Technology

Valuations for payment technology companies skyrocketed over the past year, pushed by a wave of public listings and record venture capital investments. Some potential acquirers are waiting for prices to cool.

SoFi Bank, which is expected to open next month, emerges from the company’s purchase of a small community bank in California. It will not be allowed to engage in crypto-asset activities without its primary regulator’s approval.

A group of community banks and two major trade associations have formed a partnership with and invested in the fintech NYDIG to offer the service on the banks’ mobile apps by midyear. The banks say it will help them generate revenue and retain customers interested in cryptocurrency.

The automaker plans to overhaul its online car-shopping portal, while also developing an in-car system for purchasing fuel, parking and other goods and services.

The Conference of State Bank Supervisors abandoned a lawsuit against the Office of the Comptroller of the Currency that had challenged the San Francisco fintech's effort to become a national bank without deposit insurance. The company recently amended its application to drop that controversial element.

Challenger banks like Chime and Dave have been helping customers avoid overdraft fees for years. As traditional banks start to do the same, the fintechs say they still offer consumers a better deal.

The Consumer Financial Protection Bureau is more than a year away from issuing a proposal on consumers’ right to control the flow of their data between banks and third parties such as fintechs, according to people familiar with the bureau’s thinking. Many previously expected a plan to arrive this spring.

New York Community Bank and Synovus Bank are among the founding members of the group, which will use the US Dollar Forward stablecoin on the Provenance blockchain.

A U.S. central bank digital currency is coming, and what form it takes could spell opportunity — or trouble — for the banking industry.

The companies will use funding obtained from private investors to develop or expand products that help business owners send and receive money more quickly and manage their operations.