Daily Edition

The president and his allies have stepped up their verbal attacks on the Federal Reserve and its chairman in recent weeks, and while the tough talk has not changed policy, it has sent a clear message to the financial sector.

Backed by tech billionaires, the crypto-focused digital startup bank's timely application reflects the current administration's openness to new tech-driven banking models — and raises concerns about regulatory impartiality, considering its backers' political ties.

The application follows on the heels of Circle and Wise, as crypto and payment companies seek crypto custody approval and direct access to the Federal Reserve payment system.

The credit union regulator, responding to a recent executive order, has established strict new standards for prosecuting financial crimes. Regulators are now supposed to make criminal referrals only in cases where putative defendants appear to have known they were breaking the law.

Michael Gibson, director of the Federal Reserve's supervision and regulation division, has accepted the agency's voluntary resignation offer and plans to leave this month after more than three decades at the central bank.

Three bank trade associations recommended phasing out paper checks to reduce government payment fraud in a joint statement submitted to the U.S. Treasury.

Baton Rouge-based Investar Holding Corp. has agreed to pay $84 million for Wichita Falls Bancshares, which operates five branches in the Dallas-Fort Worth Metroplex.

The all-cash transaction will make the enlarged company the U.K.'s third-largest lender by some measures.

Now more than ever, businesses globally have become increasingly susceptible to financial fraud.

A federal judge in New York has rejected Huawei's effort to toss charges alleging bank fraud, sanctions violations and trade secrets theft.

Efforts to shoehorn the Credit Card Competition Act into pieces of popular legislation need to be defeated. The proposed law would harm the small businesses and consumers it purports to help.

A U.K. judicial body says the card networks have breached competition laws, while Belgian regulators are examining Wordline for potential anti-money-laundering violations.

The U.K. regulator clarified that such behavior at financial firms could ultimately lead to a ban from the sector. 

Congress is considering major changes to federally supported student loan programs. If lawmakers aren't careful, they could close off a vital pipeline of talent that feeds vital public systems.

Navy Federal Credit Union will not pay a $15 million fine or $80 million in restitution to service members who were illegally charged surprise overdraft fees when their accounts had sufficient funds.