The Federal Reserve has reportedly told Wells Fargo officials the bank needs stronger checks on management before an asset cap imposed after a sales scandal can be lifted. Bank officials did not comment on specific items but said the review process for their reform plan is ongoing.
Members of three advisory boards told Consumer Financial Protection Bureau officials that it is difficult for banks to compete with nonbanks in developing artificial intelligence. AI comes with risks, and more oversight and research is needed, the members indicated.
A bipartisan bill would ban lenders from requiring small businesses to sign confessions of judgment, which forfeit their right to a court hearing if they default on the loan. The Small Business Lending Fairness Act proposed by Sens. Sherrod Brown, D-Ohio, and Marco Rubio, R-Fla., could go before the Senate next year.
In the biggest biotech initial public offering ever to make it to Wall Street, Moderna raised $604.3 million. The transaction gave the company, a developer of RNA messenger drugs, a market capitalization of more than $8 billion.
Cross River Bank, a startup that provides many of the behind-the-scenes services used by well-known fintech firms, raised $100 million from private equity investor KKR. The bank's founder and chief executive, Gilles Gade, said the new money will be put toward further developing its compliance infrastructure and growing its team.
The mobile payments firm Boku is buying Danal, a mobile identity and authentication startup, in a deal that could be valued at as much as $68 million based on Danal's future performance. Boku plans to integrate Danal into a US subsidiary.
Aceable, an online training startup, raised $47 million in its most recent funding round. The company started by providing driver education and later expanded to testing for professional certifications in a variety of occupations including food safety, nursing, real estate and human resources.
Firefly, a startup that places digital advertising on rideshare vehicles, raised $21.5 million in its seed round. The average payout to drivers with the company's digital smart screen on their cars is $300 a month, according to Firefly.
Beijing ByteDance Technology has begun discussions with prospective investors to raise $1.45 billion for its venture capital fund, the website The Information reported. The fund would focus on media and artificial intelligence startups.
Constellation Brands said that over the next 10 years it will invest in $100 million in alcoholic beverage startups founded by women. The first two companies to receive funding are Vivify Beverages, which makes hard soda, and bottled-cocktail provider Austin Cocktails.