Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra said the regulator plans to enhance its scrutiny of banks that are “heavily dependent” on overdraft fees, hinting at enforcement actions that could follow.
Read MoreIn a not-so-subtle nod to crypto and blockchain, payments company Square, which is led by Twitter co-founder Jack Dorsey, changed its corporate name to Block this week.
Read MoreBetter.com, a New York-based digital mortgage lender, is laying off roughly 9% of its 10,000 staff ahead of its public launch.
Read MoreCapital One announced that it’s removing overdraft fees, and the $150M in annual revenue that goes along with it. The bank is also getting rid of non-sufficient fund (NSF) fees.
Read MorePayments executive David Marcus, a co-creator of Meta’s yet-to-be-launched Diem cryptocurrency, announced he is leaving the company at the end of the year.
Read MoreNubank, the Berkshire Hathaway-backed digital banking behemoth based in Brazil, cut the targeted price range for its planned IPO by about 18% this week.
Read MoreJack Dorsey announced he’s stepping down from his role as CEO of Twitter, but the move may allow for a sharper focus on Square, the payments company where he will remain CEO.
Read MoreKlarna, the $46B Swedish company whose toolset allows retailers to offer ‘buy now, pay later’ (BNPL) capabilities, reported a $344M loss from January to September.
Read MoreBitcoin’s value appears to be following the trajectory of the broader market in response to news of the new Omicron coronavirus variant.
Read MoreN26, a Berlin-based neobank which operates in 25 countries and boasts more than 7 million customers (including 500,000 U.S. customers), is considering a slowdown of its U.S. market outreach.
Read MoreJiko, a banking technology provider that uses customer deposits to buy short-term treasury bills, is partnering with tech platform Euphoria on the company’s launch of a transgender-focused banking app called Bliss.
Read MoreOportun, a lender focused on the low- to moderate-income segments of the population, announced that it acquired personal-finance app Digit for $212.9M ($98.5M in equity and $114.4M in cash).
Read MoreCryptocurrency exchange BlockFi is in the crosshairs of the Securities and Exchange Commission (SEC) over a product that pays high interest rates for lending out their digital tokens.
Read MoreMoneyLion, a New York-based fintech that offers banking, investing, loans and other financial services, announced that it acquired MALKA Media, a content studio and platform that helps creators reach consumers.
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.
