Banking Dive

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From ATMs to Smartphones — How Digital Banking Has Evolved

It’s hard to believe there was a time when consumers couldn’t access their bank account from a smartphone or even their laptop. But as recently as the 1980s, what’s commonly referred to today as digital banking was quite a different story.

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Robinhood May Face $10M Fine Over Payments From High-speed Traders

Robinhood May Face $10M Fine Over Payments From High-speed Traders

Dive Brief: Robinhood Markets faces a civil fraud investigation and a potential fine of more than $10 million from the Securities and Exchange Commission (SEC) for failing to disclose until 2018 that it sold its clients’ orders to high-speed trading firms, sources told The Wall Street Journal.

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JPMorgan Chase Reportedly Eyes 2021 Launch for UK Digital Bank

JPMorgan Chase Reportedly Eyes 2021 Launch for UK Digital Bank

Dive Brief: JPMorgan Chase plans to launch a digital bank in the U.K. in the first quarter 2021, Sky News reported Friday. The British news channel said the launch would put the largest U.S. bank in a position to capitalize on the growth of digital services amid the coronavirus pandemic.

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Why Google’s Checking Accounts Appeal to Midsize Institutions

Why Google’s Checking Accounts Appeal to Midsize Institutions

While the details surrounding the features of Google’s yet-to-be-launched checking accounts have been sparse, its latest announcement shows the tech giant is turning to midsize institutions as partners in the venture. Earlier this month, six new financial institutions signed on as partners for the checking accounts, expected to launch in 2021.

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Fed Researches ‘Hypothetical’ Central Bank Digital Currency

Fed Researches ‘Hypothetical’ Central Bank Digital Currency

Dive Brief: The Federal Reserve Bank of Boston is partnering with researchers at the Massachusetts Institute of Technology (MIT) in an effort to build and test a “hypothetical” central bank digital currency (CBDC), Fed Governor Lael Brainard said in a speech Thursday at the Federal Reserve Bank of San Francisco.

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American Express Reportedly in Talks to Buy Kabbage for $850M

American Express Reportedly in Talks to Buy Kabbage for $850M

Dive Brief: American Express is in advanced talks to buy online lender Kabbage, a person familiar with the matter told Bloomberg. An agreement could be announced as early as this month, the person said. The all-cash deal could be worth as much as $850 million, the person said.

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The Digital Transformation of Payments Reaches Its Next Phase

The Digital Transformation of Payments Reaches Its Next Phase

Carl Slabicki is head of strategic payments, BNY Mellon Treasury Services. The views expressed herein are the author’s and may not reflect those of BNY Mellon. This does not constitute Treasury Services advice, or any other business or legal advice, and it should not be relied upon as such. A digital revolution is driving U.S.

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Durbin Asks Fed to Probe Visa, Mastercard, Issuers Over PINless Purchases

Durbin Asks Fed to Probe Visa, Mastercard, Issuers Over PINless Purchases

Dive Brief: Sen. Dick Durbin, D-IL, asked the Federal Reserve in a letter Friday to examine whether payment networks Visa and Mastercard and debit card issuers are engaging in anticompetitive practices when issuers don’t enable PINless functionality, according to The Wall Street Journal.

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Don’t Use Coronavirus as Excuse to Close Branches, OCC Says

Don’t Use Coronavirus as Excuse to Close Branches, OCC Says

Dive Brief: Banks should not be using the coronavirus pandemic as a cover to shutter branches, the acting head of the Office of the Comptroller of the Currency (OCC) told the Financial Times.

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Bank Profitability at Risk as Pandemic Slows Economy, OCC Says

Bank Profitability at Risk as Pandemic Slows Economy, OCC Says

Bank profitability is at risk as the decline in economic conditions, brought on by the coronavirus pandemic, will broadly affect bank earnings, credit quality, operations and capital, the Office of the Comptroller of the Currency (OCC) said in a report released Monday.

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Banks Tap Fed Discount Window to Signal Readiness on Credit

Banks Tap Fed Discount Window to Signal Readiness on Credit

The largest banks in the United States acted in concert Monday night to tap funds from the Federal Reserve’s emergency discount window to show they’re prepared to use all available tools to keep credit flowing while the economy reels from the novel coronavirus outbreak.

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Banks Mostly Fear Payments and Money Transfer Fintechs, Survey Finds

Banks Mostly Fear Payments and Money Transfer Fintechs, Survey Finds

New payments and money transfer platforms such as Venmo and Stripe are keeping banking executives up at night, a survey by Promontory Interfinancial Network found.

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