Fed ‘skinny accounts’ take early heat from crypto, fintechs
Fintech and crypto groups said in comment letters to the Federal Reserve that the proposed “skinny” master account is too limited and could keep firms dependent on banks. Banking groups asked for more time to comment.
The future of palm payments after Amazon’s pullback
While the e-commerce giant has deemphasized the technology, banks and payment firms are testing the biometric option.
Visa takes a fresh crack at China’s elusive payments market
By pairing its real-time transfer app with China’s UnionPay card, Visa is pursuing business in the huge country, where shifting regulations create hurdles for outside companies.
ICE reports strongest mortgage revenue in over 3 years
The mortgage technology unit at Intercontinental Exchange posted a profit for the third straight quarter, even as lower minimums among renewals capped growth.
Exclusive: Warren targets narrowed bank risk oversight proposal
A group of Senate Democratic lawmakers warn proposed rule change would handcuff regulators from stopping risky bank behavior before it causes financial harm.
Nonbank mortgage companies remain a threat to the financial system
Two years on from a federal report recommending the creation of a resolution fund to guard against disorderly bankruptcies, concentration among nonbank mortgage companies has only increased. Congress must take action to avoid a crisis.
Affirm details new AI tool for merchants
CEO Max Levchin said the lender is testing technology that allows merchants to perform more advanced testing of promotional financing offers.
Bessent pressures crypto ‘nihilists’ on market structure bill
Treasury Secretary Scott Bessent appeared to urge the crypto industry to deal with bankers in the yield stablecoin issue during his regular testimony in the Senate Banking Committee Thursday.
Anchorage gets $100 million from Tether to fuel crypto race
The support from the stablecoin provider follows a string of tech firm acquisitions as Anchorage Digital broadens its crypto services.
CFPB implements new requirements for complaints on its portal
Bowing to industry pressure, the Consumer Financial Protection Bureau is warning consumers with notices on its complaint portal not to file disputes about inaccurate information on credit reports, among other changes.