CFPB complaints skyrocket amid efforts to defund, cut staff
Complaints to the Consumer Financial Protection Bureau have skyrocketed in the first half of 2025, due in part to an increase in payment scams generated by social media that target peer-to-peer payment platforms such as Zelle, Venmo and other apps.
The state of CBDCs outside of the U.S.; U.K. pressures Apple
As the U.S. moves to make central bank digital currencies illegal, projects in other countries are moving slowly. Also: U.K. regulators look for new ways to monitor Apple and more in the global payments and fintech roundup.
Northern Trust firmly denies BNY merger discussions
“During my tenure as CEO, we have never entertained discussions regarding the sale of the company with any financial institution,” CEO Michael O’Grady told analysts Wednesday. The Wall Street Journal reported last month that the two banks’ CEOs had at least one conversation about a potential merger.
Bankers intensify anti-fraud efforts as concerns grow
American Banker’s Frictionless Fraud report finds not all institutions are well assured their customer verification tools can keep up with new schemes.
InvestiFi, Florida credit union partner on crypto trading
Ocala Community Credit Union is the latest credit union to partner with InvestiFi and offer crypto investments for its members.
The tokenization of assets is an adapt-or-die moment for finance firms
Markets are increasingly moving toward 24/7 functionality through the use of blockchain technology. Companies that don’t adapt will be left in the dust.
The stablecoin bill is now law. What’s next for banks?
Prospective stablecoin issuers — bank and nonbank alike — will now turn to banking regulators to tackle outstanding questions now that President Trump has signed the stablecoin bill into law.
D.C. Circuit reinstates NCUA board members fired by Trump
The D.C. Circuit Court found the Trump administration’s firings of two Democratic board members on the National Credit Union Administration to be “unlawful” and ordered Todd M. Harper and Tanya F. Otsuka to be reinstated.
Synovus weighs potential merger after drawing takeover interest
The Columbus, Georgia-based bank is working with a financial adviser and has recently held merger talks with at least one rival, people familiar with the matter said.
There’s an open door — but not quite open season — for ILCs
The Federal Deposit Insurance Corp’s decision to scrap Biden-era rules restricting industrial banks raises hopes for firms seeking to establish ILCs, but that doesn’t mean the entry of the largest retailers and tech firms — whose entry to the industry banks most fear — is imminent.