Federal Reserve Gov. Christopher Waller said there was a popular "misunderstanding" Thursday regarding who can qualify for a "skinny" master account, noting that only firms with a bank charter would qualify for approval.
Bangladesh's central bank has suggested the Federal Reserve Bank of New York had a "major lapse" in allowing hackers to transfer $101 million in transactions that it later flagged as suspicious, according to an internal document seen by Bloomberg.
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Banking Circle US is the first company to use Connecticut's uninsured bank charter for wholesale and merchant activities. This kind of charter makes sense for payments firms, but questions persist about overall viability.
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Ant Group's Alipay is linking to Pakistan's NayaPay as part of a push to support tourism to China, Revolut has obtained a license from Mexico's National Banking and Securities Commission, and more.
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Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
A near-collapse of the global software vulnerability database exposed critical weaknesses that could leave banks unable to track cyber threats.
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A new wave of dot-coms is turning heads and building paper wealth for tech company workers. Unlike many who suffered in the crash of 2000, "dot-com 2.0" option holders are apt to assume they're riding a bubble — and they're looking for help to make the most of their unrealized riches.
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This summer, Fiserv plans to implement a solution that will move managed accounts using mutual fund advisory and exchange-traded funds on to its existing unified managed account platform.
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The Delaware company, best known for issuing prepaid cards, has ramped up commercial real estate securitizations. The shift promises to deliver big fees, but it could also cause headaches if defaults spike.
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Some believe the administration will delay action on Fannie Mae and Freddie Mac to avoid any political fallout. Others say the window for reform is closing.
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The Department of Housing and Urban Development approved a settlement in favor of the California Reinvestment Coalition against CIT Group's OneWest Bank, which Steven Mnuchin ran before he became Treasury secretary.
A Northwest credit union announced plans this week to buy a community bank, lifting the 2024 total of such deals to 13 and putting the year on track to set a record. The all-time annual high of 16 was set in 2022.
Democratic lawmakers signed an amicus brief with the D.C. District Court supporting a preliminary injunction to stop mass firings by the Trump administration at the Consumer Financial Protection Bureau.
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The banking industry appears to be stuck when it comes to diversifying the leadership ranks.
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The Federal Housing Finance Agency may have gotten more than it bargained for in its review of the Home Loan banks, but there is little doubt that the effort will result in significant structural change.
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The agency should be asking why, in today's America, there is anyone who wants a full-service checking account but can't get one.
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Comptroller of the Currency Jonathan Gould said Tuesday that chartering compliant fintechs is "the only way" to level the playing field between banks and nonbanks. His comments come as the Office of the Comptroller of the Currency weighs new trust charters and stablecoin rules.
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With the U.K. and U.S. giving a green light to the company's $22.7 billion scale-building deal to buy Worldpay, Global Payments has begun its integration strategy.
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Federal Reserve Vice Chair for Supervision Michelle Bowman said she wants banks to be competitive in the digital assets space, provided those operations are siloed from the traditional finance side of the business.
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Susan Riel, who helped found Eagle Bancorp nearly three decades ago, will step down as CEO in 2026. The bank is embarking on a search for her successor.
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Findings from American Banker's On-Chain Finance Report show how market leaders view digital assets as a permanent fixture in the banking industry.
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A survey of bank executives conducted by fintech firm IntraFi found that an overwhelming majority of respondents think Federal Reserve Governors should only be removed by the president in cases of proven misconduct.
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The payment company launched new tools for merchants and entered artificial intelligence collaborations with OpenAI and Mastercard ahead of the company's second quarter earnings, which beat analyst expectations.
A proposal from the Office of the Comptroller of the Currency would roll back Biden-era recovery planning rules for banks, leaving them with broad discretion to determine their own recovery protocols.
The 23rd annual ranking of women leaders in the banking industry.
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