Powell plays his last card as Fed chair
Federal Reserve Chair Jerome Powell told reporters Wednesday that he would remain on the Fed board after his term as chair expires next month, resolving the last and most significant open question about his departure and the onset of Kevin Warsh’s leadership at the central bank.
Oregon enacts law granting 3-year tax break to new banks
The Beaver State measure gives de novo banks up to $1 million per year in tax credits. Oregon lawmakers modeled their legislation on a five-year-old Ohio law.
Western Union posts weak earnings; Visa expands stablecoin tests
Expenses and foreign exchange pressured Western Union; while Visa added more blockchains to its stablecoin settlement pilot. That and more in American Banker’s global payments and fintech roundup.
How a payments fintech uses AI to battle tariff refund chaos
Tipalti has developed a set of agentic artificial intelligence agents designed to help businesses navigate transactions and apply for refunds.
Santander pulls in U.S. deposits while waiting for deal to close
The Spanish banking giant is seeing improvement in its U.S. business, which is set to expand significantly if its pending acquisition of Webster Financial gets approved.
SoFi reports record revenue and loan origination
The digital bank and lender did not increase its full-year outlook in anticipation of an interest rate freeze.
Bankers fight to hold back business capital because of “credit unions”
Community banks’ primary objection to the Main Street Depositor Protection Act appears to be that one provision of it would give credit union customers the same level of deposit protection as bank customers.
Warsh clears Senate Banking Committee
Kevin Warsh’s nomination to be the next chair of the Federal Reserve passed through the Senate Banking committee in a party-line vote.
Blue Owl Scrutiny to Ramp Up as Shares Near ‘Doomsday’ Level
Blue Owl Capital faces fresh scrutiny from investors and Wall Street analysts with the release of its first-quarter earnings.
OppFi, a nonbank consumer lender, reaches deal to buy a bank
The Chicago-based fintech, which offers high-cost loans, has agreed to acquire the parent company of BNC National Bank. The deal would grant OppFi a national bank charter, which offers a way around state interest rate caps.