DENVER – First Data Corp., which in the midst of a major restructuring, said it will consolidate 12 of its U.S. data centers as part of a cost-cutting move. The consolidation is projected to cost the transaction processing giant around $225 million. The company, which recently completed the acquisitions of Wells Fargo’s Instant Cash Services ATM network and of FundsXpress, is itself in the process of being taken private by Kohlberg Kravis Roberts & Co. for $29 billion.
Federal Reserve Gov. Lisa Cook said Thursday that private credit does not seem to pose additional risks to the financial system at the moment, but added that more information about the opaque market is needed.
FiCare asked a judge to stop Fiserv from using automated checks to lift fraud holds. Fiserv says the credit union could have turned on one-time passcodes.
The federal agency's proposed definitions characterize event contracts as swaps, but exclude "casino-style" gambling.
Advisory practice sellers frequently wish they had taken more time for important strategic tasks before the deal, David Grau of Succession Resource Group says. He provided a list explaining why the timeline will take longer than many sellers may think.
Federal Reserve Vice Chair for Supervision Michelle Bowman said banks are making use of expanded balance sheet capacity to increase their Treasury holdings.
OUSD, the new stablecoin from Open Standard, a consortium of more than 140 banks, fintechs, payments companies and crypto firms, has drawn interest, in part due to its shared economics model.
