Remitly creates membership tier, expands product offerings
The cross-border transfer platform is broadening its business model with a subscription-based membership and products like a digital wallet and cash advances.
More banks take hits from auto lender’s bankruptcy
Origin Bancorp, Renasant Bank and Triumph Financial are the latest financial institutions to report exposure to the bankrupt auto lender Tricolor, joining a list that includes Fifth Third, Barclays and JPMorganChase.
Big loan sale helps digital bank reset its balance sheet
First internet Bancorp, which has recently been grappling with credit quality issues, has agreed to sell an $869 million portfolio of single tenant commercial real estate loans to Blackstone.
Wyden demands FTC probe Microsoft for cyber ‘negligence’
A 2024 hospital ransomware breach highlights what Wyden calls Microsoft’s systemic failures, urging the FTC to take action.
Huntington Bank’s plan to obtain a return on gen AI
The Ohio bank sees 10% to 15% cost reductions coming from using generative AI in software development, customer service, personalization and other areas.
Why Cash App ventured into nonprofit payments
Block’s transfer service partnered with fundraising and donor management platform Givebutter for philanthropic payments in an effort to capture even more young consumers’ payment volume.
Inside U.S. Bank’s tariff payments strategy
The bank is selling a bundle of products that enable businesses to store global currencies inside the U.S. in FDIC-insured accounts, lowering foreign exchange risk and reliance on third parties.
CFPB warns staff of upcoming layoffs due to GOP funding cuts
The Consumer Financial Protection Bureau has notified employees of an upcoming reduction in force after its budget was cut in half by the president’s recently-passed tax and budget bill.
Trump appeals ruling allowing Fed Gov. Cook to remain
The White House has appealed a DC District Court ruling allowing Federal Reserve Gov. Lisa Cook to remain on the Fed board pending the outcome of her challenge to President Trump’s moves to fire her.
Crypto custody services could be banks’ next revenue stream
Noelle Acheson points out that crypto custody is about more than incorporating new assets into an established service; it’s about reshaping how we see standard financial concepts and using the resulting innovations to rethink client relationships.