Latest News for: Safe banking


Money in digital payment apps such as Venmo, PayPal, may not be insured, watchdog warns

Santa Barbara News-Press 03 Jun 2023
Popular digital payment apps are increasingly used as substitutes for a traditional bank or credit union account but lack the same protections to ensure that funds are safe,” CFPB Director Rohit Chopra said in a statement ... The warning comes after bank runs and failures at Silicon Valley Bank, Signature Bank, and First Republic Bank.

What to Know About Money Funds

The Epoch Times 03 Jun 2023
Although money funds are relatively safe, they are not as safe as their bank-version equivalents—money market deposit accounts (MMDAs), which are insured by the Federal ...

2 Cannabis Stocks To Watch Before Monday

MarijuanaStocks 03 Jun 2023
Also not long ago legislators reintroduced the SAFE Banking Act which would allow banks to work with legal cannabis businesses ... Words From The Company ... Are Marijuana Stocks A Buy As SAFE Banking Comes Into Focus? Trulieve Cannabis Corp ... Recently the company announced it has collected 965,000 signatures for Florida’s Smart & Safe campaign.

Arthur Hayes’ new article decoded – Here is what he said

Cryptopolitan 03 Jun 2023
Hayes also set forth his prediction about the forthcoming Bitcoin bull market, delved into the mechanisms of fiat liquidity, and scrutinized central banks and their strategies in a way only he can ... Hayes on central banks and their decisions ... potentially triggering a banking crisis.

Tether (USDT) market capitalization hits record high of $83.2 billion ── Overall stablecoin market shrinks ...

OBN 03 Jun 2023
However, USDT’s popularity rose at a time of turmoil in the cryptocurrency industry, with market share at its highest in at least the last 22 months, as stablecoins are perceived as safe amid US regulatory actions and bank volatility.

Volatility is at its lowest point, the dollar index is rising, what’s next?[Column]| coindesk JAPAN ...

OBN 03 Jun 2023
When I wrote about the US banking crisis in March, crypto assets were hitting new year-to-date highs as a safe haven asset and a hedge against a financial meltdown ... In the face of banking instability, the Russia-Ukraine war, a 0.25% rate hike in May, a looming global recession, ...

Do you store a few hundred bucks in Venmo, PayPal or CashApp? MOVE it. That ...

The Daily Mail 02 Jun 2023
The Consumer Financial Protection Bureau (CFPB) says those funds might not be safe in a crisis ... The alert comes in the wake of the failures of Silicon Valley Bank, Signature Bank and First Republic Bank, when worried customers pulled out their money en masse in frantic bank runs.

Why The Government Is Telling You To Stop Storing Cash In Venmo

Victoria Advocate 02 Jun 2023
While PayPal (PYPL) - Get Free Report, PayPal-owned Venmo and Cash App were all called out by the regulator, the risks are not connected to any individual app's features but instant payment apps in general as they are not required to insure users' funds in the same way as banks.'Safe And Transparent,' Says Industry Trade Group.

Don’t store cash in Venmo and PayPal, US regulator warns

The Times & Democrat 02 Jun 2023
CFPB Director Rohit Chopra warned in a Thursday stateemnt that payment services like PayPal, Venmo, Cash App and Apple Pay “are increasingly used as substitutes for a traditional bank or credit union account but lack the same protections to ensure that funds are safe.” ... These accounts are safe and transparent,” the group said in the statement.

If cash apps fail, consumers could lose billions, feds warn

WPTV 02 Jun 2023
Most banks are Federal Deposit Insurance Corporation (FDIC) members, which protects up to $250,000 per depositor.  ... "Popular digital payment apps are increasingly used as substitutes for a traditional bank or credit union account but lack the same protections to ensure that funds are safe," said CFPB Director Rohit Chopra.

Interview: Recent bank closures in U.S. expose weaknesses of regional banks, says Cathay Bank executive chairman 02 Jun 2023
bank closures has left a trail, and exposed the weaknesses of several other regional banks, said Dunson Cheng, executive chairman of Cathay Bank, in a recent interview with Xinhua ... regional banks continued to slide in May with PacWest leading the way ... Customers begin to ask whether their money is safe at their bank.

Germany leads big bond rally as inflation finally heads down

The Philadelphia Inquirer 02 Jun 2023
... inversely to bond prices - were set for their biggest weekly declines since mid-March when banking turmoil sparked a dash to safe-havens.

RBI proposes norms on cyber resilience, digital payment security controls for PSOs

Financial Express 02 Jun 2023
They also specify baseline security measures to ensure safe and secure digital payment transactions.The central bank said existing instructions concerning security and risk mitigation for card payments, prepaid payment instruments (PPIs) and mobile banking will remain in effect ... IDBI Bank buyer to get tax waiver on LIC stake as well.

Drug gang torched cars and smashed buildings of those who owed them money

Metro UK 02 Jun 2023
Charlie Banks, 24, Haydyn Russell, 18, James McKenna and Bradley Froud, both 19, as well as a 17-year-old boy carried out the rampage across three seaside towns in East Sussex ... Ring leader Charlie Banks was jailed for eight years and six months (Picture ... Ringleader Banks had ...

Why nations are seeking alternatives to the dollar

China Daily 02 Jun 2023
Since then the US dollar has been dominating international trade, and has become the dominant currency in international banking and a safe foreign exchange reserve for financial institutions and businesses across the globe ... Fund and what in 1945 became the World Bank Group.

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