FedNow to raise transaction limit to $10 million
The government-powered network is allowing larger payments to settle instantly, a move The Clearing House has also made for its RTP network. Payment experts say more than higher limits are needed to make speedy processing ubiquitous.
Tether targets December for launch of U.S.-regulated stablecoin
The world’s largest stablecoin issuer is preparing to launch USAT, its U.S.-regulated, dollar-backed stablecoin, by the end of the year, Tether CEO Paolo Ardoino told reporters at an event in New York. Bo Hines was also named CEO of USAT.
Auto lending fintech Lendbuzz files for IPO
The AI-powered auto lender is the latest fintech to debut an IPO in recent months, even as a different auto lender filed for bankruptcy this week.
Why payment firms are pushing biometrics for e-commerce
Biometrics for in-store payments are taking off; the next logical step is e-commerce. Here’s how that may work.
Don’t buy the fintech flimflam on consumer-permissioned data sharing
Pious claims about the importance of free data are a smoke screen. What the fintech industry really wants is to stick banks with the bill for organizing, securing and delivering customer data on their behalf.
Banks in a bind as regulators operationalize debanking order
The Office of the Comptroller of the Currency’s recent bulletin warning banks that past debanking actions could affect supervisory reviews is the latest effort to put the president’s executive order on debanking into action. But industry sources say the order itself forces banks to choose between pleasing their regulators and taking on unwanted risk.
Will regulators lift $100B threshold? Industry’s hopes rise.
At a banking conference this week, there was growing optimism that a key regulatory threshold will be raised from $100 billion to $250 billion.
Trump seeks ruling on Cook injunction before FOMC meeting
The White House’s appeal of a lower court injunction allowing Federal Reserve Gov. Lisa Cook to remain on the Fed board is urging the court to rule in its favor ahead of the Federal Open Market Committee meeting on Sept. 16 and 17.
Remitly creates membership tier, expands product offerings
The cross-border transfer platform is broadening its business model with a subscription-based membership and products like a digital wallet and cash advances.
Big loan sale helps digital bank reset its balance sheet
First internet Bancorp, which has recently been grappling with credit quality issues, has agreed to sell an $869 million portfolio of single tenant commercial real estate loans to Blackstone.