The agency's lawsuit against the Rhode Island company — the first involving a bank under Director Kathy Kraninger — has challenged assumptions about its approach to enforcement.
It was Varo's second try with the Federal Deposit Insurance Corp., but it has now moved within a few steps of obtaining what has eluded fintech firms of late: a green light from banking regulators.
California governor to fintechs: Forget Utah. Be an ILC here.
Gavin Newsom's proposal to create a consumer watchdog modeled after the CFPB includes a provision that would make it easier for upstart financial firms to obtain industrial loan charters.
Why the Fed is taking an incremental approach to faster payments
To address immediate market demand but allow time for the project to be done right, the official leading implementation of FedNow says the central bank envisions an initial release in 2023 or 2024 followed by subsequent updates.
The McLean, Va.-based company admitted that it failed to file suspicious activity reports even in cases when it knew about criminal charges against specific customers. The misconduct took place in a unit that served check-cashing businesses and was later shut down.
Weeks away from succeeding Michael Corbat, Jane Fraser said she’d consider streamlining some units or divesting others as part of her effort to kick-start return on equity.
South African bank's approach to chatbots offers lessons for U.S. players; small lenders embrace automation for latest PPP round; flush with capital, Canadian banks eye U.S. acquisitions; and more from this week's most-read stories.