Yesterday, the CFPB proposed supervision of “larger nonbank companies that offer services like digital wallets and payment apps.”
The CFPB continues its attack on all kinds of junk fees charged by banks. This time they are targeting credit card late fees.
It has finally happened. More than a decade after receiving the first spot bitcoin ETF application the SEC gave its approval yesterday.
While this was widely expected, it wasn't a slam dunk as demonstrated by the tight vote: 3-2 in favor with SEC Chair Gary Gensler providing the deciding vote.
The Fed came back with a plan yesterday to debit card fees for merchants. Will it be too much for banks to handle?
So far this year we have seen so many negative stories about banking as a service. You could be forgiven that BaaS is dying a slow and painful death.
Today, a new global report was released from Nasdaq and Oliver Wyman on illicit money flows and the numbers are sobering.
The Global Financial Crime Report quantifies the total amount of illicit financial activity and the number is an eye-popping $3.1 trillion. Included in this number is bank fraud covering payments, checks and credit card fraud which is estimated at around $450 billion.
While AI seems to be everywhere these days, one place it is getting real traction is in the compliance space.
There is a lot of manual, repetitive work in the compliance teams at large banks and fintechs. Hummingbird is looking to ease that burden with the launch of a new AI-based compliance tool.
More positive signs for fintech as spend management unicorn Ramp closed another large funding round.
The $150 million was officially called a Series D extension, but it comes at a $7.65 billion valuation, a significant improvement over the $300 million raised for the initial Series D, which was at $5.8 billion.
Twitter/X has been going state-by-state obtaining money transmitter licenses. The social media platform is now approved in 12 states.
A lack of financial literacy can be devastating to maintaining financial health.
The big problem is that most people find financial literacy programs boring and don't stick to it. Many fintechs and banks have tried to counteract this by creating gamified learning.