Europe’s bank-backed stablecoin; Ripple gets a win in Singapore
A group of European banks have formed Qivalis, which expects to launch its coin in early 2026 as a counter to the U.S. dollar-led market. Plus, Singapore regulators give Ripple permission to expand and other news in the global payments and fintech roundup.
Bessent floats residency rule for regional Fed presidents
Treasury Secretary Scott Bessent said the Federal Reserve Board should reject the renomination of any regional Federal Reserve Bank presidents who have not lived in their districts for three years, signaling a potential confrontation when reappointments come before the board in February.
Dems demand answers from Fed, Treasury amid penny shortage
In a sternly worded letter, Sen. Elizabeth Warren and Rep. Maxine Waters demanded to know why federal agencies haven’t provided more guidance since the one-cent coin was discontinued. They accused the Trump administration of making an “abrupt and unilateral decision” without thinking it through.
RBC lifts its return target, downplays interest in US M&A
Royal Bank of Canada now expects to achieve an annual return on equity of at least 17% by 2027, executives said Wednesday, up one percentage point from the bank’s earlier goal.
Here’s how to prevent AI from creating a ‘permanent underclass’
As artificial intelligence boosts productivity gains, there is a danger that additional profits will accrue only to investors, leaving workers in the dust. A “10% for the people” tax could allow everyone to share in AI’s benefits.
Agentic payments’ Field of Dreams moment
Companies such as Google, Visa and Mastercard are building a framework that will allow AI agents to shop and make payments. There are signs that consumers are warming to the idea.
Propel Holdings gets approval for bank in Puerto Rico
The Toronto-based loan fintech received an IFE license from Puerto Rico to launch Propel Bank.
Towne Mortgage hit with wave of data breach suits
The Troy, Michigan-based lender and servicer faces at least seven lawsuits over a hack in June allegedly perpetrated by a known ransomware gang.
Seven state AGs demand more information from BNPL lenders
As federal watchdogs step back from regulating “Buy Now, Pay Later” loans, state authorities are stepping in. This week, the attorneys general from California and several other blue states joined the fight.
In Congress, bank regulators defend Trump agenda
In a relatively mild oversight hearing in the House Financial Services Committee Tuesday morning, regulatory heads at the Federal Reserve, Office of the Comptroller of the Currency, National Credit Union Administration and Federal Deposit Insurance Corp. outlined plans for reduced capital requirements and debanking enforcement.