SoFi to offer combined fiat and crypto enterprise banking
The digital bank launched Big Business Banking, an interface for businesses to manage fiat and crypto assets in the same place and conduct 24/7 transactions.
Bitcoin is slowly supplanting legacy mechanisms of monetary policy
As bitcoin plays an ever-larger role in cross-border transactions, what remains to be seen is how prepared the various bodies overseeing global finance are to engage with an asset that operates largely beyond their ability to meaningfully control it.
Banks get operational risk relief in Basel proposal
Banks have a lot to celebrate in the operational risk framework, but advocates warn it cuts capital too far.
Double-pledging risk: What mortgage lenders should know
Recent double-pledging scandals in auto lending and the U.K. put U.S. mortgage lenders on alert. Here’s what to watch and how MERS, e-notes and electronic vaults can help.
Are banks safe from insider trading in prediction markets?
The largest banks in the country each warn employees against using confidential information for trading activities, but they don’t specifically enumerate prediction markets or events contracts. Now, oversight of insider trading on such platforms is gaining traction.
On the day of a would-be deadline, open banking is in flux
As the CFPB reconsiders its open banking rule, banks and fintechs are locked in a bitter battle over who will pay for the new digital infrastructure.
LA bank to buy US commercial banking unit from Japan’s SMBC
Hope Bancorp’s acquisition of a business that serves Japanese companies should complement its historic focus on Korean business owners.
CFPB firing line: DOJ moves to axe half the bureau’s staff
The Department of Justice is seeking court approval to immediately fire more than 600 employees, slashing the CFPB’s workforce by 53%.
Australia cuts card fees; Wells Fargo pushes cross-border pay rail
Australia’s national Payments Systems Board has decided to remove surcharges on prepaid, debit and credit cards for electronic funds transfers, while lowering the cap on interchange fees. Also, Wells Fargo is seeking banks for its international payment network, and more in American Banker’s global payments and fintech roundup.
Monzo abandons US market to focus on Europe
The exit highlights the steep challenges and high customer acquisition costs foreign fintechs face when entering the U.S. banking sector.