Even some high earners face financial strain in saving for retirement: Goldman
Thirty-seven percent of those making more than $500,000 live paycheck to paycheck, Goldman Sachs found, making this a problem for more than just lower- income workers.
Fed’s Cook downplays systemic risks posed by private credit
Federal Reserve Gov. Lisa Cook said Thursday that private credit does not seem to pose additional risks to the financial system at the moment, but added that more information about the opaque market is needed.
Fiserv, FiCare clash over passcodes in card-freeze fight
FiCare asked a judge to stop Fiserv from using automated checks to lift fraud holds. Fiserv says the credit union could have turned on one-time passcodes.
CFTC files two ‘swap’ definition change rules to White House
The federal agency’s proposed definitions characterize event contracts as swaps, but exclude “casino-style” gambling.
How RIA sellers can avoid running out of runway
Advisory practice sellers frequently wish they had taken more time for important strategic tasks before the deal, David Grau of Succession Resource Group says. He provided a list explaining why the timeline will take longer than many sellers may think.
Bowman says eSLR reform has boosted bond market function
Federal Reserve Vice Chair for Supervision Michelle Bowman said banks are making use of expanded balance sheet capacity to increase their Treasury holdings.
FHFA OIG says budget cuts will eliminate criminal probes
A top official at the Office of Inspector General says significant budget cuts will force large layoffs and essentially eliminate enforcement activities.
Open Standard’s ‘shared stablecoin’ goes live
OUSD, the new stablecoin from Open Standard, a consortium of more than 140 banks, fintechs, payments companies and crypto firms, has drawn interest, in part due to its shared economics model.
Stripe agrees to acquire small business lender Parafin
The purchase could bolster Stripe’s merchant credit product as rivals such as PayPal and Square make similar moves.
New CDFI info collection would eliminate race as criteria
A Treasury proposal would remove race and ethnicity from the criteria community development financial institutions can use to establish a targeted market population, a move that could affect institutions serving minority communities.