Mastercard to help banks with crypto; Sen. Warren vs. Zelle fraud

How much fraud is on Zelle? Depends who you ask: Sen. Elizabeth Warren, D-Mass., has been raising the alarm bells about fraud on the bank-owned payments platform, but independently verifiable data that might inform policymaking is hard to come by.

Sign up here to receive American Banker's complete Daily Briefing newsletter — delivered to your inbox every morning.

Here's more of what we're covering today from Green Dot Corporation, Mastercard, BNY Mellon, Zelle®, and other banking news:

Green Dot taps new CEO, ousts former top leader: The prepaid card and digital banking company tapped former chief financial and operating officer George Gresham to take the helm.

Mastercard tries to make crypto less scary for banks: By applying its scale and expertise to security and compliance, the card network hopes to provide a comfortable option for cautious financial institutions and consumers.

Also from the world of crypto: Custody battle: How legacy financial institutions are entering crypto BNY Mellon and Nasdaq are developing in-house digital-asset custody platforms for institutional investors, making them among the first in traditional finance.

Deluxe check-printing business sees surprising uptick in demand: "We're not used to seeing growth in our check business," said Deluxe's Tracey Engelhardt, who reports a 6% to 7% increase in revenue for check orders from businesses and consumers in each of the last three quarters, driven by various factors originating from the pandemic.

BNY Mellon's 3Q profits dragged down by $680 million charge: The custody bank recorded a 59% drop in net income as a result of the goodwill impairment charge. New CEO Robin Vince sought to assure analysts that the one-time item does not reflect either a change in strategy or the well-being of the company's investment management business, which took the hit.

SECU's protege credit union decides to go it alone: Local Government Federal Credit Union in Raleigh has relied on State Employees' Credit Union's guidance — and branch network — since the smaller institution's inception in 1983. But that relationship was never supposed to be permanent.