The Mountain View, Calif., online payment processing software and services provider CyberSource Corp., has purchased the online-auction payments company BidPay.com Inc. from First Data Corp. for $1.8 million in cash.
CyberSource, which announced the acquisition Tuesday, said First Data shuttered BidPay's Web site in December; the buyer plans to revive the site in the coming months.
Bruce Frymire, a CyberSource spokesman, said BidPay had more than 4 million registered users.
Federal Reserve Gov. Michael Barr Thursday warned against efforts to shrink the central bank's balance sheet, saying that effort could undermine financial stability and disrupt money markets.
As Americans lose more money to scams every year, the nation's largest bank has made a major investment in anti-fraud efforts.
The neobank put its multi-use card in the hands of even more consumers in the first quarter, reaching 5 million users. That has resulted in increased membership fees and average revenue per consumer compared with non-card-wielding customers.
The Federal Deposit Insurance Corp. waived through the Jeep, Ram, Dodge and Chrysler manufacturer's application to conduct banking activities. While banks have opposed ILCs in the past, other charters pose more pressing competitive threats at the moment.
Foreclosure filings were reported on 42,430 properties in the United States last month, down 8% from the month prior but up 18% from a year ago.
Senate Banking Committee Chairman Tim Scott, R-S.C., flatly denied multiple pleas from Democrats to consider their amendment to a crypto market structure bill being marked up in the committee Thursday that would make banking industry-favored changes to the yield provision. The committee passed the measure in a 15 to 9 vote.
