California’s fintech startups are invading New York

Bank Innovation

Bloomberg Carousel Innovation Strategy Open Banking Payments New York Plaid San Francisco Stripe UberWhen two Irish brothers started Stripe Inc. together in 2010, there was little question about where they should put their headquarters. It had to be California. Now, though, Stripe is leaving the tech mecca of San Francisco, awash in tech talent and investor cash, and is in the process of moving its main office about 10 […].

New York To Ease Cryptocurrency Regulations

PYMNTS

It will be easier for New York cryptocurrency businesses to launch in New York, thanks to a plan by regulators that would ease licensing rules. The New York State Department of Financial Services (DFS), which supervises 1,500 banks and financial institutions and more than 1,400 insurance companies, has proposed a conditional licensing framework that promises to make it easier for cryptocurrency startups.

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New York State Tax Revenue Drops 10 Pct In 2020

PYMNTS

The drop was steeper overall in New York City than the rest of the state, due to the city's early status as a hotbed of COVID-19 cases. New York’s localities need federal aid to help get through this crisis.”.

New York City’s Economic Recovery Is Years Away, Fiscal Watchdog Says

PYMNTS

The new Fiscal Outlook from the New York City Independent Budget Office finds that the COVID-19 pandemic has likely made it so the city's economy won't fully recover for years. Coronavirus Consumer Spending debt economy new york city News What's Hot

Lowe’s Builds New Image At New York Fashion Week

PYMNTS

There’s a lot that’s new and digital about New York Fashion Week. In fact everything is new from the virtual runways to the individual shows getting precedence over the more general events. Even the sponsorships are new, including home improvement retailer Lowe’s.

New York City Sees Surge In Street Vendors

PYMNTS

Fast forward 90 years and New York City is suddenly seeing a big jump in the number of street vendors as the jobless try to find new ways to make ends meet, The Wall Street Journal (WSJ) reported. Economy economy new york city News Retail What's Hot

American Express reopens New York, London offices at 10% capacity

Payments Source

began reopening offices in New York and London this week even as it told employees that they can continue working from home through June 2021 if they wish. New York Coronavirus American ExpressAmerican Express Co.

Key Changes Made to New York Foreclosures, SBA Loans

New York's State of Mind

First, I want to provide a snapshot of a vitally important recent decision by New York’s court […]. COVID-19 Federal Legislation Legal Watch Mortgage Lending New York State Regulatory foreclosure New York's Court of Appeals PPP SBA The Biden Administration

New York & Co. Parent RTW Retailwinds Auctioned For $40M

PYMNTS

Seven weeks after the corporate parent of New York & Co. RTW Retailwinds , a New York-based specialty apparel retailer, announced the Saadia Group agreed to purchase its eCommerce business at a bankruptcy auction Friday (Aug.

Related Cos. CEO Calls For Workers To Come Back To New York City

PYMNTS

Some major New York City retail properties — including the shopping center at Hudson Yards — are only producing 50 percent of pre-pandemic rent, the CEO of major Big Apple landlord Related Cos. This is about bringing New York back to life.

Retail Vacancies Spike In New York City

PYMNTS

As New York City ’s vacancy rate has skyrocketed by nearly 50 percent, a report released by City Comptroller Scott Stringer showed that the amount of empty retail space in the city has doubled in the last 10 years or so. Earlier this year, news surfaced that rents were falling and vacancies were rising on New York’s storied Fifth Avenue. Retail brick and mortar new york city News real estate Rent vacancies What's Hot

New York City Council Bans Cashless Food And Retail Stores

PYMNTS

The New York City Council on Thursday (Jan. Applebaum added that communities of color in New York City are more than twice as likely to lack access to a bank and are less likely to host a branch of a bank than the national average. And in Singapore, global FinTech Rapyd announced a new platform that will allow both consumers and businesses to go totally cashless. Payment Methods Ban cashless payments Food new york city News regulation Retail What's Hot

Is New York Fashion Week Still In Style?

PYMNTS

In many ways, 2020’s version of New York Fashion Week was much like any other year. The metallic bralette-as-shirt seemed to be this year’s Fashion Week uniform for the famous – and represented impressive dedication to style, considering that the average temperature in New York last week was below 40 degrees. The idea not only succeeded in New York, but it ignited and went global after the war ended.

New York Lifts COVID Restrictions; New Strains Still A Concern

PYMNTS

New York Gov. The holiday surge from Christmas and New Years appears to be done with, peaking on Jan. 4 when the positivity rate in New York hit 8 percent across the state. That said, the new strains of the virus, which have been cropping up in the U.S.

New York City Mulls Fur Sales Ban

PYMNTS

Following the lead of other municipalities, New York City could be going fur-free with a proposed law on the horizon. In a progressive and modern city like New York, banning the sale of fur clothing and accessories is long overdue,” Johnson said in a statement, according to the outlet. In the case of New York City, under the proposed law, a fine would range from $500 to $1,500 for businesses selling fur.

Amazon Sues New York AG Over COVID Regulations

PYMNTS

Amazon is suing New York Attorney General Letitia James in an effort to block legal action regarding its workplace COVID-19 protocols as well as its decision to fire an employee last spring, Bloomberg reported on Friday (Feb.

New York Gyms Get OK To Reopen Next Week

PYMNTS

New Yorkers are about to lose one of the reasons for packing on what some healthcare providers are calling the COVID 15, or quarantine 15 — as in 15 pounds of weight gained since the onset of social distancing and the closing of gyms and other public venues.

New York to LIBOR’s Rescue!

New York's State of Mind

Economy New York State Regulatory technology CUNA data breach Governor Cuomo LIBOR NCUA SolarWindsThe rulers of the financial world typically frown on the state getting involved with their business. But when it comes to LIBOR, you can hear a huge sigh of relief emanating from Wall Street this morning. As readers of this blog know, LIBOR is a discredited benchmark that has been the gold standard for contracts […].

Report: Soho House Looks To Go Public In New York

PYMNTS

To benefit from investor interest in travel and leisure equities as COVID-19 dissipates, Soho House is forming plans to list in New York by as soon as March, the Financial Times reported.

Credit Card Surcharges OK’ed In New York

PYMNTS

New York has banned the ban. In the wake of court filings this week that effectively ended a challenge to surcharges on credit card transactions in New York, merchants in the Empire State can indeed embrace those fees, contingent upon stating those costs to consumers up front. The merchant plaintiffs and the state of New York filed motions on Jan.

New York State Regulations for Online Lenders to ‘Level Playing Field’ for Banks

Bank Innovation

In New York State, perhaps anticipating a […]. Compliance Exclusive Lending Online Premium Alternative Lending Continuity New York StateOnline lenders may own more than half of the personal lending market, but they face serious headwinds. For one thing, rising interest rates will increase their cost of funds, and perhaps make their offerings less attractive, and for another, regulations may arrive that make operating their businesses more expensive.

Retailer New York & Co. Will Likely File For Bankruptcy

PYMNTS

The parent company of New York & Co. , New York & Co. In a recent PYMNTS interview on “Powering the Digital Shift 2020, Nick Kaplan, president and co-founder of Fashion To Figure, a New York-based plus-size women’s retailer, quoted his brother who said “adapt or die.”. “A Retail bankruptcy New York & Co.

New York enacts commercial financing disclosure law

CFPB Monitor

On December 23, 2020, New York Governor Andrew Cuomo signed into law S 5470 – B , which requires consumer-like disclosures for “commercial financing” transactions of $500,000 or less. NYDFS Regulatory and Enforcement Small Business commerical financing new york

New York Times Posts Blockchain Job

PYMNTS

The New York Times newspaper posted a job called “Lead, Blockchain Exploration” on Wednesday (March 13), and later took it down, according to reports. You should bring a deep understanding of the intersection of the New York Times and the evolving space we inhabit in the media technology landscape.”. The New York Times has covered cryptocurrency and blockchain in depth in the past, and published a piece titled “Demystifying the Blockchain” last year.

How New York's planned digital currency sidesteps Libra's issues

Payments Source

It’s also sparking a potential bottom-up approach in New York. Compliance Blockchain Digital payments New York Financial inclusion Libra CryptocurrenciesFacebook’s Libra cryptocurrency project has drawn vast political pushback, but also more tangible government action as nations globally consider central bank supported digital currencies.

Washington’s Decisions Have Direct Impact on New York State

New York's State of Mind

There have been few instances where machinations in Washington have had a more direct impact on New York State than what we’ve seen unfolding in the last few days. Advocacy COVID-19 Economy Federal Legislation Legal Watch New York State Political Regulatory COVID-19 Relief Package Democratic Congressional Campaign Committee FSOC New York Giants Rep.

For New York, Things Are Worse Than They Appear

New York's State of Mind

Compliance COVID-19 Economy Mortgage Lending New York State Regulatory Fannie Mae and Freddie Mac GDP GSE mortgage forbearanceYesterday, the Federal Housing Finance Agency highlighted just how long the pandemic has lasted by announcing that mortgages backed by Fannie Mae and Freddie Mac may be eligible for an additional forbearance extension of three months.

Camping World Holdings Buys Locations In New York, Pennsylvania

PYMNTS

Camping World that both stores have undergone large expansions and that the new offering encompasses a broad spectrum of new and pre-owned RVs along with products and accessories. Camping World Holdings, Inc.

New York State Of (Cybersecurity) Mind

PYMNTS

As the Sinatra tune goes (a bit paraphrased) … New York: If you can make it there in cybersecurity, you can make it anywhere. The financial services industry is girding for the new regulations by the New York State Department of Financial Services (DFS), which take effect as of Aug. Yes, the rules apply to a single state, but as some sources, including New York Law Journal , report, the regulations could have a global impact.

Amazon Rethinks New York City HQ2 Campus

PYMNTS

After facing resistance from politicians and protestors, Amazon is reportedly rethinking its planned New York City campus. While Virginia officials provided the company with an incentive package, the state of New York is not projected to provide final approval for another year. And, even though New York City Mayor Bill de Blasio (D) and New York Governor Andrew M. Amazon ecommerce HQ2 new york city News What's Hot

Mastercard encouraging staff to begin return to New York offices

Payments Source

is encouraging its staff to begin returning to its New York-area offices, joining other large employers seeking to bring workers back after months at home. Mastercard Inc.

New York To Sunbelt State Tourists: Stay Home

PYMNTS

With coronavirus infection rates soaring in the Sunbelt, the governors of New York, Connecticut and New Jersey are teaming up to slap a 14-day quarantine on travelers from states where the deadly virus is spiking. New York Gov. Andrew Cuomo, New Jersey Gov. New Jersey opened its beaches on Memorial Day weekend, while New York City began reopening earlier this month, letting nonessential manufacturing and construction workers return to their jobs.

New York Sees Most Bank Branch Closures In US

PYMNTS

are closing branches, but the New York area is seeing more closures than most, Bloomberg reported on Wednesday (Feb. The area encompasses New York City, its suburbs and parts of New Jersey, “a very dense urban market in most instances, so there’s a lot of potential duplication of bank branches,” said Walter Bialas, director of research at Jones Lang LaSalle , the world’s second-largest commercial real estate services firm. Banks across the U.S.

California's fintech startups are invading New York

Payments Source

Fintech Disruptors New YorkIn some ways, the moves are natural for tech startups with financial ambitions. Despite the growing success of fintech upstarts hailing from San Francisco, Wall Street institutions remain on top of the financial world.

Fraudsters ‘Flourishing’ On Zelle, New York Times Reports

Bank Innovation

Bank P2P service Zelle is having some issues with fraud, with some customers reporting that hackers, exploiting weaknesses in the platform, had cleaned out their bank accounts: even if those customers had never used, or head of Zelle, according to a New York Times report this weekend. With thousands of new users signing onto the […].