company is headquartered. Crypto lender BlockFi also paused withdrawals because of its exposure to FTX.

By Gabrielle Saulsbery • Nov. 11, 2022

Green Dot focuses on tech modernization amid leadership shakeup

The company named a CFO, COO and chief revenue officer, and said two BaaS partners recently extended their contracts.

By Suman Bhattacharyya • Nov. 11, 2022

SEC, DOJ probe FTX as Binance backs out of acquisition

Regulator investigations have been going on for months but came to light amid Binance’s now-canceled bid to purchase the exchange.

By Gabrielle Saulsbery • Nov. 10, 2022

Puerto Rico’s FV Bank launches digital asset custody

The bank joins exclusive company in allowing clients to hold, transfer and settle crypto and fiat currencies in one account. But the move comes as confidence in crypto appears shaken.

By Rajashree Chakravarty • Nov. 10, 2022

How Upgrade became a ‘marketing engine’ for deposit-hungry banks

The neobank is leveraging its network of more than 200 community banks and credit unions to offer users one of the industry’s highest savings rates.

By Anna Hrushka • Nov. 9, 2022

Binance to acquire rival FTX amid ‘liquidity crunch’

FTX founder Sam Bankman-Fried announced the deal two days after Binance CEO Changpeng Zhao said he’d dump his holdings of FTX native coin FTT.

By Gabrielle Saulsbery • Nov. 8, 2022

A CBDC could make cross-border payments faster, safer: NY Fed

Researchers designed a prototype digital currency and blockchain and simulated foreign exchange spot transactions that cleared within 10 seconds but said the study doesn’t endorse a CBDC or assume the Fed will issue one.

By Rajashree Chakravarty • Nov. 8, 2022

FedNow gives fee holiday in 2023

The Fed reiterated the fees the banks will ultimately charge — namely, customer credit transfer and customer credit transfer return fees of $0.045 per-item and a participation fee of $25 per routing transit number per month.

By Lynne Marek • Nov. 7, 2022

Indiana-based First Financial to cut 10% of its branch footprint

The bank plans to consolidate seven of its 72 locations by the first quarter of 2023, citing customers' shift to digital platforms in what may stand as a microcosm for a national trend.

By Rajashree Chakravarty • Nov. 3, 2022

Digital bank Chime cuts 12% of workforce

Chime co-founder and CEO Chris Britt said the move would allow the company to flourish “regardless of market conditions," according to an internal memo.

By Gabrielle Saulsbery • Nov. 2, 2022

Safe Harbor to buy cannabis banking, payments fintech

The deal will add 300 accounts to Safe Harbor’s portfolio and expand the firm’s operations to more than 30 states.

By Anna Hrushka • Nov. 2, 2022

Small business owners want more advice from banks, study finds

A J.D. Power study found that small businesses trust banks and are seeking practical advice to pull through tough economic conditions.

By Rajashree Chakravarty • Nov. 1, 2022

How hyperautomation transforms the bank customer experience

Though banks are early adopters of technology and their customers are eager to take full advantage of innovation; traditional financial services companies face a big dilemma, especially when it comes to delivering the many benefits of automation to their customers.

Oct. 31, 2022