Finance

Business leaders in Atlanta and San Francisco warn that the digital divide will widen if Black-owned companies can't accept online and mobile payments.

Figure Technologies, the blockchain-based startup co-founded by Mike Cagney, is closing its latest funding round that values the company at $3.2 billion.

The $1 billion bond, which follows similar issuances by Citigroup, JPMorgan Chase, Bank of America and Truist Financial, gives a big role to broker-dealers owned by minorities, women and disabled veterans.

Federal Reserve Vice Chair Randal Quarles has made it clear that banks failing to make the transition away from the benchmark rate could face supervisory consequences.

The biggest U.S. banks criticized a pair of proposals designed to help consumers who don’t use their services.

Share buyback programs, shelved by many banks last year amid pressure from regulators to preserve capital, are back in vogue, with three dozen banks announcing such plans in April alone.

DailyPay has raised $500 million and is adding Carrick Capital Partners to its board of directors as it seeks to expand beyond earned wage access.

Pine Labs has raised $285 million in its latest funding round, including participation from Singapore’s sovereign fund Temasek, to continue its geographic and product expansion.

The company said it will increase access to affordable products, expand financial-education offerings and launch a National Unbanked Advisory Task Force.

The Federal Reserve Bank of Atlanta is enlisting banks, payment companies, retailers and universities to address problems that digital commerce creates for cash-reliant consumers.