The Latest

Three former senior enforcement officials at the Consumer Financial Protection Bureau have launched Halperin Petersen & Mikkilineni LLP, a new public interest law firm; Ally Financial taps Mark Mathewson as chief information and data officer; Provident Bank names Anthony Petrazzuoli SVP, deposits & payments operations director; and more in this week's banking news roundup.

PayPal's board of directors is reportedly unimpressed with Stripe and Advent International's $53 billion offer to buy the company. Analysts had speculated that the offer may be low, despite the fact that it came in at a 30% premium compared with other merchant processors.

Banks must tell regulators of a serious breach within 36 hours under a codified rule. Regulators say they will tell banks 72 hours of their own data breaches, in a memo nobody can enforce.

By establishing direct connections to clearing networks such as Japan's central bank, the cross-border payment firm avoids intermediaries, feeding its strategy to undercut traditional financial institutions.

The Charlotte, North Carolina-based bank stopped originating marine and recreational vehicle loans during the second quarter. Executives said the change will reduce net interest income in the short term, but deliver higher profitability over the long run.

Clients with concentrated stock holdings might be better off turning their portfolios into ETFs in a tax deferral transaction called a Section 351 conversion.

The recently announced consortium of crypto companies behind OpenUSD, a new dollar-denominated stablecoin, will have to demonstrate that it can build partnerships with banks and intermediaries before it can challenge USDC and Tether.

The customer-sourced investment will continue to support the digital banking provider's AI and digital loan origination initiatives.

Banks are posting record profits, benefiting from being in the middle of a hot credit cycle. Everything is going their way. The only question is, how long can it last?

A coalition of 20 state attorneys general, most of them Democrats, is opposing efforts by the high-cost lenders Enova International and Opportunity Finance to acquire banks. The state AGs warn that the companies are trying to dodge state interest-rate caps.