Key shuns M&A, lauds buybacks after activist investor callout
KeyCorp CEO Chris Gorman said Tuesday that the bank has doubled its buyback plans for the fourth quarter and laid out a new long-term profitability target. The comments came a few days after HoldCo Asset Management issued a scathing report about the bank’s performance.
Beal-owned Monet Bank pivots towards digital assets
The Texas-based community bank is turning itself into a “digital asset financial institution” as the Trump administration pushes crypto-friendly policy and other banks make their bids.
DOJ says CFPB’s preliminary injunction cannot be modified
A federal court cannot modify a preliminary injunction to compel the acting director of the Consumer Financial Protection Bureau to request funding for the agency, the Department of Justice said.
North Carolina credit union sues Fiserv over ‘insecure’ systems
The lawsuit alleges the fintech giant secured its own corporate data with strong MFA while leaving client systems vulnerable to compromise.
As NMI enters embedded lending, it faces a crowded market
PayPal and other fintechs already offer small business loans based on future payment flows, creating a competitive market.
OCC says banks may broker crypto assets for customers
In a new interpretive letter, the Office of the Comptroller of the Currency will allow banks to serve as middlemen for “riskless” crypto trades, extending existing brokerage authority for securities to digital assets.
Democrats want CFPB’s Vought to testify before Congress
Democratic senators are calling for Senate Banking Committee Chairman Tim Scott to compel the acting director of the Consumer Financial Protection Bureau to testify.
Bank CEOs expected to meet senators on crypto market structure
The discussions are expected to focus on bankers’ opposition to allowing interest payments on stablecoins, along with the ability of banks to compete in the crypto space and preventing the use of cryptocurrencies to facilitate illegal activities.
Bank regulation is in chaos, and ‘paperwork reduction’ won’t fix that
The administration’s haphazard overhaul of financial regulatory bodies has produced confusion and uncertainty. What regulators should be prioritizing now is bringing a sense of stability to the industry.
Freddie Mac issues updates mandating AI governance
New rules means sellers and servicers will need to have plans demonstrating proper oversight of their artificial intelligence and machine learning practices.