Investment

PayPal does its part in Ukraine, recognition for U.S. Bank and more in banking news this week.

The omnibus legislation includes two measures that affect the banking industry: a cyber incident reporting requirement and Libor transition fix.

Lake Shore Savings Bank said in a regulatory filing that during the incident, employees temporarily lost access to internal systems and data. It is one of several financial institutions that have disclosed cybersecurity attacks in 2022.

Gauntlet, a financial-risk modeling platform for crypto lending, raised a new round of funding that pushed its valuation to $1 billion.

European banks operating in Russia are preparing to separate those business from their main computer systems to reduce their vulnerability to cyberattacks following the invasion of Ukraine.

The bill, part of the omnibus spending package, would force banks and other critical infrastructure providers to tell the government right away when they’ve been breached.

Revolut’s Chief Revenue Officer Alan Chang is leaving the U.K. financial technology startup for a new cryptocurrency venture and is seeking to raise roughly $100 million in financing.

The legislation by Sens. Rob Portman and Gary Peters has bankers worried about burdensome reporting requirements.

Early Warning Services, which operates the Zelle peer-to-peer payments network, is working to educate consumers about common scams, but it faces criticism over how its banks respond to victims.

Zeta Services, a banking and credit card technology unicorn, has raised $30 million from investors including Mastercard, and the two announced a five-year collaboration to help customers launch credit card services.