Jamie Dimon, JPMorgan Chase CEO, along with bank CEOs of the five other largest banks in the U.S., testified before the Senate Banking Committee on Wednesday, May 26. A focus was overdraft fees, which banks continued to charge during the pandemic despite additional flexibility from regulators.
Read MoreIn testimony before the House Financial Services Committee this week, acting Comptroller of the Currency Michael Hsu suggested fintech charters may be looked at more closely.
Read MoreChime, one of the largest digital banking startups in the U.S., has agreed to stop conflating its offerings with those offered by banks in its marketing and advertising messages, per a March settlement agreement with California regulators.
Read MoreTreasury Secretary Janet Yellen is reportedly about to appoint a former senior Federal Reserve official to the post of acting comptroller of the currency.
Read MoreUS Bank is rolling out a group of specialized products for special-purpose acquisition company sponsors covering trustee administration, investment, and disbursement services.
Read MoreIn the latest indication that the mainstream finance world and crypto ecosystem are coming together, cryptocurrency exchange Binance.US has tapped former banking regulator Brian Brooks as its new CEO, effective May 1.
Read MoreRep. Maxine Waters (D-California), who is chairwoman of the House Financial Services Committee, raised concerns over banking charters for fintech and crypto companies at a subcommittee hearing on the topic this week.
Read MoreBeam, a San Francisco-based savings app which launched in 2019, has been shut down as a result of a tentative settlement with the Federal Trade Commission (FTC).
Read MoreEarly this year, it seemed all but certain that the Biden administration would nominate Obama-era Treasury official Michael Barr to lead the Office of the Comptroller of the Currency (OCC).
Read MoreGreen Check Verified, a company that offers cannabis banking software and service solutions, today launched a suite of account monitoring and compliance tools to enable institutions to meet regulatory requirements more efficiently.
Read MoreIn an apparent move to secure a bank charter as soon as possible fintech SoFi acquired California’s Golden Pacific Bancorp for $22.3M. SoFi offers banking, lending, and investing products.
Read MoreThe Federal Deposit Insurance Corporation (FDIC) has appointed fintech executive Sultan Meghji as its first-ever chief innovation officer.
Read MoreWhile brokerage platforms have lifted prior limits on trading of GameStop, AMC Entertainment and other shorted stocks, regulators are examining the fallout from recent events.
Read MoreOn Monday, July 19, Treasury Secretary Janet Yellen, convened the President’s Working Group on Financial Markets (PWG).
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.
