Money transfers

The fintech company Wise rose in its debut following a direct listing on the London Stock Exchange, in the largest such deal ever, bolstering Brexit Britain’s capital-market hopes.

Payservices would use deposits largely to support its existing business. It has no plans to make loans.

Though the COVID-19 pandemic continues to stifle economic growth globally, Western Union again pointed to its fast-growing digital services as key to keeping the company on a positive trend.

The two agencies proposed amending the Bank Secrecy Act to lower the threshold for transfers occurring outside the U.S. that trigger recordkeeping requirements.

Digital remittance provider WorldRemit has agreed to acquire Sendwave, a mobile app-based remittance company focused on servicing the African money transfer corridors.

Just as legal limbo has threatened the agency’s long-running effort to create a fintech license, a charter unique to payments companies could face a court challenge, observers say.

In a sign of the rapid shift to digital transactions, MoneyGram reported that its digital transactions grew by 100% in May, compared to the same time last year.

The challenge posed by digital-only remittance services has prompted a rapid change at MoneyGram.

The agency will allow institutions providing 500 or fewer transfers a year to estimate costs in consumer disclosures rather than quote exact figures.

Partisan differences get in the way of new aid program for small businesses as SBA program runs out of money; loan servicers want a bailout as defaults are expected.

The COVID-19 pandemic has already given rise to false marketing of test kits and criminals impersonating the FDIC. Consumer advocates say the bureau could issue alerts as well as empower banks to help safeguard their customers’ funds.

The agency announced changes meant to reduce compliance costs and allow some institutions to provide estimates rather than disclose exact prices for international money transfers.

House Republicans are pushing the CFPB to continue to allow banks and credit unions to estimate exchange rates and fees for money transfers.

The creator of the Zelle precursor clearXchange is heading a company building a blockchain-based international payment technology for banks.

The CFPB ordered Texas money transmitter Maxi to pay a $500,000 fine for allegedly deceiving consumers by saying the company is not responsible for errors made by agents.

Financial services is a dangerous diversification play for USPS, a contributor writes; Sen. Elizabeth Warren tells acting CEO that Wells Fargo is "still fundamentally broken"; Capital One buys a tech-focused investment bank; and more from this week's most-read stories.

Proponents of a plan to get the Postal Service more involved in banking say it would restore profitability. Actually it would lose more money.

Proponents of a plan to get the Postal Service more involved in banking say it would restore profitability. Actually it would lose more money.

Under the Illicit Cash Act, anti-money-laundering rules would be clearer — so banks would have no excuses for noncompliance.

Under the Illicit Cash Act, anti-money-laundering rules would be clearer — so banks would have no excuses for noncompliance.