Category: Finance

The Great Resignation, rising interest rates, clogged supply chains, high inflation and geo-political unrest – plus the looming likelihood of a recession – have made it challenging for companies to focus on long-term growth.  “Assessing the state of your Accounts Payable department and ensuring that your organization is financially prepared to handle the unexpected is […]

There was a time last year when nine-figure (or near-), under-the-radar settlements were squarely Wells Fargo’s domain. The bank agreed in September to pay $94 million to settle a class-action lawsuit alleging it automatically placed mortgage borrowers into forbearance if they said they were experiencing financial distress. But the settlement came within a day of […]

New York Attorney General Letitia James filed a lawsuit Thursday against Alex Mashinsky, co-founder and former CEO of cryptocurrency exchange Celsius, alleging he defrauding hundreds of thousands of investors out of billions of dollars in cryptocurrency. The suit, filed in New York Supreme Court, alleges Mashinsky misrepresented his exchange’s safety to attract billions of dollars […]

Crypto infrastructure firm Securrency named Nadine Chakar, previously the head of State Street Digital, as its CEO, effective Jan. 9, the fintech announced Thursday. Chakar joined State Street in 2019 as the bank’s head of global markets but moved to lead its nascent 425-employee digital unit in 2021. State Street Digital launched that year to address not just […]

Crypto brokerage Genesis laid off roughly 30% of its workforce Thursday, or about 60 employees. “As we continue to navigate unprecedented industry challenges, Genesis has made the difficult decision to reduce our headcount globally,” a Genesis spokesperson told The Wall Street Journal and Bloomberg in an emailed statement. “These measures are part of our ongoing […]

Shamir Karkal is the CEO and a co-founder of Portland, Oregon-based Sila, a payments technology company that equips developers with banking and payments software. As the largest payments system in the U.S., ACH Network processed nearly $72.6 trillion in 2021, with payment volume growing 8.7% over 2020. But one consistent criticism of ACH is the time […]

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 […]