Category: Finance

Foro, a fintech backed by a former Bank of America CEO, on Wednesday announced the launch of its national commercial lending platform designed to guide small business owners through the commercial lending process and match them with banks. Hugh McColl Jr., who helped transform Bank of America into a financial giant before retiring in 2001, became […]

Federal prosecutors have seized $50 million from Farmington State Bank — the rural one-location Washington state-based bank that received a multimillion-dollar investment from FTX sister company Alameda Research a year ago, according to court documents that were unsealed last week. Prosecutors also seized about $100 million from California-based Silvergate Capital. Federal prosecutors seized the Farmington funds Jan. […]

Dive Brief: The Federal Reserve fined New York-based Popular Bank $2.3 million for failing to detect “significant indications of potential fraud” in six Paycheck Protection Program loans the bank processed in 2020, the regulator announced Wednesday. The bank, a subsidiary of Puerto Rico-based Popular Inc., also failed to report the potential fraud in a timely […]

Dive Brief: Bank of America is again giving restricted-stock awards to its rank-and-file employees, according to a memo seen Tuesday by Bloomberg and Reuters. Roughly 96% of the bank’s nearly 217,000 workers are eligible for the awards. Employees who receive $500,000 or more in total annual pay per year are not, according to the memo. […]

Aaron Marienthal is general counsel at earned wage access provider Payactiv and Molly Jones is vice president for government affairs at the San Jose-based company. A payroll innovation called earned wage access (EWA) is rapidly catching on among employers, enabling employees to have on-demand access to their already earned wages – bypassing monthly or bi-weekly payroll cycles. […]

Dive Brief: Bluefin, the Atlanta-based data and payment security firm, will integrate with Visa’s card network to provide tokens across card brands, the companies announced on Friday. With the new network tokenization capabilities, card brands can issue a token and distinct transaction cryptogram that facilitates transactions across multiple payment processors, gateways and acquirers, the company explained […]

When Jenius Bank launches its consumer-focused banking platform nationwide this year, the digital firm will be throwing its hat into a crowded ring. But Jenius Bank CEO John Rosenfeld said the new venture has ambitious plans to launch not just core banking products, but services that differentiate the platform from neobanks and incumbents alike. “We […]

The dearth of snow in Davos, Switzerland, last week could serve as a good indicator that the World Economic Forum was most certainly held in the present day. However, several bank CEOs leaned into narratives that might have led attendees to believe the mountain resort town contained a time-travel portal. JPMorgan Chase CEO Jamie Dimon […]

Dive Brief: Fintech darling Stripe has become a “a strategic payments partner” for retail behemoth Amazon in the U.S., Europe and Canada under an “expanded global agreement” between the companies, according to an online post from Stripe on Monday. The two companies have been partners since 2017, when Amazon tapped digital payments company Stripe to […]

Crypto exchange Gemini plans to dismiss 10% of its staff, according to a Monday report by The Information. This marks the company’s third such reduction since June, following a year of strife in the crypto sector, which, as of last week, includes the bankruptcy of crypto lender Genesis. Genesis and Gemini’s collaboration, the Gemini Earn […]