For the banking as a service (BaaS) firms, the Synapse bankruptcy, the cease-and-desist order against Evolve, and the wait for regulatory clarity are all proving to be headwinds for the burgeoning business model. This week, BaaS embedded finance company Unit, which serves tech companies, banks and...
VersaBank needs only one more regulatory approval to proceed with its acquisition of Stearns Bank Holdingford. The bank received approval from the Office of the Comptroller of the Currency (OCC) Friday (June 14) — marking the second and final U.S. regulatory approval it needs for the acquisition...
Testimony from some of the top regulators in the country ahead of a Wednesday (May 15) Capitol Hill hearing on bank oversight took note of the resilience of the banking industry in the wake of the Silicon Valley Bank (SVB) collapse of last year. But...
The government’s new rule that would limit credit card late fees has been blocked by a federal judge in Texas. In a Friday (May 10) decision, Judge Mark Pittman of the U.S. District Court for the Northern District granted an injunction that halts the restrictions. ...
September 13, 2021
Digital transactions are quickly becoming the norm, with trillions of dollars crisscrossing the globe via the internet. Securing this fast-growing market is the EU’s Revised Payment Services Directive (PSD2) objective, particularly its Strong Customer Authentication protocols. Payments both domestic and international are already subject to strict authorization requirements, but SCA is another level, requiring a […]
June 14, 2024
VersaBank needs only one more regulatory approval to proceed with its acquisition of Stearns Bank Holdingford. The bank received approval from the Office of the Comptroller of the Currency (OCC) Friday (June 14) — marking the second and final U.S. regulatory approval it needs for the acquisition — and it will now seek approval from its Canadian […]
May 10, 2024
The government’s new rule that would limit credit card late fees has been blocked by a federal judge in Texas. In a Friday (May 10) decision, Judge Mark Pittman of...
April 11, 2024
Morgan Stanley is reportedly facing investigations by several agencies into how its wealth management division vets and monitors clients who may pose money-laundering risks. The Securities and Exchange Commission (SEC), the Office of the...
March 22, 2024
Sigue Corp. has stopped its money transmission activities after being ordered to do so by financial regulatory agencies from 39 states, Puerto Rico and the District of Columbia. “We are no...
