China ends probe of Ma-backed Ant with $984 million fine
The sanctions were in response to violations of laws and regulations in areas including financial consumer protection, payment and settlement business and anti-money laundering obligation in the past years, according to China’s central bank.
Santander joins a still-maturing market for early payroll
The bank is offering earned wage access, a product that can reduce overdrafts and employee retention, but which may someday run afoul of regulators.
Digital pound may verify age for alcohol and U.K. citizenship
A digital version of the British pound may feature a way to verify the holder’s age and citizenship status, potentially smoothing the purchase of alcohol and tobacco and transactions with government agencies.
Philadelphia Fed brings enforcement action against Quontic Bank
Under a written agreement, Quontic pledged not to distribute capital without the permission of its regulators. It’s the third enforcement action in five years against the small New York-based bank.
Ex-Silicon Valley Bank exec sizes up impact of failure on industry
Dan Kimerling, whose former company Standard Treasury was acquired by Silicon Valley Bank in 2015, shares his thoughts on what led to the bank’s collapse, whether there will be a chilling effect on tech lending and if there is a future for niche banks.
Why FIS changed its Worldpay spinoff plan
The payment processor Worldpay was originally supposed to be publicly traded. By taking the unit private and retaining a stake, FIS can remain competitive n merchant services.
KeyBank rolls out program aimed at defraying homebuying costs
Eligible borrowers would receive a credit for up to $5,000 to pay for expenses like insurance, taxes and closing costs. The program comes months after fair-lending advocacy groups criticized KeyBank for its low rate of lending to Black borrowers.
‘Just a kid from Wyoming’: Caitlin Long fights for regulated crypto
Long, founder and CEO of Custodia Bank, has pushed digital asset regulation in her home state of Wyoming. Now she’s working on a national scale.
NY Fed says long test on digital dollar shows speed advantage
Some of the world’s largest banks found that digital dollars could be an effective way to improve domestic and cross-border payments, according to a unit of the Federal Reserve Bank of New York.
SEC to release new rules for $5.5 trillion money-market industry
The Securities and Exchange Commission plans to hold a meeting next week to finalize the changes, which are meant to prevent the kind of outflows that occurred in March 2020 when the onset of the pandemic roiled markets.