Anatomy of a $39.5 million pig butchering scam
Shell companies, stablecoin and a Bahaman bank that took orders from a gang of fraudsters all took part in a scheme that bilked U.S. victims of millions.
New York legislature pushes ban on cashless stores
The pending law, which has passed the Assembly and Senate, prohibits food and retail stores from refusing to accept cash payments. Cashless establishments have been prohibited in New York City since 2020.
Small-dollar loans are a winning proposition for banks and borrowers
Banks can now make loans of less than $1,000 easily and profitably. Increasing their availability would benefit consumers, communities and, most of all, banks themselves.
Inside Tether’s plan to counter a ‘bank stablecoin’
Pro-crypto regulations could draw U.S. banks into the market, providing fresh competition. CEO Paolo Ardoino spoke with American Banker about the digital asset firm’s strategy.
Some of the costliest bank failures have one thing in common
When a Chicago bank crashed, delivering a major blow to the Deposit Insurance Fund, regulators said they suspected fraud. Historically, that’s a common story.
Medallion Financial settles with SEC over fraud charges
The New York City-based specialty finance company must pay $3 million as part of a settlement with the SEC for allegedly inflating its stock price. Its president must pay a separate $1 million fine.
Bank groups warn of regulators’ cybersecurity weaknesses
A coalition of trade groups urges federal agencies to match private-sector cybersecurity standards.
Bowman sworn in as Fed vice chair for supervision
Michelle Bowman has officially taken the reins as the Federal Reserve’s top regulatory official, giving her the ability to advance policy proposals.
JPMorgan opens fintech accelerator program in UK
The bank says it hopes to help improve the payments ecosystem and meet the needs of underserved customers through supporting U.K.-based fintechs.
Exclusive: Sens. Banks, Cortez Masto to offer FHLB pay bill
A forthcoming bill from Sens. Jim Banks, R-Ind., and Catherine Cortez Masto, D-Nev., would allow the Federal Housing Finance Agency director to set limits on executive pay at the Federal Home Loan Banks.