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The commitment of derivatives firms headquartered in Chicago is being tested by some $800 million in taxes proposed by the new mayor.

The firm's investors include Visa and PayPal, as well as the Teacher Retirement System of Texas

A recent report by the Office of the Inspector General for the Federal Deposit Insurance Corp. suggests that while the FDIC's strategic plan for economic inclusion is satisfactory, it could be improved by formalizing procedures, self-evaluations and gathering more input from banks.

The Japanese technology conglomerate withdrew its application to the National Credit Union Administration on Sept. 5, marking its fourth failed attempt to establish a financial institution in the U.S.

Ongoing disruptions and a reported ransom payment highlight the complexity of cybercrime networks and the pitfalls of paying ransoms.

The ruling comes in a lawsuit New York Attorney General Letitia James filed in 2020, claiming Jonathan Braun and others made thousands of merchant cash advances to small businesses, charged annualized interest that sometimes exceeded 1,000% and defrauded and harassed borrowers. 

Treasury's Financial Crimes Enforcement Network said most small businesses will need to report information about their beneficial owners at the start of next year; certain financial and government entities are exempt because of their preexisting regulatory requirements.

BMO says the shutdown will result in job losses as it shifts its resources to other areas.

Payments revenue growth is slowing from economic headwinds, lower-cost digital transactions and upstarts cutting into incumbents' profit margins, according to a Boston Consulting Group report. Here's what to expect.

The product will transform customers' deposits into digital tokens that can be sent instantly anywhere in the world, the company says.