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The Office of the Comptroller of the Currency (OCC) has announced enforcement actions against two banks and three individuals who are or were affiliated with banks.
“The OCC uses enforcement actions against banks to require the board of directors and management to take timely actions to correct the deficient practices or violations identified,” the regulator said in a Friday (May 16) press...
Coinbase disclosed that the cybersecurity incident it reported Thursday (May 15) could cost it as much as $400 million.
The company’s investigation into the incident is still underway, so the full impact of the cyberattack is not yet known, Coinbase said in a filing with the Securities and Exchange Commission (SEC).
“Based on the information available to the Company on the date hereof and based...
May is only half over and has already proven to be a month full of FinTech activity, ranging from high-profile initial public offerings (IPOs) to acquisitions, underscoring the momentum behind platforms changing financial services and money movement.
After years of on-again, off-again movement toward a public listing in the United States, Chime made it official this week, filing its IPO documents...
Luxury group Richemont will reportedly continue to limit its price increases, even in the face of new U.S. tariffs.
The owner of Cartier and other luxury brands has benefited from being more restrained in its price increases than some of its rivals over the past four years, as some of those competitors have seen a customer backlash over prices, the Financial Times (FT) reported Friday (May 16),...
It can feel as though every week there’s a new stablecoin announcement from a traditional financial player.
The one thing they all have in common? For the most part, they aren’t taking place in the U.S.
But, as U.S. lawmakers circulate an updated draft agreement on the GENIUS Act, an acronym for Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 Act, that could all be...
This week in artificial intelligence, chief product officers said AI needs human oversight, even for routine, automated tasks like fraud detection. Meanwhile, AI was partly responsible for a 40% reduction in staff at Klarna, Perplexity added PayPal in checkout, and more.
Chief Product Officers Say AI Needs a Human Touch
Generative artificial intelligence is being adopted among companies in all...
Looking for a travel-related business that’s actually booming during the year of COVID-19? It’s out on the water, in rented boats of every shape and size from kayaks to luxury yachts.
“We had our drop-off in April, and then come May we saw a very quick rebound, Bryan Petro, chief operating officer of boat rental and charter marketplace GetMyBoat, told PYMNTS. “From April [to August], we are...
In China, crypto over-the-counter (OTC) traders are being arrested in an attempt to crack down on illegal transactions, according to a report from CoinDesk.
Prominent OTC trader Zhao Dong, of crypto lending platform RenrenBit, was held up by police in the city of Hangzhou, the report says. Zhao has a prominent status among the community, and rumors online began to circulate. One poster relayed...
Two innovators approached a well-heeled investor asking for money. Their sales pitch was very convincing. They told this investor that their innovation was so incredibly cutting-edge that only the hopelessly uninformed would fail to recognize its value. The innovators said that they had picked him because he was smart and forward-thinking enough to see the potential. The investor, who prided...