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Regulations

Green Dot receives proposed consent order from US Federal Reserve

February 29, 2024

Via: FinTech Futures

In its recently published Q4 and full year financial results for 2023, Green Dot states that the matters addressed in the proposed consent order “relate to activities and practices that commenced prior to the company’s Chief Executive Officer transition in […]


Channels

Diamond Trust Bank Uganda partners TerraPay to enhance cross-border transfer processes

February 27, 2024

Via: FinTech Futures

TerraPay says the partnership will enable the bank to “facilitate direct account deposits from any part of the world”, allowing customers and expatriates residing outside of the country to send “real-time money transfers to their loved ones in Uganda“. Willie […]


News

Citi taps JPMorgan veteran to lead banking unit

February 26, 2024

Via: Banking Dive

Citi has appointed Viswas Raghavan as head of banking and executive vice chair, CEO Jane Fraser said in a memo Monday. Raghavan will oversee Citi’s investment, corporate and commercial banking businesses, which is one of the company’s core units. He […]


Capital and Risk, Credit

Commerce Bank taps Temenos for loan origination solution

February 22, 2024

Via: FinTech Futures

Temenos, which has recently been forced to refute allegations made by Hindenburg Research of client dissatisfaction and accounting irregularities, claims its Infinity system will provide the US private bank with increased operational efficiency and personalised customer experiences. Commerce says it […]


Activity, Corporate Banking

The Top Trends in Corporate Banking You Need to Know About

February 22, 2024

Via: TechBullion

As the business world continues to evolve, so too does corporate banking. From digital transformations to innovative financial solutions, staying ahead of the game is essential for success in today’s competitive market. In this blog post, we’ll explore the top […]


Capital and Risk, Credit

Neon Money Club launches dating app for those with good credit

February 21, 2024

Via: Banking Dive

On Valentine’s Day, fintech Neon Money Club launched an app to help financially like-minded people find love. Potential suitors will find one unusual hurdle prior to swiping right, though: They must have at least a 675 credit score. The app, […]


Regulations

Germany’s BaFin warns Deutsche Bank of potential fines if it doesn’t improve money laundering controls

February 20, 2024

Via: FinTech Futures

The regulator has extended the stay of its special representative at Deutsche Bank until 30 October 2024 to report on and assess the progress of the bank’s implementation of safeguards against money laundering and terrorist financing. The representative was first […]


Regulations

JP Morgan and fellow Viva Wallet shareholder WeRealize exchange lawsuits

February 20, 2024

Via: FinTech Futures

The US bank first acquired a 48.5% stake in Viva Wallet in December 2022 in an effort to tap the European payments market, with WeRealize, led by Viva Wallet founder Haris Karonis, retaining the remaining share. However, reports have suggested […]


Capital and Risk, Trading

Mining Your Own Business: Tax and Estate Planning with Crypto

February 14, 2024

Via: JD Supra

Cryptocurrency, a digital form of currency that uses cryptography for security, has become a significant part of the global financial landscape. As such, it has also become an important consideration in estate planning. This Dechert OnPoint provides an overview of […]


Regulations

FTC Requires Non-Banking Financial Institutions to Report Data Security Breaches

February 14, 2024

Via: JD Supra

Beginning May 11, 2024, non-banking financial institutions regulated by the Federal Trade Commission (FTC) will be required to submit notifications of data breaches or other security events that impact 500+ consumers. The FTC issued a final rule (the Rule) amending […]


News

US-based Primary Bank appoints Crystal Dionne as new CEO

February 13, 2024

Via: FinTech Futures

Founded in 2000, Ateo specialises in providing post-trade solutions, including post-trade allocation, clearing engine and APIs, for banks, brokers, dealers and the wider trading industry. The French company has been engaged in a partnership with Trading Technologies since November 2022, […]


Capital and Risk, Trading

Trading Technologies branches out into clearing with acquisition of Ateo

February 13, 2024

Via: FinTech Futures

Founded in 2000, Ateo specialises in providing post-trade solutions, including post-trade allocation, clearing engine and APIs, for banks, brokers, dealers and the wider trading industry. The French company has been engaged in a partnership with Trading Technologies since November 2022, […]


Activity, Corporate Banking

Bill Holdings, Bank of America revamp contract

February 12, 2024

Via: Banking Dive

Bill Holdings had been planning on increased work from Bank of America, but now that plan is up in the air, the CEO for the bill-pay fintech said last week. Bill, which provides bill pay and other accounting software services […]


Regulations

Reforms to Financial Laws in Administrative Procedure

February 7, 2024

Via: JD Supra

The Decree responds to various criteria issued by Mexico’s Supreme Court of Justice (the “SCJN”), which declared that several financial laws were unconstitutional. These criteria had been leveraged by participants in the financial sector to vacate fines and sanctions. For […]


Regulations

Bank Groups Sue US Regulators to Halt Anti-Redlining Rules

February 6, 2024

Via: Insurance Journal

Several industry groups sued US regulators to block recent overhauls to the Community Reinvestment Act, arguing the new rules meant to tackle redlining and boost lending to lower-income areas will actually discourage banks from lending. The American Bankers Association, U.S. […]


Activity, Investment Banking, News

Deutsche Bank to cut 3,500 roles over two years amid €2.5bn savings drive

February 5, 2024

Via: FinTech Futures

The German investment bank says the cuts will mainly apply to “non-client-facing areas” as it looks to streamline its business in Germany and lower its annual total operating cost to €20 billion by 2025. Deutsche Bank currently employs around 90,000 […]


News

Vast Bank exits cryptocurrency market, closes crypto banking mobile app

February 5, 2024

Via: FinTech Futures

Launched in 2021, the app enabled the bank’s customers to buy, sell and hold cryptocurrency through partnerships with German software firm SAP and crypto exchange Coinbase. Upon the launch, Vast Bank claimed it had become the first bank in the […]


Channels

Why ‘pay-by-bank’ faces adoption hurdles in US retail

February 5, 2024

Via: Banking Dive

For U.S. merchants butting heads with card networks over card swipe fees, the answer might be to bypass cards altogether and allow funds to move directly from the payer to recipient via account-to-account payments — the “pay-by-bank” method. The problem […]


News

The banking industry outlook on 2024: The year of wait-and-see

January 30, 2024

Via: Banking Dive

2023 brought the most contentious proposed regulation in years: a revamp that would require the U.S.’s biggest banks to hold roughly 19% more capital than they do now. Lawmakers and trade groups opposed to the rule first attacked it on […]


Regulations

NY AG sues Citi over denied fraud claims

January 30, 2024

Via: Banking Dive

New York Attorney General Letitia James sued Citi in federal court Tuesday, alleging the bank fails to protect customers from fraud and refuses to reimburse victims. “Banks are supposed to be the safest place to keep money, yet Citi’s negligence […]