Category: Finance

A coalition of 54 national and local nonprofit organizations penned a 13-page letter to the Federal Deposit Insurance Corp. last week, formally opposing Washington Federal Bank’s $654 million deal to acquire Luther Burbank Savings over concerns with fair housing, systemic risk and managerial resources. The organizations, led by the California Reinvestment Coalition, said the banks have thus far “failed […]

Dive Brief: JPMorgan Chase laid off hundreds of employees in its mortgage unit this week, including some managers, Bloomberg reported Wednesday, citing people familiar with the matter. The cuts come as the bank announced plans Wednesday to hire more than 500 small-business bankers over the next two years.  “We regularly review our business and customer […]

The Treasury Department warned of the potential risks to the banking sector as financial institutions continue to use cloud-based technologies, according to a report released Wednesday. The report cautions against letting a growing number of financial institutions rely on a relative handful of cloud providers to support remote work and promote innovation through artificial intelligence, […]

Dive Brief: Buy now, pay later provider Affirm is cutting about 19% of its workforce, the San Francisco-based company told employees, analysts and investors Wednesday. That equates to about 500 employees, a spokesperson for the company said. The employee reduction came as the company reported that its net loss for the last quarter of 2022 […]

After adding Klarna and Splitit as partners this year, Ingenico is in talks with other payments companies whose software it may add to its growing catalog of services targeting banks and other acquirers. The French payments company’s cloud-based platform allows acquirers to access a list of payment services and, from there, choose the options they […]

Dive Brief: Leawood, Kansas-based Euronet Worldwide said it has signed up the British bank HSBC, the eighth-largest bank in the world, as a customer for its new Dandelion cross-border payments service. Euronet, which is also the parent company to Ria money transfer service, made the announcement in conjunction with fourth-quarter earnings report on Wednesday in […]

A coalition of more than 50 national and local non-profit organizations penned a 13-page letter to the Federal Deposit Insurance Corp. on Feb. 3 formally opposing Washington Federal Bank’s $654 million deal to acquire Luther Burbank Savings on the grounds of fair housing, systemic risk, and managerial resource concerns. The organizations, led by the California Reinvestment […]

The former chief information officer of the New York Stock Exchange launched a super app Wednesday, intent on giving people the full picture of their finances — and making them feel good about it. Rob Cornish, who is also the former chief technology officer of crypto exchange Gemini, has spent the last 18 months building […]

Patrick Sells is launching a new venture that aims to bridge two sectors he knows very well.  Sells, who has held chief innovation officer roles at crypto firm NYDIG and New York-based Quontic Bank, is launching True Digital Group, an online platform designed to help financial institutions innovate and more easily identify and implement new […]

Dive Brief: Bank and credit union trade groups are pushing back against language in President Joe Biden’s State of the Union address, accusing the president of mischaracterizing some of the fees financial institutions charge consumers.  During his speech Tuesday, Biden highlighted his administration’s efforts to crack down on “junk fees” and “hidden surcharges” across several […]