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The firm's investors include Visa and PayPal, as well as the Teacher Retirement System of Texas

A recent report by the Office of the Inspector General for the Federal Deposit Insurance Corp. suggests that while the FDIC's strategic plan for economic inclusion is satisfactory, it could be improved by formalizing procedures, self-evaluations and gathering more input from banks.

The Japanese technology conglomerate withdrew its application to the National Credit Union Administration on Sept. 5, marking its fourth failed attempt to establish a financial institution in the U.S.

Ongoing disruptions and a reported ransom payment highlight the complexity of cybercrime networks and the pitfalls of paying ransoms.

The ruling comes in a lawsuit New York Attorney General Letitia James filed in 2020, claiming Jonathan Braun and others made thousands of merchant cash advances to small businesses, charged annualized interest that sometimes exceeded 1,000% and defrauded and harassed borrowers. 

Treasury's Financial Crimes Enforcement Network said most small businesses will need to report information about their beneficial owners at the start of next year; certain financial and government entities are exempt because of their preexisting regulatory requirements.

BMO says the shutdown will result in job losses as it shifts its resources to other areas.

Payments revenue growth is slowing from economic headwinds, lower-cost digital transactions and upstarts cutting into incumbents' profit margins, according to a Boston Consulting Group report. Here's what to expect.

The product will transform customers' deposits into digital tokens that can be sent instantly anywhere in the world, the company says.

PayPal's new stablecoin offering should be setting off alarms at traditional banks, because it could seriously challenge their dominance in the payments space.

In the absence of any federal cover to provide banking services to cannabis businesses, banks have developed strategies to service those customers anyway. But experts are divided on whether that adaptation obviates the need for comprehensive federal legislation like the Secure and Fair Enforcement Act.

Bancrédito International Bank and Trust Corp. "willfully violated" the Bank Secrecy Act, according to the Financial Crimes Enforcement Network. The penalty was the first under a two-year-old federal rule aimed at closing gaps in anti-money-laundering enforcement.

USAlliance Federal Credit Union names Harry Zhu as its next president and chief executive; HSBC launches business account-opening portal in 20 countries; Swift enters next phase of its central bank digital currency solution and more in the weekly banking news roundup.

The Senate Banking Committee is expected to mark up the Secure and Fair Enforcement Act, or SAFE Banking Act, the week of Sept. 25.

Commercial real estate loans are a growing area of concern for banks. But OceanFirst says its exposure to a troubled shared credit tied to a Manhattan office building isn't a sign of broader problems in its portfolio.

The American Bankers Association found that 89% of the banks it surveyed feel that social media is important. But there is room for improvement in their practices.

UBS's schedule, which targets the integration to be finished by the end of 2025, is very ambitious and not certain to be met, according to sources.

Carrie Tolstedt, the company's former retail banking chief, was sentenced to three years of probation, including six months of home confinement. A federal judge detailed why she denied the stiffer sentence sought by federal prosecutors, who wanted to send a message about the consequences of white-collar crime.

Dave Glaser, the company's president, is replacing Brady Harris to move payments fintech's focus to larger clients.