Category: Finance

FTX co-founder and former Chief Technology Officer Gary Wang and the CEO of FTX’s sister company Alameda Research Caroline Ellison both pleaded guilty to charges related to the multibillion-dollar collapse of FTX, U.S. Attorney Damian Williams said Wednesday night. The charges leveled against Ellison include wire fraud and wire fraud conspiracy against FTX and Alameda […]

Outgoing Sen. Pat Toomey, R-PA, introduced a bill Wednesday that would create the first regulatory framework for stablecoins in the U.S. and “guide Congress toward a path for sensible regulation of cryptocurrencies.” The Stablecoin TRUST Act — the acronym stands for Transparency of Reserves and Uniform Safe Transactions —would require all stablecoins, a type of digital […]

Dive Brief: A group of Republican senators, led by Pennsylvania’s Pat Toomey, introduced legislation Wednesday they say would increase accountability and limit power at the Federal Reserve. The Federal Reserve Accountability Act would reduce the number of Fed regional banks from 12 to five and would make the top leadership posts at Fed regional banks subject […]

Dive Brief: Reflecting economic shifts and investors’ tighter purse strings, global venture capital funding raised by payments startups in 2022 totaled $8.47 billion across 95 deals, as of Dec. 13, according to the research firm Pitchbook. In the U.S., there were 46 payments deals that added up to $2.92 billion, Pitchbook said. Those figures paled […]

Three years ago, the giant payments processing companies FIS and Fiserv made multi-billion-dollar acquisitions, and pledges to achieve economies of scale that would drive profits. “Scale matters in our rapidly changing industry,” FIS Chairman and CEO Gary Norcross said at the time. The company, officially known as Fidelity National Information Services, said its 2019 merger with […]

Dive Brief: Discover Financial Services announced Wednesday that it has hired Hope Mehlman as its chief legal officer and general counsel. Most recently, Mehlman was EVP, GC and corporate secretary of Bank of the West, as well as corporate secretary of BNP Paribas USA. Before joining Bank of the West, Mehlman worked for nearly 15 […]

Dive Brief: Automated wealth management fintech Wealthfront extended its partnership with digital bank and banking-as-a-service provider Green Dot, the companies announced on Monday. The two companies first partnered in 2020 to launch Wealthfront’s cash account, which includes features such as early direct deposit and bill pay. The partnership extension comes as Wealthfront recently increased the […]

Is it possible to invest in real estate with no money? If you watch “how-to-get-rich-in-real-estate infomercials” on TV and the Internet, everyone and their dog seems to be getting rich doing just that – but can you believe them? You can invest in real estate with little to no money upfront, but it’s more complicated […]

Listen to the article 4 min This audio is auto-generated. Please let us know if you have feedback. Greenwood, a neobank aimed at serving Black and Latinx communities, added a new subscription-based product called Elevate, which, at $200 per month, allows members access to private clubs, entertainment and professional networking sites. The Atlanta-based fintech’s new […]

It may be coincidence, or perhaps mortgage cases habitually get the short end of the news-coverage stick. Wells Fargo’s September agreement to pay $94 million to settle a class-action lawsuit — alleging the bank automatically placed mortgage borrowers into forbearance if they said they were experiencing financial distress — surfaced during the same news cycle […]