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A consortium including Coinbase Global said all the reserves of the second-largest cryptocurrency stablecoin will shift into cash and short-term U.S. Treasurys, forgoing riskier investments.

Year to date through Jun. 30, 2021. Dollars in thousands.

Year to date through Jun. 31, 2021. Dollars in thousands.

The IRS and Justice Department waged a successful campaign to crack down on UBS and other Swiss banks for facilitating tax evasion. Coinbase, Kraken and other crypto exchanges should take note.

Daily edition for August 23, 2021

Fintechs and banks have stepped up their efforts to help so-called “credit invisibles” obtain credit through secured cards, specialized installment loans and use of alternative data in underwriting. Amid much progress, questions remain about how effective these tools really are.

The regional Fed bank said it was making the move “due to the recently elevated COVID-19 health risk level in Teton County, Wyoming.”

Bankers are hopeful that the rebound in oil prices and a spike in natural gas use are precursors to more borrowing. But banks are maintaining above-average levels of reserves in case the delta variant stifles economic momentum.

The bank, which helped launch the real-time network for peer-to-peer payments, is trying to duplicate that success by helping corporate clients process certain transactions instantly with wholesale partners and, in some cases, retail customers.

Mid-Southern Bancorp angered several large shareholders after disclosing that it bought another’s shares for a hefty premium. The seller’s identity is unknown, but the bank’s shareholders include a number of prominent activists.

Scott Credit Union of Edwardsville said it is acquiring Tempo Bank in Trenton, Illinois. It is the fifth such transaction announced since Aug. 5 and the 10th of the year.

Critics of consolidation say the Federal Reserve and other agencies are too quick to greenlight bank deals. But the truth is banks face many hurdles to merger approval, and they don’t bother to apply — or take a hint and withdraw their applications — if they can’t clear them all.

The move means companies can give consumers options other than ACH transactions or debit cards to receive disbursements for insurance claims, health care or gig work.

Daily edition for August 20, 2021

The Biden administration will soon face tough decisions on whether to renominate Jerome Powell as Federal Reserve chair and whom to select for vice chair of supervision and other posts.

It would be the second bank acquisition for Fairwinds, which bought Friends Bank in Florida in 2019.

Signed Thursday by Gov. Andrew Cuomo, the new law requires state-chartered banks to pay checks in the order they are received or from smallest to largest. The bill comes as banks nationally are revamping their overdraft policies.

Victor Ngo, 33, has pleaded guilty to making a false statement to JPMorgan Chase when he said his medical marijuana dispensary was a wellness and fitness company.

Customers have been particularly frustrated with midsize issuers for failing to adjust their rewards programs to reflect changing behavior and generally being less responsive than large issuers, according to a new report from J.D. Power.

Many customers in health care and other sectors remain resistant to new technologies. Here's how banks are trying to persuade them to adopt more efficient payments and back-office systems.