Financial Shutdown Risk Mitigation
Finextra
SEPTEMBER 12, 2024
Six cybersecurity tactics for financial services to prevent disaster Anyone who has seen the apoca.
Shutdown Related Topics 
Credit Unions Step Up During Government Shutdown
PYMNTS
JANUARY 18, 2019
There is no shortage of headlines about the partial government shutdown that is now on its 27th day, and no shortage of articles speculating how long it will go on, what will be affected and (most often) what it will take to finally bring it to an end. The shutdown must come to an end. Digitally Limiting The Disruption.
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Fintechs, digital banks reach out to workers impacted by government shutdown
Payments Dive
JANUARY 18, 2019
Fintech companies, mobile banks and others are granting waivers, extended payments and other services to help workers impacted by the government shutdown.
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IPOs On Pause As Gov’t Shutdown Drags On
PYMNTS
JANUARY 9, 2019
The government shutdown could force companies planning to go public in the early part of 2019 to postpone their IPOs. The shutdown, which is now the second-longest on record, has forced the SEC to furlough thousands of employees, as well as stop reviewing and approving all corporate registration statements, including IPO filings.
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Singapore Businesses Struggle To Get Paid Following Wirecard Shutdown
PYMNTS
OCTOBER 12, 2020
Singapore businesses are struggling to get paid following the shutdown of German payment processing firm Wirecard, according to a Monday (Oct. Since the shutdown, Singapore businesses have pushed to process payments for such things as telephone bills and restaurant meals. . 12) report in the Financial Times.
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A Tale of Two Merchants: How They Avoided PSP Shutdown
Basis Theory
MARCH 7, 2024
Payment processing in higher risk industries often comes with the fear that the processor could halt payouts at any point - potentially without warning. For two higher-risk merchants, this came true.
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Federal Cybersecurity Professionals Play Catch-Up Weeks After Gov’t Shutdown
PYMNTS
FEBRUARY 10, 2019
Federal cybersecurity workers tasked with protecting the federal government from hackers have been scrambling to catch up two weeks after the longest government shutdown in modern history ended. The report noted that there are concerns that the real impact from the shutdown will take time to play out.
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Apple Will Pay Contracted Janitors And Bus Drivers During Shutdown
PYMNTS
MARCH 31, 2020
Contractors with Apple who work in janitorial, bus driving and other such fields will be paid during the coronavirus shutdown, in a reversal from the tech giant’s previous position. A company spokesperson said the hundreds of contract workers who perform essential jobs on the tech company’s campus in Silicon Valley would be paid.
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Apple Says Contractors Will Be Paid During COVID-19 Shutdown
PYMNTS
MARCH 31, 2020
Contractors with Apple who work in janitorial, bus driving and other such fields will be paid during the coronavirus shutdown, in a reversal from the tech giant’s previous position. A company spokesperson said the hundreds of contract workers who perform essential jobs on the tech company’s campus in Silicon Valley would be paid.
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India’s Consumers Struggle To Overcome Virus Shutdown
PYMNTS
AUGUST 20, 2020
The shutdowns and fears of the virus caused India’s gross domestic product (GDP) to fall by around 20 percent in the quarter ending in June as opposed to last year. The shutdowns hit Indian women especially hard in the economic department, offsetting years of gains made for women in employment in the country.
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52 PenFed’s Playbook On Helping Government Workers Survive Shutdowns
PYMNTS
MARCH 6, 2019
From cannabis legalization to the federal shutdown, government actions are reshaping financial circumstances for consumers and businesses alike. How PenFed Kept Financial Doors Open During the Government Shutdown. During the recent 35-day government shutdown, CUs like D.C. To read the full Deep Dive, download the Tracker.
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Gov’t Shutdown Costs Creep To $11B
PYMNTS
JANUARY 29, 2019
A new report says that the government shutdown has cost the country about $11 billion in gross domestic product, and will impact the United States’ economic growth for the rest of the year. Earlier this month, Federal Reserve Chairman Jay Powell warned that an extended government shutdown could be damaging to the U.S.
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NY Fed President: Gov’t Shutdown Could Hinder Economic Growth
PYMNTS
JANUARY 18, 2019
18) that the shutdown has become a hindrance for the economy, Financial Times reported. With an audience of the New Jersey Bankers Association, Williams noted that policymakers at the Fed had noticed “some emerging headwinds to growth from the partial government shutdown ” in addition to “geopolitical uncertainties.”
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Regulators Ask Banks To Go Easy On Govt. Workers During Shutdown
PYMNTS
JANUARY 11, 2019
11) came and went and government workers affected by the 21-day shutdown didn’t receive paychecks, U.S. Federal Reserve Chairman Jay Powell discussed the effects that a long-term shutdown could have on the economy. A longer shutdown is something we haven’t had,” he said. “If As Friday (Jan. Federal Reserve said in a statement.
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55 How PenFed Kept Financial Doors Open During Government Shutdowns
PYMNTS
MARCH 7, 2019
The longest government shutdown in U.S. While the shutdown is long over, hundreds of thousands of federal workers who endured more than a month of financial uncertainty are still feeling its effects. Several thousand federal employee PenFed members felt the shutdown’s effects, Chamorro said. history ended Jan.
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40 Federal Websites’ Certificates Expire During Govt. Shutdown
PYMNTS
JANUARY 17, 2019
Add federal websites to the fallout from the government shutdown. According to a new report in The Washington Post , with the shutdown now dragging into its 27th day, a growing number of websites operated by the federal government are breaking down.
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Government Shutdown Will Force Suspension Of FTC Facebook Investigation
PYMNTS
DECEMBER 28, 2018
The Federal Trade Commission, which was conducting a probe into Facebook and its practices, will be forced to shutter the investigation due to the government shutdown, according to a report by The Washington Post. FTC workers aren’t allowed to do any work on the probe while the shutdown is in progress.
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51 Stripe’s big changes, Brazil’s newest fintech unicorn and the tale of a startup shutdown
TechCrunch Fintech
APRIL 28, 2024
Welcome to TechCrunch Fintech! This week, we’re looking at Stripe’s big product announcements, a bump in valuation for a Brazilian fintech startup and much more! To get a roundup of TechCrunch’s biggest and most important fintech stories delivered to your inbox every Sunday at 7:00 a.m. PT, subscribe here.
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China Likely To See More P2P Shutdowns This Year
PYMNTS
JANUARY 9, 2020
Gansu, Hebei, Hunan, Chongqing and Sichuan were among Chinese provinces ordering a total shutdown of P2P lending in 2019. Stronger regulatory rules compelled P2P services to plunge to 343 last year compared to 2,680 in 2016. billion yuan (US$70.4 billion) as of December 2019 from a height of 1.32 trillion yuan (US$189.2
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GM, Ford Speed Up Payments To Small Suppliers Hurt By Shutdowns
PYMNTS
MAY 28, 2020
Two of the nation’s largest automakers are paying suppliers upfront to help small cash-strapped suppliers survive shutdowns caused by COVID-19. General Motors Co. and Ford Motor Co. have introduced programs to fast-track payments that typically take up to 60 days to be paid, Reuters reported.
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Reliant Funding Launches SBA Loan Service Amid Government Shutdown
PYMNTS
JANUARY 9, 2019
” Reliant Funding’s new service comes in the middle of a lengthy government shutdown that has closed the Small Business Administration and caused a drop in SBA loan approvals, according to data published by Biz2credit on Tuesday (Jan. The government shutdown really has begun to hurt small companies in search of capital.”
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India’s Pharmacists Call For Shutdown Of Amazon Entry
PYMNTS
AUGUST 17, 2020
A group that says it represents 850,000 pharmacists in India wants the government to shut down Amazon’s new pharmaceutical delivery service in the country.
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Coronavirus: Economist Says Housing Market ‘Shutdown’ Likely; Zillow Suspends Home Buying With Zillow Offers
PYMNTS
MARCH 23, 2020
LendingTree Chief Economist Tendai Kapfidze said, according to Yahoo Finance , “We’re gonna have a shutdown in the housing market because people aren’t out there seeing the houses, and also because generally economic activity is contracting in almost every sector of the economy.”.
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Uber, Lyft Ready Shutdown Friday In California
PYMNTS
AUGUST 20, 2020
Unless an appeals court intervenes at the last minute, Uber Technologies Inc. and Lyft Inc. are ready to suspend their ride-hailing services in California on Thursday (Aug. In a blog post , Lyft said its rideshare operations in California would be suspended at 11:59 a.m. on Thursday.
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Retail Chains Furlough Workers Amid COVID-19 Shutdowns
PYMNTS
MARCH 31, 2020
Amid lengthened measures to keep COVID-19 from spreading, some of the country’s biggest retail chains have been forced to put workers on a leave of absence. Staffers at companies including Gap , Macy’s and Kohl’s have been notified that they would be laid off for a time, the Financial Times reported.
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Digital fraud focuses on younger consumers
Payments Source
MARCH 25, 2021
The abrupt shutdown of retail a year ago led to a rise of digital shopping — and fraud. And the most tech-savvy consumers may be the most vulnerable, according to TransUnion data. ]].
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Restaurants’ coronavirus tech could stick around post-lockdown
Payments Source
MAY 26, 2020
The coronavirus shutdowns have tossed businesses into disarray in numerous ways, most notably the tricky transactions that come with operating a restaurant as a drive-through for the first time.
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COVID-19 Shutdowns Re-Emerge, But Consumers Are Ready To Stay Home Anyway
PYMNTS
NOVEMBER 2, 2020
Concerns are growing that given the international surge in cases, shutdowns starting up in the U.K. “We want to be in a position where we can — and I believe that this is likely to be the case — have an approach where if we bring down the rate of infection sufficiently, we can reduce measures nationally and also reduce measures regionally.”.
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China Factory Shutdown Could Impact iPhone Shipments
PYMNTS
FEBRUARY 4, 2020
The closing of Foxconn’s factory in Taipei over the outbreak of the Coronavirus could affect iPhone production, Reuters reported on Monday (Feb. 3), citing sources. Foxconn produces iPhones and other smartphones for Apple and other brands. The factory in Taipei was among many in China instructed to close down and halt production, at least until Feb.
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American Express Q1 Cardholder Spending, Loans Up Despite Govt Shutdown
PYMNTS
APRIL 18, 2019
American Express, in reporting its latest quarterly results, showed evidence Thursday (April 18) morning that consumer spending remains resilient, even having navigated the bumps of the prolonged government shutdown that came early in the quarter. In terms of headline numbers, revenues, net of interest expense, were up 6.6
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Payment-based business lending needs adjustment during shutdowns
Payments Source
MAY 11, 2020
Historical data doesn’t paint a sufficient picture in a business climate characterized by rapid, unexpected change and lingering uncertainty, says MSTS' Brandon Spear.
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Hacker Prompts Shutdown Of ECB Website
PYMNTS
AUGUST 15, 2019
A European Central Bank (ECB) website has been shut down after a malicious hacking attack infected the site. Reuters is reporting that the incident happened on Thursday (Aug 15). No “market-sensitive” data that could compromise the markets was stolen, the ECB said.
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SEC Eyes Probe Of Robinhood's Handling Of March Shutdown
PYMNTS
AUGUST 31, 2020
Robinhood , a FinTech focused on online stock brokerage for those not expertly versed in that subject, has attracted much praise and activity — but with that, a regulatory probe from the U.S. Securities and Exchange Commission (SEC) into alleged poor management of the app, Bloomberg reported.
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Coronavirus, unrest and recession: merchants’ bumpy path out of lockdown
Payments Source
JUNE 16, 2020
Even though a portion of retailers could rely on e-commerce to keep active during coronavirus shutdowns, reopening brick-and-mortar shops may be even harder amid new safety concerns.
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eCommerce Helps Women Hard Hit By India?s Shutdowns
PYMNTS
JUNE 10, 2020
When India moved to formally shut its economy down by closing workplaces and other public spots over COVID-19, over 120 million Indians lost their jobs. But one group was hit most critically in that collapse of employment — women, according to The New York Times.
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Amazon-Berkshire-JPMorgan health venture to shut next month
Payments Source
JANUARY 4, 2021
The planned shutdown of Haven at the end of next month marks the close of an ambitious effort that brought together titans of technology and finance but struggled to demonstrate meaningful results.
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Government shutdown casts a spotlight on payroll pain points
Payments Source
JANUARY 2, 2019
As the federal budget dispute shoves an increasing number of government workers to the sidelines, there’s a window to provide payments relief that’s superior to options such as payday lending and bartering.
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Shutdown highlighted need for bank-backed small-dollar loans
Payments Source
FEBRUARY 14, 2019
Regulators should clarify rules around deposit-advance products so that banks can serve consumers seeking short-term loans, like those affected by the recent partial closing of the government.
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63 Munchery Shutdown Leaves Suppliers Without Pay
PYMNTS
FEBRUARY 21, 2019
On-demand food delivery company Munchery shuttered operations earlier this year, sending an email to customers that it would immediately cease operations. While the news may not have come as a surprise, Munchery’s demise is nevertheless leaving its suppliers high and dry, according to reports Wednesday (Feb. 20) in Marketplace.
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Coronavirus halts $115 billion in casino wages and tax payments
Payments Source
MARCH 23, 2020
The coronavirus has forced shutdowns and closures of over 90% of U.S. casino properties halting annualized payments of $74 billion in wages and $41 billion in tax revenues.
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99 Shutdown highlighted need for bank-backed small-dollar loans
Payments Source
FEBRUARY 14, 2019
Regulators should clarify rules around deposit-advance products so that banks can serve consumers seeking short-term loans, like those affected by the recent partial closing of the government.
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60 Snapcash shutdown: What it means to lose P2P payments
Payments Source
JULY 23, 2018
The news that Snap Inc. is shutting down Snapcash, a version of Square Cash offered on its Snapchat social media platform, may have less to do with P2P payments and more to do with the long-term future of the company itself.
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Visa's biggest fears—Brexit, government shutdown, tariffs—are beyond its control
Payments Source
JANUARY 30, 2019
Visa CEO Alfred Kelly said the company's earnings, though solid, could suffer if if politicians in Washington and London don’t resolve their biggest issues.
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Kazakhstan internet shutdown affects global Bitcoin mining operation
The Paypers
JANUARY 7, 2022
The unrest in Kazakhstan, the second-largest centre for mining of the cryptocurrency, has led to an internet blackout, according to The Guardian.
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