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Join the Banking Dive editorial team, alongside a panel of experts, on August 3rd for the Bridging the Gap: Exploring Bank-Fintech Partnerships virtual event. We'll share insights on the current landscape, best practices and more. Learn more when you register today: https://dive.pub/44bDwRn
Join Banking Dive for our virtual event, Bridging the Gap: Exploring Bank-Fintech Partnerships, which will take place virtually on Aug. 3 at 2 p.m. ET.
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Harsher penalties, a fiercer fight over ESG philosophy and a more urgent push to regulate crypto appear poised to roil the finance sector in 2023.
Inside the rapidly changing world of The Banking Dive Outlook on 2023. Access the Banking Dive Trendline
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For those that can combine the charter with the technology, that is the most competitive way to play in the banking-as-a-service space, where you can work with fintechs and nonbank brands that want to enter into this space and can come to them with a full package: one platform, one partner, one experience on the technology and the banking charter and banking program management all in one player,” said Luvleen Sidhu, CEO of BM Technologies, Inc. - BMTX f/k/a BankMobile.
“For those that can combine the charter with the technology, that is the most competitive way to play in the banking-as-a-service space,” said Luvleen Sidhu, BM Technologies’ chair, CEO and founder.
Womply worked with 17 lenders to process 1.4 million or more PPP loans, generating fees between $1.7 billion and $3 billion, the panel said in a letter Monday.
Fintechs Blueacorn and Womply were sent letters Monday, seeking documents and information on the companies' fraud prevention measures. The committee made similar requests of Kabbage, BlueVine and others in May.
Citi intends to hire roughly 100 people to focus on the bank's blockchain and digital asset efforts.
Puneet Singhvi will become the head of digital assets for Citi's institutional clients group Dec. 1, according to an internal memo.
From Bitcoin rewards to custody services for digital assets, banks and fintechs are carving out strategies and services tied to crypto as regulators seek to catch up with guidance.
From Bitcoin rewards to custody services for digital assets, banks and fintechs are carving out strategies and services tied to crypto as regulators seek to catch up with guidance.
Accounts for the challenger bank’s 500,000 U.S. customers will be closed Jan. 11.
Accounts for the fintech's 500,000 U.S. customers will be closed Jan. 11. The company is aiming to expand into more countries in eastern Europe and still plans to launch services in Brazil.
On Tuesday Ripple said the existing framework can be adapted to fit crypto and touted legislation that would de-emphasize the SEC's role in favor of the CFTC.
The company on Tuesday said the existing framework can be adapted to fit crypto and touted legislation that would de-emphasize the SEC's role in favor of the CFTC.
Investment banking underwriters could see their bonuses jump 30% to 35% this year, compared with 2020.
A flurry of deals and a fertile crop of initial public offerings have translated to bigger workloads for bankers but also to mounting concerns that talent may leave if the price of perks isn't right, a pay consultancy said Tuesday.
BM Technologies, Inc. - BMTX f/k/a BankMobile plans to acquire First Sound Bank, a Seattle-based community business bank, in an all-cash deal worth $23 million.
The $23 million deal, set to close in the second half of 2022, will allow BM Technologies to supplement fee-based income with net interest income, CEO Luvleen Sidhu said.
!["The banking bill only deals with a small part of [issues related to cannabis], but not what needs to be done. We need a...](https://img4.medioq.com/196/119/1119042101961199.jpg)
"The banking bill only deals with a small part of [issues related to cannabis], but not what needs to be done. We need a broad comprehensive bill," Schumer said in July.
The Senate has never voted on the SAFE Banking Act, and some Democrats could still serve as a roadblock to the measure, favoring more comprehensive legislation.
While parents' banking habits influence their children, researchers found, the difference in those habits is getting progressively wider.
The U.S. Small Business Administration said more than 600 banks have opted in to the program, representing 30% of loans $150,000 or less that have not yet applied for forgiveness. The portal will begin accepting applications from borrowers Aug. 4.
The agency said more than 600 banks have opted in to the program, representing 30% of loans $150,000 or less that have not yet applied for forgiveness. The portal will begin accepting applications Aug. 4.
The acquisition of Investors Bank, expected to close in the first or second quarter of 2022, will put Citizens Bank's assets above $200 billion, and propel the bank to the top 10 in deposits among retail and commercial banks in the New York City market.
The transaction, expected to close in the first or second quarter of 2022, will put Citizens' assets above $200 billion, and propel the bank to the top 10 in deposits among retail and commercial banks in the New York City market.
Tether and Diem were reportedly the focus of last week's "act-quickly" directive from Treasury Secretary Janet Yellen. The Justice Department is allegedly probing whether executives behind Tether committed bank fraud during the entity's early days. Regulators, meanwhile, are checking to see that the amount of commercial paper Tether holds is backed dollar-for-token, Acting Comptroller of the Currency Michael Hsu told Bloomberg.
Tether and Diem were reportedly the focus of last week's "act-quickly" directive. The Justice Department is allegedly probing whether executives behind Tether hid from banks that transactions were linked to cryptocurrency.
"Don’t get me wrong, I support the SAFE Banking Act. I think it’s a phenomenal bill," said Booker, D-NJ. "For me, a good bipartisan bill like the banking bill is a necessary sweetener to get people to move along on the equitable justice elements that are really critical."
"For me, a good bipartisan bill like the [SAFE] banking bill is a necessary sweetener to get people to move along on the equitable justice elements that are really critical," he said.
Most of the cuts — 661 — will take place at People's United's Bridgeport, Connecticut, headquarters, according to a Worker Adjustment and Retraining Notification (WARN) that M&T Bank filed Thursday.
The Buffalo, New York-based bank anticipates it will save about $330 million in annual expenses that would otherwise be duplicated as a result of its $7.6 billion acquisition of People's United.
Customer journey mapping would let banks see how and when users interact with digital channels outside the branch, writes Mohamed Abdelsadek, executive vice president of North America services at Mastercard. The results can then inform digital-first branch remodeling.
A café might be a reason to visit a bank branch. But a customer journey map would let banks see how customers interact with digital channels outside the branch and inform digital-first branch remodeling.
"The ability to build bridges not only with our developer clients but our financial institution partners is critical in making sure that the consumer is served in the best way possible," said Ginger Baker, head of financial access at Plaid.
The company's mission to forge stronger relationships with banks and increase its API traffic comes amid a sometimes less-than-amicable interplay between data aggregators and financial institutions.
"We've had overwhelming interest from regulatory entities globally," Solidus Labs CEO Asaf Meir told Reuters. "We needed someone who brings in the right experience."
She'll serve as vice president of regulatory affairs at Solidus Labs. The digital asset space has become a frequent landing spot for former regulators, including ex-Acting Comptroller Brian Brooks.
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