Fintech

SVB Financial Group shares extended their plunge before being halted in premarket trading for pending news as prominent venture capitalists recommended companies withdraw their money from the lender.

Shares in Silicon Valley Bank's parent company plunged 60% after executives announced they would sell a large bond portfolio at a big loss. The market "seems to be pricing in greater liquidity needs" than the bank currently anticipates, one analyst said.

The new offering will allow consumers to finance purchases of gear, parts, maintenance and fuel for ATVs, boats and motorcycles. The powersports sector has enjoyed strong growth since the early days of the pandemic.

The Dallas-based bank offered a more downbeat forecast than it did back in January, as rising rates have continued to put pressure on deposits.

Credit card issuers say they need more time to respond to the substantial data request made by the Consumer Financial Protection Bureau in its proposal to slash late fees.

The merger of Columbia and Umpqua has created a $52 billion-asset bank rooted in the Pacific Northwest. CEO Clint Stein said the company has room to expand in California, Arizona, Colorado and Utah.

The Consumer Financial Protection Bureau is warning that excessive fees can chip away at the cash sent to the most vulnerable consumers who opt to receive Social Security and other public benefits via prepaid cards.

This week's global news roundup include Canada's crackdown on crypto operators, Westpac's cloud project and more. 

The London fintech now allows users to send funds across borders to new payees without sharing sensitive bank account details.

Goldman Sachs said that investigations and inquiries into its credit-card business has expanded beyond the Consumer Financial Protection Bureau to include other government agencies.