Technology

With the line between banks and fintechs growing ever blurrier, financial services supervisors ought to consider adjusting regulation to fit the kinds of activity an institution is engaged in.

In this month's roundup of top banking news: a cease-and-desist issued by the Federal Reserve, high CFO turnover, the end of Chevron deference and more.

During a panel discussion at American Banker's Digital Banking conference last week, experts from American Commerce Bank discussed the launch of its virtual banking platform and theorized why other executives might be slow adopters.

The fintech has spent years trying to get a banking license from U.K. regulators that would allow it to expand its offerings in its home country.

The bank has seen positive returns expanding its national branch network, but it is contending with fraudsters who are increasingly targeting branches.

Sen. Sherrod Brown, D-Ohio, chairman of the Senate Banking Committee, told Synapse's partner banks, fintech companies and investors to pool together resources to immediately restore customer's access to deposits frozen in lengthy bankruptcy proceedings.

In this edition of American Banker's news quiz, test yourself on the Synapse bankruptcy, the growth of alleged violations of the Fair Credit Reporting Act, Funding Circle's sale of U.S.-based assets and more.

The Tennessee bank is the latest to be punished for lapses in oversight of fintech partners. Unlike most FDIC consent orders, the filing liberally uses the terms "fintech" and "BaaS."

The trade groups said Friday that a proposed rule from CISA would burden firms with overly broad reporting requirements as they scramble to respond to incidents.

The company says the FDIC's "pause letters" to banks and denial of Freedom of Information Act requests are illegal.