Banks are not prepared for the industrialization of crypto theft
The proliferation of so-called “Drainer-as-a-Service” platforms that allow low-skilled attackers to execute sophisticated fraud schemes present a challenge to banks as cryptocurrencies go more mainstream.
How one CDFI is navigating the chaos in Minneapolis
WomenVenture, a Minneapolis-based Community Development Financial Institution, was already under strain from stalled federal CDFI funding. The recent immigration crackdown added significant uncertainty for its customers as well.
Fed Gov. Miran steps down from White House CEA role
Federal Reserve Gov. Stephen Miran, who had been on a leave of absence from his position as Chair of the White House Council of Economic Advisers since he was confirmed to the central bank in September, resigned his CEA role Tuesday to uphold his promise to resign his White House role if he remained past […]
Banco Santander inks $12.3B deal to buy Webster Financial
The Spanish banking giant, which has been trying to grow its U.S. business, plans to acquire the Connecticut-based parent company of Webster Bank.
Senators grill UBS execs over Nazi-accounts investigation
At a hearing Tuesday, executives at the Swiss banking giant faced tough questions from both Republicans and Democrats. The lawmakers are unhappy with the bank’s recent decision to withhold certain documents from a lawyer who’s overseeing research regarding Nazi accounts.
BitGo and PicPay go public in ‘uncertain’ fintech IPO market
The crypto and payment fintechs both debuted on the stock market in late January with strong openings, then traded down ahead of a four-day partial government shutdown.
NY fintech founder Gökçe Güven charged in $7M fraud case
Prosecutors claim the Forbes 30 Under 30 honoree maintained two sets of books to hide Kalder’s actual revenue of just $60,000.
Banks say core provider power needs to be checked
Banking trade associations told the Office of the Comptroller of the Currency that regulators should reform rules around third-party risk, saying concentration and limited choice of core service providers places an undue burden on banks.
Affirm shores up exclusive distribution deals ahead of earnings
The buy now, pay later lender is carving out a lane for itself with exclusive deals with Intuit’s Quickbooks Payments and Expedia’s websites. It also will be the default BNPL provider for Bolt’s one-click checkout.
Columbia in New Jersey to enter New York City in $597M deal
Acquiring the $5.8 billion Northfield Bancorp would give Columbia a presence in both Brooklyn and Staten Island. The deal provides a window into the impact of New York Mayor Zohran Mamdani’s plan to freeze rents on the city’s multifamily real estate market.