The estate-tax trap that lurks below the federal exemption
State-level estate taxes can be imposed at much lower thresholds. From domiciles to the timing of moves, here’s what financial advisors should keep in mind.
As fintechs nab bank charters, what’s happening to BaaS?
The banking-as-a-service business model has for more than a decade counted fintechs as its bread-and-butter clients, but as those same fintechs secure their own banking charters, some sponsor banks are narrowing their focus.
BofA: Add GSE scores to models to predict delinquencies
The release of Fannie Mae and Freddie Mac’s internal metrics support this process, but other measures will still be needed, according to Bank of America.
Takeaways for banks from Walmart’s about-face on Apple and Google wallets
Payment experts say that in the wake of Walmart supporting more digital wallets, many banks are missing the boat with mobile wallets by not aiming to stay top-of-wallet and by ignoring operational issues.
Fincen moves to rewrite banks’ due diligence requirements
A forthcoming rule from Treasury’s Financial Crimes Enforcement Network will spell out banks’ obligations to identify the true identities and beneficial ownership of its clients, even as the administration eliminated most U.S. beneficial ownership reporting.
Behind the curtain, the US economy looks shakier than many realize
Looking past the headline numbers, there are reasons to be concerned about the condition of the U.S. economy. Particularly troubling is the fact that large numbers of Americans live financially precarious lives.
Revolut’s breach began with a stolen government password
Roughly 680 customers were affected, none in the U.S. But the control that failed at Revolut is the legal intake queue every American bank runs.
Bowman calls for supervisory reform after preliminary SVB report
The Federal Reserve’s top regulator has the early returns from the report she commissioned on the 2023 bank failure and said it supports her call for new reporting practices among Fed supervisors.
Online lending platform files de novo bank charter request
The “near-prime” lending fintech Avant is seeking to become a full-service bank by filing for a national de novo bank charter with federal regulators.
How Shopify and Meta are diving deeper into banking
The commerce company has made major inroads into embedded finance, a strategy that could get a boost from partnering with the social media giant’s new AI agent.