Technology: Page 3
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Anna Hrushka/Banking Dive
FDIC downgrades Forbright Bank’s CRA score
The demerit stems from a relationship the bank had with a third party that ended more than two years ago, a source familiar with the evaluation said.
By Gabrielle Saulsbery • July 9, 2024 -
Chris McGrath via Getty Images
Crypto theft doubles to $1.38B in 2024’s first half
The May theft of more than $300 million in Bitcoin from Japanese crypto exchange DMM Bitcoin is the largest digital currency heist so far this year.
By Alexei Alexis • July 8, 2024 -
Explore the Trendline➔
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TrendlineCompliance in banking
A trio of fintech execs share their thoughts on partnerships with banks. This collection also explores the most pressing issues faced by three banks — TD, Capital One and Citi — heavily invested in compliance.
By Banking Dive staff -
Spencer Platt / Staff via Getty Images
Q&AHow banks are thinking about genAI
As more banks turn generative AI ideation into implementation, the technology’s biggest impact may come in translating legacy code, said Accenture’s global banking lead.
By Caitlin Mullen • July 3, 2024 -
matt_benoit via Getty Images
Silvergate pays $63M to settle with SEC, Fed, California regulator
The company and two of its executives settled allegations against them. Silvergate’s former CFO, however, did not, and eyes a civil trial.
By Gabrielle Saulsbery • July 2, 2024 -
Dan Kitwood / Staff via Getty Images
Crypto firm Abra settles with 25 states for operating without a license
Abra agreed to repay customers some $82 million in crypto. CEO Bill Barhydt said all but $2 million, yet to be claimed, has been repaid.
By Gabrielle Saulsbery • June 27, 2024 -
Avosb via Getty Images
Evolve data breach adds to woes of Synapse partner
Customer data was released to the dark web, the bank said, two weeks after the Fed handed Evolve an enforcement action regarding its partnerships.
By Dan Ennis • June 26, 2024 -
Spencer Platt / Staff via Getty Images
Bank of America zeroes in on innovation with business banking app
The team behind the bank’s CashPro app aims to stay a step ahead of rivals, in part by working closely with clients on improvements, said Jennifer Sanctis, the app’s product head.
By Caitlin Mullen • June 24, 2024 -
Shutterstock.com / Michael Rosebrock
Sponsored by Form3Outdated payment systems risk falling behind in the digital age
Banks must modernize payment systems to compete in a digital age dominated by real-time transactions. Legacy tech hinders innovation and customer satisfaction.
June 24, 2024 -
Spencer Platt / Staff via Getty Images
Citi fined $13.9M by Germany’s BaFin over 2022 flash crash error
The penalty, announced Thursday, came two days after two British regulators fined the bank £61.6 million ($78.4 million) for the same instance.
By Rajashree Chakravarty • June 21, 2024 -
Courtesy of BNY Mellon newsroom
BNY hires BP exec as its next CIO
Leigh-Ann Russell joins the bank Sept. 15. That means Bridget Engle will leave BNY later this year “after supporting a successful transition of her responsibilities,” a spokesperson for the bank said.
By Dan Ennis • June 20, 2024 -
Pablo Blazquez Dominguez via Getty Images
Santander warns US employees bank account info stolen in third-party database hack
The bank in May confirmed a major breach involving customer data in multiple countries.
By David Jones • June 20, 2024 -
Mario Tama via Getty Images
Citi leans on services business amid turnaround
At an investor event Tuesday, bank executives said the services business, which helps about 19,000 clients around the world manage and move money, is at the heart of Citi’s strategy.
By Caitlin Mullen • June 18, 2024 -
Chris McGrath via Getty Images
Paxos cuts 65 employees, narrows focus to tokenization
With the layoffs, which encompass 20% of the crypto firm's headcount, Paxos will phase out its settlement services in commodities and securities, a source told Bloomberg.
By Dan Ennis • June 17, 2024 -
Denis Tangney Jr. via Getty Images
Gemini to settle with NY AG for $50M
The $50 million in digital assets will go directly to investors of its defunct Gemini Earn program, who will be made whole, according to the settlement.
By Gabrielle Saulsbery • June 17, 2024 -
Michael M. Santiago via Getty Images
Wells Fargo fires employees over faked productivity
Employees were “discharged after review of allegations involving simulation of keyboard activity creating impression of active work,” according to FINRA disclosures.
By Gabrielle Saulsbery • June 14, 2024 -
Just_Super via Getty Images
Terraform Labs, Do Kwon to settle with SEC for $4.47B
Meanwhile, Kwon remains in Montenegro as courts wrestle with whether or not to extradite him to his home country of South Korea or to the U.S. to face charges.
By Gabrielle Saulsbery • June 13, 2024 -
Courtesy of FDIC
Synapse trustee McWilliams finds $85M gap in frozen funds
Partner banks of the bankrupt fintech middleman hold roughly $180 million in demand deposit and for-benefit-of accounts associated with end users. But those users are owed $265 million, a court filing shows.
By Dan Ennis • June 12, 2024 -
Permission granted by WealthMeUp
Ex-Bank of America lawyer builds female-focused investment app
A beta version of WealthMeUp, an application designed to help women navigate investment and address the disparity between how men and women look at the space, launched Tuesday.
By Rajashree Chakravarty • June 12, 2024 -
Spencer Platt / Staff via Getty Images
Robinhood leans further into crypto with $200M Bitstamp deal
Acquiring the crypto exchange would embed the brokerage deeper in digital assets and help it trade a greater variety of tokens in more markets globally.
By Dan Ennis • June 12, 2024 -
Chris Hondros / Staff via Getty Images
JPMorgan names firmwide CTO
Former PayPal technology chief Sri Shivananda brings with him an “exceptional track record in innovation and technology leadership,” JPMorgan Chase's CIO Lori Beer said in a memo.
By Gabrielle Saulsbery • June 11, 2024 -
Courtesy of Morgan Stanley
Morgan Stanley CEO outlines AI benefits
Although the proliferation of AI will benefit the lender’s investment banking segment, the technology is likely to be “even more” of a game changer for its wealth business, said CEO Ted Pick.
By Caitlin Mullen • June 11, 2024 -
Oli Scarff / Staff via Getty Images
Citi’s new tech chief takes the helm
Tim Ryan will lead Citi's ongoing efforts to transform its technology operations, a goal the bank poured $12 billion into last year.
By Matt Ashare • June 10, 2024 -
whyframestudio via Getty Images
Rivals Adyen, Stripe partner with Capital One to combat fraud
The three companies announced last Wednesday that they are teaming up to launch a free service intended to combat fraud and reduce the amount of transactions that are improperly declined.
By Patrick Cooley • June 10, 2024 -
Retrieved from Senate Banking Committee.
Banks, AI partners must share responsibility for safety: OCC’s Hsu
“With AI, it is easier to disclaim responsibility for bad outcomes than with any other technology in recent memory,” Acting Comptroller of the Currency Michael Hsu said Thursday.
By Rajashree Chakravarty • June 7, 2024 -
Retrieved from Consumer Financial Protection Bureau.
CFPB finalizes open banking standard setter rule
The bureau will consult public interest groups and app developers on open banking standards, and no single special interest can dominate the standards-making process.
By Gabrielle Saulsbery • June 6, 2024
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