Senate Republicans propose raising SAR threshold to $30K
Senate Banking Committee Republicans, led by committee chair Tim Scott, R-S.C., introduced a bill that would raise the mandatory reporting threshold for certain currency transactions, a move meant to ease banks’ anti-money laundering compliance obligations.
Why some banks are saying yes to stablecoins, and others are saying no
Banks and credit unions are steering away from stablecoins chiefly due to lack of customer demand, per new American Banker research.
Warren calls on FDIC to again pause ILC approvals
Senate Banking Committee ranking member Elizabeth Warren, D-Mass., is urging the Federal Deposit Insurance Corp. not to approve new Industrial Loan Company charters until Congress passes a law subjecting ILCs to bank holding company rules.
Our industry is obliged to foster customers’ financial resilience
Financial services firms have a responsibility to help more people — especially younger generations — navigate an increasingly complex financial landscape with clarity, confidence and optimism.
Inside Paxos and Aleo’s ‘stablecoin salaries’
The two companies are collaborating on making the digital asset private for payroll and other business transactions. While it’s unusual, as the most well-known stablecoins are on public ledgers, tech firms are warming to the idea.
Zions is ‘confident’ in credit despite Wall Street battering
Following a $60 million credit hit, the Salt Lake City bank said that it hasn’t found any other related problem loans.
Two Illinois community banks agree to merge in $170M deal
The parent company of Heartland Bank and Trust plans to acquire a smaller bank based in Carlinville, Illinois. The acquisition would give the buyer added heft in Central Illinois, as well as the Chicago and St. Louis metro areas.
Banks urge Trump admin to restore CDFI Fund staff, funding
Six trade groups warned the administration layoffs and funding freezes could dampen lending, threatening the administration’s goal of economic growth.
Navy Federal, Truist, Chime among victims of AWS outage
A failure at an Amazon Web Services data center in Virginia caused widespread outages, hitting services at several banks and fintechs.
Credit union-powered digital bank sponsors college sports
AlumniFi, the digital banking arm of Michigan State University’s official credit union, is now an official bank partner for the NCAA’s Big East conference.