Technology

U.S. lawmakers' efforts to pass significant crypto legislation by the end of the year are on life support, leaving in place Washington's scattershot approach to digital coins. 

A criminal group called Prilex has stolen millions in a scheme involving fake repair people installing malware on point of sale terminals.

Customers Bank, Cogent Bank and Western Alliance bank settled 400  transactions among themselves in real time, over the course of eight hours.

A new report from American Banker's parent company finds that traditional banks are vulnerable to competition from online banks and fintechs such as PayPal and Square. It recommends that banks build deeper relationships with small-business owners by adding more products to their traditional suite of offerings.

The challenger banks Mercury and Nerve are offering networking events, tailored accounts, credit cards and more to attract a once neglected market.

The Consumer Financial Protection Bureau has accused the challenger bank, which charges customers a monthly membership fee, of violating the Military Lending Act and other consumer protection laws. MoneyLion says the allegations are baseless, but some analysts said the consumer bureau appears to have strong claims.

FS-ISAC will test banks' cybersecurity defenses in "hyper-realistic" simulations of malware, phishing and ransomware attacks.

The claim that these arrangements are unregulated is inaccurate, and instead, more oversight would destroy the benefits of banks working with fintechs on consumer products.

Angel Oak Capital Advisors has helped institutional clients buy subordinated debt with the assistance of a distributed ledger developed by Brightvine. Benefits to the issuer and investors include a central place to find all documents and automated updates when banks pay off their loans.

The company has built an ability to connect employees' communications to their behavior, to root out any policy violations and show regulators a bank is doing enough to comply.