Treasury to review CDFIs for ‘violations’
The Treasury Department will look at recipients of awards from the Community Development Financial Institutions Fund for “potential violations of applicable law” as the Trump administration continues its campaign against alleged abuses related to the program.
OpenAI will embed staff at Customers Bank under multiyear deal
The Pennsylvania-based regional bank said it will collaborate with OpenAI to deploy artificial intelligence across its commercial banking operations. OpenAI technical teams will be onsite to build custom AI capabilities.
Tillis drops Warsh objections after DOJ exits Powell case
Sen. Thom Tillis, R-N.C., said on Sunday that he no longer opposes Kevin Warsh’s nomination to serve as chair of the Federal Reserve following the Justice Department’s announced closure of its inquiry into current Fed Chair Jerome Powell.
Circle won’t freeze stolen crypto. Tether will. Now what?
Banks weighing stablecoin partnerships need to know whose playbook regulators will endorse before another major crypto theft tests the question.
OCC preempts Illinois swipe fee ban on taxes, tips
The Office of the Comptroller of the Currency issued an interim final rule Friday to clarify banks’ leeway to charge interchange fees, explicitly blocking the applicability of a law passed in Illinois that would ban charging interchange fees on taxes and tips that goes into effect in July.
BNPL is popular, but compliance worries hamper bank adoption
American Banker’s BNPL Tradeoff Survey finds risk and regulatory fears are leading many banks and credit unions to hold off on offering the lending product.
Should high-cost lender Enova be allowed to buy a bank?
In evaluating Enova’s proposed acquisition of Grasshopper Bancorp, regulators must decide whether to allow lending products with annual percentage rates of nearly 100% into the national banking system.
Coinbase follows its trust charter by boosting stablecoin distribution
The cryptocurrency company has collaborated with payment tech firm Nium to enable conversions to traditional currency, a play to boost use of the digital assets for payments and diversify Coinbase’s revenue sources.
Bankers most worried about cybersecurity, economy: survey
Fintech firm IntraFi’s most recent quarterly survey of bank executives showed rising pessimism among bankers related to “instability in Washington,” as well as growing concerns about technology-enabled fraud.
Rule making is a long process
The CFPB’s small-business-data rule is a lesson in what happens when nobody agrees.