Italy’s central bank has banned N26, the Germany-based neobank giant, from onboarding new customers or offering new products. Italian regulators have flagged N26 for its weak AML procedures.
Read MoreShareholders are set to vote on proposals to reduce financing for projects in oil and gas. The banks include JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Goldman Sachs, and Morgan Stanley.
Read MoreThe Bilt Mastercard lets renters earn rewards on rent payments, and use rewards points for down payments. For the first time, tenants can also pay rent through credit cards without transaction fees.
Read MoreOn Wednesday, the Consumer Finance Protection Bureau (CFPB) announced that discrimination associated with any financial product is illegal. The Bureau has primarily concerned itself with discrimination in credit.
Read MoreIn late February, the Consumer Finance Protection Bureau (CFPB) released updated “Rules of Practice for Adjudication Proceedings.” The amended process lets the CFPB avoid backlogged federal courts in favor of administrative courts.
Read MoreSilent Eight, a Singapore-based financial crime prevention firm, announced yesterday that it had raised $40M in Series B funding. HSBC and Standard Charter’s venture wings were listed as investors.
Read MoreIn a joint statement on Saturday, the U.S., U.K., E.U., and others announced that they would move to exclude “selected Russian banks” from SWIFT, the international payments system. The group of countries has also frozen assets belonging to Russia’s central bank in response to the country’s invasion of Ukraine.
Read MoreThe National Bank of Ukraine imposed several temporary restrictions to avoid economic panic and collapse. The PFTS Stock Exchange also suspended trading on Thursday.
Read MoreThe personal finance giant announced today that it’s acquiring banking-software maker Technisys SA through an all-stock deal worth $1.1B. SoFi’s stock has slid more than 30% since the beginning of the year.
Read MoreFinancial regulators told banks that they must prove that the use of AI in loan applications does not discriminate against minorities. The move follows growing concerns over systeming racism in banking.
Read MoreLaunched yesterday, the checking account and its debit card offer rewards, round-the-clock support, and purchase protection. It’s the company’s first checking account for consumers.
Read MoreThe U.K. digital bank officially launched its full-fledged product in the U.S. on Tuesday. Users can apply online for an account within 10 minutes, the company said.
Read MoreWith Mastercard as a payments partner, T-Mobile now lets people use their chosen name on the company’s debit cards. The service follows a similar service to let customers have their true names displayed on caller ID.
Read MoreThis week has seen large banks and other corporate giants acquire fintechs at a zealous pace. JPMorgan, UBS, and Walmart all announced major fintech deals.
Read MoreLate last week, the Federal Reserve released a 40-page report on the potential creation of a digital U.S. dollar, inviting explicit policy guidance from the White House and Congress.
Read MoreThe Financial Revolutionist is weekly newsletter and blog focused on the torrid pace of financial innovation. Today, thanks to the exponential rate of technological change, explosion in global trade and new regulations ushered in by the Great Financial Crisis, a new financial revolution is under way. In this battle, virtually every aspect of the greater financial services sector is subject to rigorous challenge. With the Financial Revolutionist, we are aspiring to create a boots-on-the-ground and highly opinionated assessment of important financial innovation developments in the past week.
