OCC moves to formalize non-fiduciary activities for trust banks
The proposed rule codifies the ability for trust companies to conduct non-fiduciary activities, something banks say Congress never intended, but that OCC says has long been the case.
KeyBank allegedly sought forgiveness on fraudulent PPP loans
The bank fired a manager for originating suspicious loans but later asked the SBA to forgive them, prosecutors say. The case ended in a $7.7 million settlement.
Fed to reopen penny deposits after industry outcry
The Federal Reserve will resume accepting pennies from banks and credit unions at all commercial coin distribution locations beginning Jan. 14, a move that bankers praised as a necessary change as the nation phases out the one-cent coin.
Conflict of interest concerns cloud Trump firm’s banking bid
Banking experts say World Liberty Trust’s application for a trust charter with a regulatory body directed by the White House creates inherent conflicts of interest, while the Office of the Comptroller of the Currency said the application will be considered on its merits.
Dutch neobank Bunq reapplies for a U.S. bank charter
The Netherlands-based digital bank Bunq filed its second U.S. charter application this week after successfully receiving a broker-deal license late last year.
AI startup Pluto launches private market lending platform
Investors in alternative assets like private equity, private capital and venture capital often lock their money in for years, but Pluto’s founders say its marketplace matches these wealthy investors who need cash with banks and investment firms willing to lend against those illiquid assets.
Broad global uptake of dollar-denominated stablecoins is no sure thing
Noelle Acheson questions the optimistic forecasts of global dollar stablecoin adoption, pointing out that they overlook the friction of local politics.
Small California bank lands investment from local farm giant
One of the leading makers of pre-packaged salads has acquired a 16.3% stake in Salinas, California-based Pacific Valley Bank. “It’s a real vote of confidence,” the bank’s CEO said.
JPMorganChase takes over Apple Card from Goldman Sachs
The deal ends more than a year of speculation of who would take over Apple’s coveted credit card portfolio.
Trump crypto venture World Liberty applies for bank charter
World Liberty Financial, a crypto venture co-founded by President Trump, applied for a national trust charter with the Office of the Comptroller of the Currency. The move comes as several prominent crypto companies have applied for and received conditional approval for trust charters since the beginning of the Trump administration.