Fincen scraps crypto mixer rule built to fight ransomware; Frozen or stolen? BofA customer ...

The Treasury Department's financial crimes bureau is scrapping a proposed rule that would have made banks report customer transactions tied to foreign cryptocurrency mixers.

The proposal was the first time Fincen had used section 311 of the USA Patriot Act, which lets Treasury impose special measures such as extra reporting requirements on money-laundering threats, against a whole class of transactions rather than a specific foreign bank or country. More here.

Frozen or stolen? BofA customer struggles to get money back

Early on the morning of March 11, 2025, Kyle Horn woke up to a text message saying his bank account contained less than $100. Concerned, he signed into his Bank of America commercial account, and saw a negative balance of $456,000.

This gold dealer's 18-month ordeal reflects the few protections customers have when banks decide to freeze or close their accounts. More here .

Here are more of today's top stories from American Banker:

A capital-rich Michigan bank announces first deal since 2021. Read the full story here . Old Glory Bank raises $8M, chides Fed over blocked deal. Read the full story here. Western Union Intermex deal hits yet another roadblock. Read the full story here. Nominate your company for American Banker's Best Places to Work in Fintech ! This program recognizes financial technology companies that provide a positive and supportive workplace environment and benefits, according to their own employees. Register here, deadline December 18.

A capital-rich Michigan bank announces first deal since 2021. Read the full story here .

Old Glory Bank raises $8M, chides Fed over blocked deal. Read the full story here.

Western Union Intermex deal hits yet another roadblock. Read the full story here.

Nominate your company for American Banker's Best Places to Work in Fintech ! This program recognizes financial technology companies that provide a positive and supportive workplace environment and benefits, according to their own employees. Register here, deadline December 18.