Tag: banks

Consumer Advocate: Dick Durbin, Roger Marshall Looking to Take Away Your Credit Card Rewards

Richard Hunt, the executive chairman of the Electronic Payments Coalition (EPC), said at a Breitbart News policy event last week that Sens. Dick Durbin (D-IL) and Roger Marshall (R-KY) are trying to take away your credit card rewards with their credit card legislation.

Hunt explained that the EPC represents a diverse group of organizations, including credit unions, community banks, large banks, and unions. He warned that two senators, Durbin and Marshall, are moving to take away credit card rewards, which many Americans use for cashback or even to pay for travel for vacation.

Marshall and Durbin have been pushing the Credit Card Competition Act (CCCA) for years. Hunt dubbed it the “Credit Card Cancellation Act,” noting that some large retailers have backed the bill.

Advocates for the bill believe that they can inject more competition into payment processing by requiring banks to work with at least one alternative payment network besides Visa and Mastercard, the dominant players in the industry.

Under the current system, if a merchant accepts credit cards, it is “locked in” to whatever payment network that credit card runs, usually Visa or Mastercard, and thus must pay whatever the fee that payment network charges for transactions.

Durbin and Marshall believe that by passing the bill, more competition among payment networks would drive down merchants’ credit card costs, and the retailers would pass on that savings to consumers. Critics of the bill contend that it would, in addition to compromising the security of payment processing, likely kill credit card reward programs, just as previous Dodd-Frank legislation eliminated debit card rewards.

Hunt told Breitbart New Economics Editor John Carney that Americans used to receive rewards on debit cards and used to get free checking accounts. However, this ended when Durbin managed to get the Durbin Amendment included in the post-2008 financial crisis financial bill known as Dodd-Frank.

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PayPal Opens Bitcoin And Crypto Payments to US Merchants

Today, PayPal announced that it will launch a new payment option allowing small US businesses to accept over 100 cryptocurrencies, including bitcoin. The option is available to any US merchant using PayPal’s online payments platform.

Merchants will pay a promotional fee of 0.99 percent per bitcoin and crypto transactions for the first year. After that, the fee will rise to 1.5 percent. Both rates are lower than the 2024 US average credit card processing fee of 1.57 percent, according to the Nilson Report.

“Businesses of all sizes face incredible pressure when growing globally, from increased costs for accepting international payments to complex integrations,” said the president and CEO of PayPal Alex Chriss. “Today, we’re removing these barriers and helping every business of every size achieve their goals.”

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In search of riches, hackers plant 4G-enabled Raspberry Pi in bank network

Hackers planted a Raspberry Pi equipped with a 4G modem in the network of an unnamed bank in an attempt to siphon money out of the financial institution’s ATM system, researchers reported Wednesday.

The researchers with security firm Group-IB said the “unprecedented tactic allowed the attackers to bypass perimeter defenses entirely.” The hackers combined the physical intrusion with remote access malware that used another novel technique to conceal itself, even from sophisticated forensic tools. The technique, known as a Linux bind mount, is used in IT administration but had never been seen used by threat actors. The trick allowed the malware to operate similarly to a rootkit, which uses advanced techniques to hide itself from the operating system it runs on.

End goal: Backdooring the ATM switching network

The Raspberry Pi was connected to the same network switch used by the bank’s ATM system, a position that effectively put it inside the bank’s internal network. The goal was to compromise the ATM switching server and use that control to manipulate the bank’s hardware security module, a tamper-resistant physical device used to store secrets such as credentials and digital signatures and run encryption and decryption functions.

The group behind the attack is tracked in the industry under the name UNC2891. The financially motivated threat group has been active since at least 2017 in targeting the infrastructures of banks. It has earned a well-deserved reputation for proficiency in its use of custom malware in attacks targeting Linux, Unix, and Oracle Solaris systems.

In 2022, Google’s Mandiant division said it had observed UNC2891 spending years inside a targeted network, during which time the intrusion went largely unnoticed. Mandiant researchers went on to identify CakeTap, a custom rootkit for Solaris systems. Among other things, CakeTap manipulated messages passing through an infected ATM switching network, most likely for use in unauthorized cash withdrawals using fraudulent bank cards. Mandiant documented two other custom pieces of malware, which the company named SlapStick and TinyShell.

Group-IB’s report on Wednesday shows that UNC2891 is still active and finding new and advanced ways to burrow into bank networks without detection.

“One of the most unusual elements of this case was the attacker’s use of physical access to install a Raspberry Pi device,” Group-IB Senior Digital Forensics and Incident Response Specialist Nam Le Phuong wrote. “This device was connected directly to the same network switch as the ATM, effectively placing it inside the bank’s internal network. The Raspberry Pi was equipped with a 4G modem, allowing remote access over mobile data.”

To maintain persistence, UNC2891 also compromised a mail server because it had constant Internet connectivity. The Raspberry Pi and the mail server backdoor would then communicate by using the bank’s monitoring server as an intermediary. The monitoring server was chosen because it had access to almost every server within the data center.

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Royal Bank of Canada closes Freedom Convoy lawyer’s accounts over ‘risk concerns’

The Royal Bank of Canada is shutting down a Freedom Convoy lawyer’s accounts over “risk concerns.”

In a July 23 post on X, Freedom Convoy layer Eva Chipiuk revealed that the Royal Bank of Canada (RBC) terminated its banking relationship with her, citing “risk-related concerns” due to “recent activity” being outside their “client risk appetite.”

“As a federally regulated financial institution, RBC is required by law to comply with applicable legislation,” the letter, posted on X, read. “These laws require that we implement certain processes and procedures which directly support the formulation of RBC’s positions with respect to risk.”

“After careful consideration, we regretfully advise you that the recent activity in your accounts is outside of RBC’s client risk appetite, and consequently we are no longer in a position to continue our banking relationship with you,” it continued.

The decision followed a flagged Bitcoin transaction, after which RBC froze her account and asked her questions about her crypto activities, which she described to the Western Standard as “strange and demeaning.”

The bank gave her until August 18, 2025, to find a new financial institution, cryptically referencing compliance with federal regulations but providing no specific law or detailed explanation.

Chipiuk, who has been vocal about her criticism of Canadian institutions, suggested the debanking might be linked to her involvement in the Freedom Convoy or her public stance.

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Steam Purges Games Under Pressure from Visa and Mastercard’s Unseen Censorship

Somewhere between your mouse click and a purchase, a private boardroom full of executives quietly decided what you’re allowed to see, support, or sell. They don’t run your favorite website. They’re not elected lawmakers. But if Visa or Mastercard doesn’t like the look of a transaction, that transaction ceases to exist. That piece of content, that creator, that platform: gone.

There are a lot of complaints in tech circles about who’s getting deplatformed by YouTube this week. Meanwhile, the most consequential censorship in the digital economy has nothing to do with social media and everything to do with whether a little plastic rectangle will greenlight your purchase. And there’s no appeals process. No trial. Just a silent ax falling from a credit card duopoly that nobody elected and nobody seems able to challenge.

Take the recent purge of over 50 adult-themed games from Steam, the dominant digital PC game store. No new law had passed. It was a threat from Visa and Mastercard, quietly relayed like an old-school mafia warning. Valve, Steam’s parent company, made it clear: “We were recently notified that certain games on Steam may violate the rules and standards set forth by our payment processors and their related card networks and banks.”

In other words: “We’d like to keep making money.”

Valve didn’t wake up with a sudden newfound sense of moral hygiene. It was the payment processors. They pulled the fire alarm, and Steam complied like any rational hostage trying to keep the electricity on.

That’s what happens when the pipes of global commerce are guarded by a pair of unaccountable financial institutions that somehow got into the censorship business without anyone noticing.

Visa and Mastercard are no longer just companies. They’re gatekeepers of moral acceptability.

One day your art is fine, the next it’s too spicy for the algorithms; or worse, for the boardroom optics team. And if they decide your platform has crossed some invisible line? That’s it. No explanation required. No appeals offered. The economic oxygen gets cut off and there’s no recourse.

It’s one thing to be beholden to government regulations. It’s another when your business is held hostage by a pair of logos with an embossed hologram.

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Bank Branches are the Latest Creative Destruction Casualty

Over 8,000 bank branches are expected to close worldwide in 2025. Approximately 3,200 of those closures will take place in the United States. Q1 experienced 148 net branch closures in the US, with all major banks slated to close branches throughout the year.

These are merely bank closures and not bank failures, although two smaller US banks did fail this year. People simply prefer online banking as we have made the switch from relational to transactional banking.

Bankrate conducted a survey that found 77% of Americans prefer online digital banking, yet other surveys believe the figure is closer to 89%. Digital banking has been rising in popularity in recent years, up from 203 million domestic users in 2022 to the 216.8 million projected users in 2025. The survey found that 34% of consumers use online banking on a daily basis, consistently checking their account and transactions. There has even been a 19% increase in use among the 65+ crowd who is least likely to use digital services.

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Her Biggest Scandal Yet! Iran and China Are Circumventing Sanctions via Notorious Bank and Letitia James Is Implicated

The Standard Chartered Bank sanctions evasion case, now in court in the US Second Circuit, found at least $9.6 billion of illegal payments by the bank to Iranian and Hezbollah entities.

The case implicates NYAG Letitia James and the Federal Reserve for ignoring billions of these illicit payments and ignoring Treasury sanctions designations. Maximum Pressure is not being enforced because of the failures of the Fed and the NYAG.

Make sure this case continues.

** Call the Southern District of New York …. Office number: 212-637-2200

At least $9.6 billion of specifically identified illicit payments were made by SCB from its NYC branch to OFAC and known terrorist names. The $9.6 billion was found in internal trade reports turned over by bank whistleblowers and represents the first batch from SCB Dubai office that cleared through SCB NYC. There are estimated over $100 billion more of illegal payments that are more recent and from SCB China where it has 53 mainland branches that facilitate dollar trade payments for oil and war-making materials.

These payments were hidden by SCB from required disclosure in its ongoing Deferred Prosecution Agreement now under the jurisdiction of DCUSA Pirro and SDNY Clayton where both were briefed on SCB after their appointments. There are career blockers at each jurisdiction.

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Wells Fargo Suspends Travel to China After Communist Regime Blocks Top Banker from Leaving

Wells Fargo suspended travel for all of its employees to China on Thursday after the Chinese government slapped an exit ban on banker Chenyue Mao.

Mao is an American citizen who was born in Shanghai. She is a managing director for Wells Fargo, working from an office in Atlanta. According to the bank, her duties include helping international companies manage their working capital in different countries.

Mao specializes in “factoring,” the practice of selling accounts receivable to third parties. The seller gets cash immediately, while the buyer or “factor” proceeds to collect on the invoices they purchased at a discount. Companies that do business overseas often find factoring preferable to running debt collections operations in foreign countries.

In June, Mao was elected as chairwoman of FCI, a global industry organization for international accounts receivable. FCI was called Factors Chain International when it was established in 1968, and factoring remains one of its primary interests, but it has diversified into other aspects of finance and debt collection across national borders.

When it announced Mao’s election as chair of its executive committee, FCI noted she had over 21 years of experience with factoring and has worked at Wells Fargo for over a decade. During that time, she was credited with growing “annual import-factoring flows to 2.6 billion euros (over $3 billion in U.S. dollars) while fostering innovation in open-account solutions.”

FCI said her goals as chairwoman included recruiting more banks to the organization and “expanding import-factoring know-how within the network.”

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US Regulators Allow Banks Custody Over Bitcoin And Crypto

The Federal Reserve, OCC, and FDIC warn banks that safekeeping bitcoin and other crypto-assets demands strong cybersecurity, operational expertise, and full legal compliance.

Federal banking regulators issued a joint statement today emphasizing that banks involved in bitcoin and crypto-assets-related custody and other activities by following existing laws and maintaining strong risk controls. The statement, issued by the Federal Reserve, OCC, and FDIC, clarifies that it does not introduce new rules but reminds banks of their obligations when handling bitcoin and other crypto on behalf of customers.

“Banking organizations may provide safekeeping for crypto-assets in a fiduciary or a nonfiduciary capacity,” the document stated. “Banking organizations that provide crypto-asset safekeeping in a fiduciary capacity must comply with 12 CFR 9 or 150, as applicable, state laws and regulations, and any other applicable legal provisions, such as the instrument that created the fiduciary relationship.”

The agencies emphasize that safekeeping bitcoin and other crypto-assets, mainly through control of customers’ cryptographic keys, requires strong cybersecurity, operational expertise, and full legal compliance. Banks offering these services must be prepared to protect against risks such as key loss, cyberattacks, and unauthorized asset transfers.

They also note that bitcoin and other crypto safekeeping may demand specialized staff, secure infrastructure, and constant monitoring of evolving technologies. Regulatory requirements like anti-money laundering (AML), countering the financing of terrorism (CFT), and OFAC sanctions still apply. 

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The Shadowy Past of the Secret Bank That Controls the World

Few people—even diligent media followers—are likely to speak knowledgably about the Bank of International Settlements (BIS). Yet, hidden in plain sight in a 20-story tower (with four more stories below ground level) in Basel, the BIS influences the leaders of the world’s top central banks and controls the global economy. Moreover, it cannot be questioned or held accountable for any of its actions. In his 2013 book Tower of Basel, Adam LeBor, a former reporter for The Economist and author of thoroughly researched works such as Hitler’s Secret Bankers, The Last Days of Budapest, and City of Oranges, analyzes the bank’s history to explain how it gained unlimited power.

He also exposes its complete amorality. Thomas McKittrick, the bank’s chief during the war, whom the author calls “Hitler’s American Banker,” kept passing critical information to the Nazi regime. The BIS financed the Holocaust by accepting gold stolen by the Nazis from Belgium and marking it as German, even though a Belgian central banker warned that the gold had probably been melted down and re-stamped with German markings.

Austrian and Czech gold was also accepted as German deposits and kept out of reach. It was common knowledge that, besides gold from the governments of occupied nations, the Nazis were depositing gold stolen by the Devisenschutzkommando (DSK), Hitler’s special squads of treasure-hunting torturers. But that did not matter to the BIS. Kapital über alles, as LeBor titles the first part of the book.

Hunger for profit and disregard for ethics—these seem to be ingrained in the very DNA of the BIS. As recently as 1991, when the Argentinian economy collapsed and the country was $81 billion in debt, the BIS accepted—and thus kept out of creditors’ reach—money that should have rightfully been returned to them. Besides two fund management firms, the creditors were mostly pensioners who had invested in Argentinian bonds. The firms have sued the BIS and brought some attention to its highhandedness.

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