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The decision is a blow to Facebook's digital currency plans; the reduction is the bank’s “most ambitious attempt to rein in costs in years."

The information you need to start your day, from PaymentsSource and around the web. Today: Paytm extends wireless; Tim Cook takes a veiled shot at Libra; European regulators warn banks on AML; Ohio shuts crypto tax payment site.

Europe would feel the brunt of the reductions, which would affect about 4% of the bank's global workforce.

Even with fee revenue already down, Oregon-based Providence FCU has cut its overdraft fees by half. Some analysts say the move could pay off if the economy goes south.

Crooks can impersonate IRS officials, tricking people into using gift cards to pay for a fake penalty, says Chargeback 911’s Monica Eaton-Cardone.

Canada is often at the forefront of payments innovation, with active fintech hubs and a national initiative to restructure the country’s transaction system for e-commerce. Yet outdated attitudes about identity risk linger, showing how hard it will be to achieve global digital ID at scale.

A combination of mutual and clashing interests has driven many players — big banks, community banks, credit unions and fintechs — to offer high-interest, digital-only savings and checking.

Facebook's Libra cryptocurrency project has lost its first major ally. PayPal — where the head of Facebook's Libra project once served as president — has cut its ties. As a founding member, PayPal was expected to drive the payment-specific part of the cryptocurrency initiative.

The agency chairman's comments mark an unusual turn for an industry famous for its bipartisanship.

Many community banks are launching digital banks, more aggressively courting younger customers and abandoning the idea that only primary banking relationships are worthwhile.

With David Lucas retiring in November after nine years, industry veteran Edward Fox took the reins earlier this week.

Allowing the mortgage giants to retain profits resolves a short-term capital shortfall, but how much capital they would need after exiting conservatorship is still the bigger question.

Eight credit union professionals will make up the Consumer Financial Protection Bureau's CU advisory board.

PayPal’s cross-border remittance unit Xoom is hoping to build a faster payments market in South Korea by enabling direct delivery into bank accounts, a channel that tends to be more expensive than other options.

The ‘Unsinkable Cathy Bessant’; Thasunda Duckett’s rising star takes center stage; the challenges facing Wells Fargo chief Charles Scharf; Fannie, Freddie to retain $45B in capital; and more from this week’s most-read stories.

German payments processor and technology provider Wirecard is launching new money transfer capabilities for users of the Viber instant messaging application.

As Banking Committee Chairman Mike Crapo works on legislation enabling banks to serve cannabis businesses, one area of focus is combating risks tied to “legacy cash” that has accumulated in the marijuana industry.

After the St. Louis Blues won the 2019 NHL championship, credit unions in the city welcomed the historic trophy for a visit, while CUs across the nation made other efforts to showcase their community involvement.

Demand for a user-friendly way to shop and pay for tailored products requires action from those that want to stay ahead of the digital curve, says KBMax's Kris Goldhair.

Retailers are decelerating data security spending, even as attacks become more sophisticated and merchants emphasize the types of multi-channel shopping that draws attackers.