Chime hits GAAP profitability in Q1
The neobank reported a 25% year-over-year increase in revenue for the quarter ended March 31, with active users jumping 19% to 10.2 million. The company also raised its full-year 2026 guidance and authorized a $200 million share repurchase program.
Erebor Bank hits $1.1 billion in deposits in 7 weeks
The newly opened bank founded by big tech executives reached the deposit milestone within its first quarter of operations, according to a recent call report.
Why US Bank built its own BNPL program
Banks are mixed in their adoption of buy now/pay later and installment lending, according to American Banker research. Those that offer or are planning to offer it say that the primary motivating factor is to stay competitive.
Four areas to watch as Citi lays out its multiyear blueprint
On Thursday, Citi will hold its first investor day in four years. The megabank, which has undergone substantial change under CEO Jane Fraser, is expected to share its strategy for driving higher profitability, deploying AI and ramping up shareholder returns.
Where AI in banking is running into roadblocks
Citi payments exec Driss Temsamani said there’s more work needed to bridge gaps to enable artificial intelligence to work broadly for payments and finance.
Anthropic launches bank-friendly AI agents, vendor alliances
In addition to 10 new AI agents for financial services, the company announced partnerships with software and data providers FIS, Microsoft, Verisk, Third Bridge, Fiscal AI, D&B, Experian, GLG, Guidepoint and IBISWorld.
Morgan Stanley debuts crypto trading, undercuts rivals on price
The pilot program offers rates better than Coinbase, Robinhood and Charles Schwab and will be rolled out to all of Morgan Stanley’s 8.6 million E-Trade users later this year.
The Fincen NPRM gets the big picture right. Now fix the forms.
Fincen just proposed the most significant reform to AML compliance in a generation, but its reporting forms are still broken. A handful of key changes would meaningfully reduce compliance burden without reducing investigative value.
The myth of the resilient consumer
Market mavens love to wax poetic about the so-called resilient consumer, but the reality is consumer spending is largely underwritten with credit, so it makes sense to keep an eye on credit trends.
Stablecoin yield debate central in GENIUS rule comments
Public comments on the Office of the Comptroller of the Currency’s GENIUS Act implementing regulations highlighted the rift between banks and crypto firms over the permissibility of yield on stablecoin holdings, an issue that has stalled crypto market structure legislation for months.