Regulation

The cloud-based software vendor has completed a $10 million funding round through BlackFin Capital Partners and Picus Capital.

The biggest U.S. banks, led by JPMorgan Chase and Bank of America, are expected to pay out $142 billion in capital to shareholders after clearing this year’s stress tests.

The Basel Committee on Banking Supervision issued a proposal this month laying out how banks should treat cryptocurrencies held on their balance sheets. It could give stablecoins, which are tied to traditional assets, an edge over more volatile digital assets like Bitcoin.

President Joe Biden plans to meet with regulators on Monday to discuss the health of the system they oversee and how his administration’s priorities, including on climate change and inclusion, can best be addressed.

A state regulator group has agreed to pause its lawsuit challenging Figure Technologies’ application as the federal agency reviews chartering policies. But analysts caution that the underlying conflict over nontraditional firms seeking banking powers is far from resolved.

The Biden administration wants financial institutions to tell the government more about their customers to help the IRS thwart wealthy tax evaders. But critics say the plan could threaten account data security and the privacy of even low-income consumers.

Federal Reserve Chairman Jerome Powell said the market dislocations of the past year resulting from the pandemic had changed the impact that the supplementary leverage ratio was having on the largest banks. After temporarily easing the requirement, the central bank is considering longer-term reforms.

In a reversal of a Trump-era decision, the Consumer Financial Protection Bureau says it has the legal authority to test lenders for potential violations of a law protecting military borrowers.

Bank lobbyists are once again calling on Congress to reexamine credit unions’ tax-exempt status, this time citing the proliferation of bank acquisitions by credit unions. So far, their pleas have gone largely ignored.

Six Clovers, a digital payments company founded by two former PayPal developers, designed its Rapid platform to enable fast cross-border transactions using cryptocurrencies backed by government-issued money.