OCC preempts Illinois swipe fee ban on taxes, tips
The Office of the Comptroller of the Currency issued an interim final rule Friday to clarify banks’ leeway to charge interchange fees, explicitly blocking the applicability of a law passed in Illinois that would ban charging interchange fees on taxes and tips that goes into effect in July.
BNPL is popular, but compliance worries hamper bank adoption
American Banker’s BNPL Tradeoff Survey finds risk and regulatory fears are leading many banks and credit unions to hold off on offering the lending product.
Should high-cost lender Enova be allowed to buy a bank?
In evaluating Enova’s proposed acquisition of Grasshopper Bancorp, regulators must decide whether to allow lending products with annual percentage rates of nearly 100% into the national banking system.
Coinbase follows its trust charter by boosting stablecoin distribution
The cryptocurrency company has collaborated with payment tech firm Nium to enable conversions to traditional currency, a play to boost use of the digital assets for payments and diversify Coinbase’s revenue sources.
Bankers most worried about cybersecurity, economy: survey
Fintech firm IntraFi’s most recent quarterly survey of bank executives showed rising pessimism among bankers related to “instability in Washington,” as well as growing concerns about technology-enabled fraud.
Rule making is a long process
The CFPB’s small-business-data rule is a lesson in what happens when nobody agrees.
Even amended, the Hagerty-Alsobrooks bill remains the wrong answer
The deposit insurance reform bill would give credit unions an on-ramp to competing for commercial accounts. A better alternative would be to reactivate the Transaction Account Guarantee program as needed.
Much-maligned small-business data rule close to finish line
The Consumer Financial Protection Bureau is poised to finalize a contentious rule mandating the collection of demographic data on small-business borrowers, with the aim of ensuring equal access to credit for women and minority owners.
Bankruptcy filings were up 11.9% in last 12 months
Bankruptcy filings rose 11.9% during the past 12 months, according to statistics from the Administrative Office of the U.S. Courts; JPMorganChase named Jerry Lee and Nick Richitt as global co-heads of health care investment banking; Goldman Sachs appointed Akila Raman as global head of its private and alternatives capital markets business; and more in this […]
Adyen to buy German loyalty platform in first-ever acquisition
The all-cash, 750 million euro deal to buy Talon.One marks a notable shift from the fintech’s M&A strategy that has historically favored build versus buy.