Rhode Island writes its own cybersecurity rules for nonbanks
With federal oversight easing, Rhode Island joins states pushing cybersecurity laws for finance companies not covered by federal bank regulators.
Visa’s bank tech hits New Zealand, Tether’s Africa stablecoin push
The card brand’s Pismo platform will support banking services for the Auckland-based fintech Dosh; Tether collaborates with a blockchain firm to expand USDT. That and more in American Banker’s global payments and fintech roundup.
Stablecoins are going to greatly complicate AML compliance
As stablecoins and related products gain traction in the U.S., bankers are going to have to face the fact that their current anti-money-laundering controls simply aren’t up to the task anymore.
Credit unions turn to tech to compete for young customers
In an effort to compete with the vast resources of big banks, credit unions are partnering with fintechs to deliver banking products designed for children.
Trump changes tone on debanking, lays more blame on banks
President Trump in an interview Tuesday morning railed against big banks for allegedly discriminating against conservatives, a notable shift in tone that puts more responsibility for the debanking debacle on banks rather than regulators.
Grasshopper Bank adds capital, will use it to fuel expansion
The New York-based digital-only bank is seeking to partner with more brands after a recent deal opened the way to serving millions of AAA customers.
More consumers are in delinquency as student loans sour
Late-payment rates among U.S. borrowers rose again in the second quarter, according to a report from the New York Fed. The trend reflects a sharp increase in student loan delinquencies, which have been climbing as pandemic-era policies have expired.
Fincen, seeing scams, urges banks beware crypto ATMs
Last year, scammers tricked 11,000 people — many elderly — to send them money through ATMs for Bitcoin and other crypto. The payments are often irreversible.
Citizens’ bets on ‘open banking’ to ease account switching
The bank is using data sharing technology from Mastercard to enable salaries and recurring bills to be onboarded without the manual steps involved in changing accounts.
Bankers continue to deploy AI, but worry about data accuracy
New research from American Banker finds that artificial intelligence is growing in use, but trust and regulatory woes still hold many back.