What Societe Generale’s stablecoin means for banks
The French institution is one of the first to take advantage of new regulations that are supportive of crypto. Payment experts say banks have work to do to beat existing stablecoins.
Wells Fargo: End of asset cap is not a “light-switch moment”
Regulators’ decision to lift a seven-year-old cap on the size of the megabank’s balance sheet will produce benefits over the long haul, but it won’t result in any sudden gains, according to CFO Michael Santomassimo.
CFPB’s top enforcement official, Cara Petersen, resigns
Cara Petersen, the Consumer Financial Protection Bureau’s top enforcement official, said the Trump administration has “no intention to enforce the law in any meaningful way.”
Anatomy of a $39.5 million pig butchering scam
Shell companies, stablecoin and a Bahaman bank that took orders from a gang of fraudsters all took part in a scheme that bilked U.S. victims of millions.
New York legislature pushes ban on cashless stores
The pending law, which has passed the Assembly and Senate, prohibits food and retail stores from refusing to accept cash payments. Cashless establishments have been prohibited in New York City since 2020.
Small-dollar loans are a winning proposition for banks and borrowers
Banks can now make loans of less than $1,000 easily and profitably. Increasing their availability would benefit consumers, communities and, most of all, banks themselves.
Inside Tether’s plan to counter a ‘bank stablecoin’
Pro-crypto regulations could draw U.S. banks into the market, providing fresh competition. CEO Paolo Ardoino spoke with American Banker about the digital asset firm’s strategy.
Some of the costliest bank failures have one thing in common
When a Chicago bank crashed, delivering a major blow to the Deposit Insurance Fund, regulators said they suspected fraud. Historically, that’s a common story.
Bank groups warn of regulators’ cybersecurity weaknesses
A coalition of trade groups urges federal agencies to match private-sector cybersecurity standards.
Medallion Financial settles with SEC over fraud charges
The New York City-based specialty finance company must pay $3 million as part of a settlement with the SEC for allegedly inflating its stock price. Its president must pay a separate $1 million fine.