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Payment processor First Data Corp. has renewed with Sovereign Bank, a unit of Banco Santander S.A., a merchant-services processing agreement for Sovereign's 60,000 merchants. Boston-based Sovereign and Atlanta-based First Data have had similar agreements in place since 2001, First Data says. Sovereign's merchants are located predominantly in the Northeast. Banco Santander is based in Spain.
When a Chicago bank crashed, delivering a major blow to the Deposit Insurance Fund, regulators said they suspected fraud. Historically, that's a common story.
The New York City-based specialty finance company must pay $3 million as part of a settlement with the SEC for allegedly inflating its stock price. Its president must pay a separate $1 million fine.
A coalition of trade groups urges federal agencies to match private-sector cybersecurity standards.
The bank says it hopes to help improve the payments ecosystem and meet the needs of underserved customers through supporting U.K.-based fintechs.
Michelle Bowman has officially taken the reins as the Federal Reserve's top regulatory official, giving her the ability to advance policy proposals.
A forthcoming bill from Sens. Jim Banks, R-Ind., and Catherine Cortez Masto, D-Nev., would allow the Federal Housing Finance Agency director to set limits on executive pay at the Federal Home Loan banks.
