The Virginia-based bank had been an example of what can go wrong when banks partner with fintechs. After being released from an OCC enforcement action, Blue Ridge is now focused on operating as a traditional community bank, said CEO Billy Beale.

The payments company is expanding the transfer app in an effort to entice more consumers to use the service as their primary banking relationship

Customers of fintechs like Yotta and Juno, who in some cases lost their life savings, may start to get reimbursed out of the agency's Civil Penalty Fund, but no timeline has been announced for repaying them.

MetroCity Bankshares in Doraville, Georgia, plans to finalize its acquisition of First IC Corp; Rockefeller Capital Management's Brian D. Riley will join BNY Wealth as global head; Blackstone appoints former Morgan Stanley rainmaker Franck Petitgas to a top role in Europe; and more in this week's banking news roundup.

As the need for easy-yet-secure mobile banking authentication escalates and consumers become used to logging in by looking into a camera, banks are taking the technology more seriously.

Banks talk a good game about thwarting fraud and protecting consumers and businesses, but the experiences of this author, a former bank regulator, illustrate how the quality of such efforts varies dramatically from one bank to the next.

The company angered hundreds of customers when its software flagged their accounts as suspicious and suddenly cut them off, according to a ProPublica report. The episode illustrates the challenge shared by fintechs and banks of rooting out scammers without being overzealous.

Europe has encouraged adoption with rules that put consumers in control of the way their data is shared among banks, fintechs and third-party vendors. Whether the U.S. can make similar progress without its own rules is unclear.