State regulators push back on Sen. Warren’s insurance probe
The National Association of Insurance Commissioners responded to a query from Sen. Elizabeth Warren about risks to policyholders stemming from private-equity ownership of life insurers.
Why BMO has regained confidence in its US strategy
The Canadian bank’s U.S. operations experienced challenges following a large acquisition on the West Coast. But the bank is now making good progress, according to a top BMO executive.
RIAs working with Schwab get higher-yielding option for clients’ cash
As AI threatens firms’ lucrative business managing uninvested cash, Schwab gives its RIA partners a new way to keep clients’ cash holdings sticky.
SEC Commissioner Peirce to leave agency
Securities and Exchange Commission Commissioner Hester Peirce announced Friday that she would leave the agency on Oct. 2.
What Revolut hopes to gain by pushing ‘selfie payments’
The British financial firm’s Pay with Smile uses facial recognition for no-touch checkout, an attempt to drum up support for its new point of sale device. As with most biometric checkouts, making users comfortable and building a network will be most of the battle.
Fiserv call center reactivated stolen cards, lawsuit alleges
FiCare Federal Credit Union says callers passed Fiserv’s verification with stolen data and got fraud blocks lifted. Five others reported the same.
Fed proposes stablecoin rules under GENIUS Act
The Federal Reserve Board Thursday followed the lead of other regulators in seeking comment on its implementation of the landmark stablecoin legislation that passed in 2025.
Unity Bancorp names first new CEO in 22 years
George Boyan is named CEO of New Jersey-based Unity Bancorp as James Hughes announces his retirement; the American Bankers Association has elected Iowa banker Matt Lujano as chair of the association’s Community Bankers Council; fintech-turned-digital bank SoFi’s stablecoin settlement partnership with Mastercard is now live; and more in this week’s banking news roundup.
Why all of AI’s issues are ultimately trust issues
Artificial intelligence could be a powerful tool, but it seems that just about everybody using it has realized one thing: it is not inherently trustworthy.
Open Standard’s stablecoin business begins to take shape
Open Standard, a stablecoin consortium with more than 140 partners, formalized its governance structure, founding partners and leadership, cementing it as an emerging competitive threat thanks to the wide distribution network of its founding partners and its shared economics model, from which banks can earn revenue.