Payments fintech Pepper Pay declares bankruptcy
The payments processing firm recently filed for Chapter 7 bankruptcy with a nearly $3 million disputed charge owed to a subsidiary of Global Payments.
Iran ceasefire brings brief reprieve for mortgage rates
The 30-year fixed fell to 6.37% after a two-week ceasefire tempered war-driven volatility, but economists warn the spring housing market faces continued turbulence.
SMBC plans to build a second U.S. headquarters in Charlotte
The construction plan underscores the Japanese banking giant’s intent to remain active in U.S. wholesale banking after selling off American retail and small business units.
Mortgage credit hits three-year high entering spring market
The Mortgage Bankers Association found gains in March for conforming, jumbo and government-sponsored loan indices for the third consecutive month.
The OCC must act before banks lose out on the crypto custody market
On-chain infrastructure is making idle balances obsolete. The OCC needs to act before banks lose the ability to compete in a market where consumers no longer tolerate below-market-rate returns.
Bitcoin’s value is about more than who created it or what it costs
A reporter claims to have answered the question of the identity of bitcoin’s creator but the more interesting question is: what does bitcoin say about money and monetary systems?
Fifth Third official: AI will help banks ‘out-code’ vendors
Jay Plum, head of consumer lending at Fifth Third Bank, says artificial intelligence is fundamentally shifting relationships between banks and their third-party software vendors, allowing banks to do things on their own that they would previously rely on vendors to do for them, like identify risky loans and prepare for exams.
White House says stablecoin yield won’t hurt bank deposits
A new analysis from the White House’s Council of Economic Advisers says the banking industry’s fears about deposit flight are overstated. Experts familiar with the banking industry’s concerns say the report’s conclusions are beside the point.
Visa expands agentic commerce; Revolut battles Italian regulators
The card brand introduced tech for businesses to tap agentic AI, while Revolut counters Italy’s accusations of inaccurate marketing. That and more in the American Banker global payments and fintech roundup.
Treasury proposes AML rules for stablecoin issuers
The Treasury Department Wednesday proposed a set of rules that would require stablecoin issuers to abide by risk-based anti-money-laundering programs similar to those that banks must employ, as well as secondary market monitoring and independent testing by issuers.