MasterCard Inc. said Friday that it has completed its purchase of the back-office prepaid card operations of Travelex Holdings Ltd. of London.
The $458 million acquisition, announced in December, gives the Purchase, N.Y., card brand the ability to support prepaid card programs worldwide, though it said it would not compete with prepaid program managers that already offer MasterCard-branded prepaid cards in the U.S.
The contract gives the nation's oldest bank access to more than $3 billion in deposits a month. Comerica, the current administrator, has received a three-year extension of service to help with the transfer.
The Federal Reserve issued an enforcement action against the former head of Heartland Tri-State Bank, who embezzled millions of dollars after falling victim to a crypto scam.
Acting Comptroller of the Currency Michael Hsu said that while artificial intelligence is a potentially transformative technology, regulators should be wary of waiving liability for its use in banking.
The embattled crypto bank announced that it will reduce operations and move to preserve capital after losing its banking partner earlier this month.
Amid steady customer growth, USAA's banking arm failed to make the investments necessary to satisfy either its regulators or some decades-long customers. Changes in the executive suite haven't fixed the problems.
The Consumer Financial Protection Bureau has significantly raised the transaction threshold for its larger participant rule — which defines which firms will be affected — from 5 million annual payments to 50 million.
