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Toronto-Dominion Bank is thanking employees for their pandemic-era resilience with a new reward: a piece of the company.

The card network aims to attract more merchant customers with an account that pays a 1.1% interest rate.

Amazon, Google and other technology giants entering financial services should be subject to the same supervision banks are, Rohit Chopra said in his first congressional testimony as director of the Consumer Financial Protection Bureau. He also said he wants to focus enforcement on large firms that harm many people rather than chasing small companies.

A proposal that would enlist financial institutions’ help in raising tax revenue to pay for President Biden’s social policy agenda lost steam after objections from a key senator. The administration was said to be narrowing the plan’s scope to preserve its chances.

The decision came prior to news of a federal investigation of PAX Technology and a raid of its Florida locations that has prompted inquiries from customers about the security of devices that they have relied on for making and receiving payments.

The nominee to lead the U.S.’s top swaps regulator has a warning for lawmakers: Crypto misconduct the agency has already exposed is “the tip of the iceberg” and it likely needs more authority to police the white-hot market. 

The DeFi protocol Cream Finance suffered yet another 2021 hack in an exploit that stole at least $130 million and could be one of the largest thefts in decentralized finance.

Collaborations among rival banks and fintechs can be mutually beneficial, Vanessa Colella says. A recent example is a small-business loan portal Citi created that other banks can use.

The deal for Michigan-based Flagstar Bancorp, announced in April, was originally expected to be completed by the end of the year. The New York bank’s CEO expressed optimism that it will still get regulatory approval.

The National Credit Union Administration has approved Capital Federal Credit Union in Lubbock, Texas, to serve people of color and underserved communities in its state.