Category: Finance

Dive Brief: Republicans controlling House oversight of the Securities and Exchange Commission are targeting the agency’s proposal requiring companies to disclose in detail risks from climate change, saying the rule poses a threat to U.S. capital markets. House Financial Services Committee Chair Patrick McHenry of North Carolina announced Friday the creation of a Republican group […]

Dive Brief: Bank of America cut CEO Brian Moynihan’s compensation by 6.3% in 2022 — to $30 million, from $32 million, according to a Securities and Exchange Commission filing Friday. The decrease comes after net income at Bank of America fell 14% over the year to $27.5 billion, from 2021’s record $32 billion. Last year’s […]

Dive Brief: Huntington Bank launched a new home-lending product aimed at serving borrowers from under-resourced communities, the Columbus, Ohio-based bank announced last week. The product, called Huntington Home for Good, aims to increase mortgage-lending options by modifying eligible credit criteria. The product features expanded use of alternative credit, debt evaluation flexibility, low down payment requirements […]

Consumer banking apps have continued their steady climb in popularity, with 87% of consumers saying that they use their bank’s app at least monthly — and 66% saying they can’t live without it. “People are using mobile banking apps more than ever and rely on them to manage their finances, including sending money to family […]

Euronet Worldwide’s Dandelion service aims to do for banks and businesses what its Ria money transfer service has done for consumers. The company is in conversations with big banks to provide them with the white-label cross-border payments services, said Cecilia Tamez, who is chief strategy officer for the Dandelion business. While she declined to name […]

Along with a restructuring announced last month, payments company Lightspeed Commerce is narrowing its customer focus with the aim of becoming profitable.   Lightspeed, a Canadian provider of point-of-sale software services for merchants, is making a “deliberate effort to pursue larger, more profitable customers” as it targets profitability in fiscal year 2024, CEO Jean Paul Chauvet […]

Dive Brief: Stripe Chief Financial Officer Dhivya Suryadevara announced she has made the “difficult decision” to step down from her CFO post as she will be “taking some time off to attend to family matters,” the finance chief wrote in a LinkedIn post on Thursday.  Suryadevara took the financial helm of the digital payments darling […]

Dive Brief: Insurance and financial services company USAA is cutting 130 jobs in its mortgage division, the San Antonio Express-News reported Thursday. The move marks at least the second round of cuts in the home-lending unit in the past year, and the third for the company in the same time frame. USAA shed 90 jobs in […]

Prosecutors in the Justice Department’s fraud unit are investigating Silvergate Bank’s relationship with FTX and Alameda Research, Bloomberg reported Thursday. The investigation is looking into Silvergate’s hosting of accounts linked to former FTX CEO Sam Bankman-Fried, the wire service reported, citing people familiar with the matter. Bankman-Fried, who admitted to “unknowingly commingl[ing customer] funds” between […]

Dive Brief: Global Processing Services, a payments technology company, has named Jim McCarthy executive vice president and global head of sales and product. McCarthy has 18 years of experience at card network giant Visa. The London-based company also appointed Kevin Fox its new chief revenue officer, according to a Jan. 27 announcement. A spokesperson for […]