Category: Finance

The Credit Card Competition Act proposed by Sen. Dick Durbin failed to pass before the congressional session ended last month, but he plans to keep pushing ahead with the bill. Durbin (D-IL) plans to reintroduce the bill in the new 118th congressional session that began this year, said Emily Hampsten, a spokesperson for his office. […]

Coinbase has agreed to pay $100 million to settle allegations from New York’s Department of Financial Services (NYDFS) that failures in the cryptocurrency exchange’s compliance program made it “vulnerable to serious criminal conduct, including … fraud, possible money laundering, suspected child sexual abuse material-related activity, and potential narcotics trafficking,” the regulator announced Wednesday. Under the agreement, […]

Brent Beardall, the CEO of Seattle-based Washington Federal (WaFd), is taking a leave of absence after surviving a Utah plane crash that killed the pilot and injured a second WaFd executive, the bank said Tuesday. Cathy Cooper, WaFd’s executive vice president and chief consumer banker, will assume Beardall’s duties during a recovery period that is expected to […]

Dive Brief: Decatur, Illinois-based Land of Lincoln Credit Union has agreed to acquire Colchester, Illinois-based Colchester State Bank, the companies announced last month. The purchase price of the all-cash transaction is yet to be disclosed, but the deal is expected to close by the end of 2023, the press release stated. By acquiring Colchester, Land […]

Crypto-heavy Silvergate Capital is cutting 40% of its staff, or about 200 people, because of current “economic realities” in the crypto world, the bank announced Thursday. The collapse of crypto exchange FTX triggered a run on Silvergate, forcing the bank to sell assets at a loss to cover roughly $8.1 billion in withdrawals, The Wall Street […]

Dive Brief: Over the next decade, global card fraud losses for issuers, merchants and acquirers will total $397.40 billion, according to the December 2022 issue of industry publication the Nilson Report. That’s down from the projection last year of $408.50 billion. U.S. fraud losses are expected to amount to $165.12 billion over the next 10 […]

Dive Brief: Brussels-based global financial messaging network Swift named Stephen Grainger as its new chief executive for the Americas and the United Kingdom, according to a Tuesday press release. Before joining Swift, Grainger was the executive vice president at Mastercard, overseeing the company’s international cross-border services, banking services, digital platforms and non-bank financial institutions. In […]

Coinbase has agreed to pay $100 million to settle allegations from New York’s Department of Financial Services (NYDFS) that failures in the cryptocurrency exchange’s compliance program made it “vulnerable to serious criminal conduct, including … fraud, possible money laundering, suspected child sexual abuse material-related activity, and potential narcotics trafficking,” the regulator announced Wednesday. Under the agreement, […]

Banking regulators issued a new warning to financial institutions Tuesday about the risks they’re exposed to when dabbling in crypto. The warning follows a year of volatility in the price of Bitcoin and other cryptocurrencies and comes less than two months after the collapse of the FTX exchange, which lost more than $8 billion of […]

Listen to the article 2 min This audio is auto-generated. Please let us know if you have feedback. Organizers of what was to be Connecticut’s first de novo in 12 years withdrew their application to launch the bank, according to a notice last month from the state’s Department of Banking. “While we had significant investor […]