New earned wage access schemes are worsening the affordability crisis
New app-based programs resemble payday loans, often trapping users in a pattern of fee-based transactions while demanding “tips” that cost some consumers hundreds of dollars per year.
Banks sour on Senate housing bill, but may not stop passage
What was once a bipartisan and broadly popular housing bill has been weighed down with a pair of provisions that banks can’t support. Even with those headwinds, the bill is more likely than not to pass, but not without drawn-out negotiations between the House and Senate.
Fed’s Barr: No interest rate cuts until inflation is tamed
Federal Reserve Gov. Michael Barr said in a speech Tuesday afternoon that he wants to see a durable and reliable reduction in consumer price inflation before he considers cutting the central bank’s interest rates.
Community bank with national ambitions hires new management
B2 Bank in Minnesota, which recently exited a regulatory action in connection with its banking-as-a-service business, announced the hires of a new CEO and two other senior executives.
Ally to pay $500,000 after SEC finds robo-advisor infractions
The company’s investment advisory subsidiary was dinged for failing to properly disclose that its allocation of certain client assets represented a conflict of interest.
Western Union has big plans for stablecoins
Western Union CEO Devin McGranahan said at the Digital Asset Summit in New York that stablecoins were a great way to earn float revenue on money moving through its network. But the possibilities didn’t end there.
PayPal takes Venmo global
The payment firm’s P2P app, which has only been available in the U.S., will provide a new lane for remittances and other cross-border payments.
How North Korean operatives infiltrate US bank payrolls
Capital One’s Andy Ozment urges banks to break down internal silos and implement rigorous checks to catch nation-state impostors hiding in remote roles.
Senator calls for FTC investigation into FICO score pricing
Republican Sen. Josh Hawley repeated his long-standing criticism of Fair Isaac Corp. in a letter noting the detrimental impact of its prices on home buyers.
Private or public blockchain? Banks say yes to both
JPMorganChase, Invesco and other digital asset leaders are increasingly open to working with public blockchains like Solana as well as private, permissioned ledgers like Ethereum layer 2s.