The CFPB has an ambitious agenda — but so does the Supreme Court
A Texas judge dealt the Consumer Financial Protection Bureau a setback that has changed the bureau’s calculus for furthering its near-term agenda. But an ambitious Supreme Court could also call all of the bureau’s final rules into question.
AI could make underwriting a collaboration between bank and borrower
Generative artificial intelligence could make it possible for borrowers to understand how their behavior reflects their creditworthiness, and create better outcomes for everyone.
Stripe is streamlining tax compliance in push beyond payments
The fintech is expanding a service that calculates sales taxes worldwide as more small businesses go international to seek new customers.
Revolut to halt U.S. crypto activity
British banking app Revolut Ltd. will stop offering crypto trading services to US-based customers from September, citing market uncertainty and changes to the local regulatory landscape.
Coinbase quarterly loss narrows, revenue exceeds estimates
Coinbase Global, the largest U.S. cryptocurrency exchange, said its second-quarter loss narrowed and revenue exceeded estimates.
Bitfinex hacker, rapper wife plead guilty in crypto heist money laundering
When Bitfinex was hacked, Bitcoin was trading under $1,000. It had skyrocketed to $44,000 by the time the couple was arrested in early 2022, pushing up the value of the stolen assets to $4.5 billion, of which $3.6 billion was recovered by authorities.
Former Palmetto State Bank CEO sentenced to seven years in connection with Murdaugh fraud
Russell Laffitte was convicted of conspiring with ex-lawyer Alex Murdaugh to defraud personal injury clients, including children.
Jack Dorsey updates Block’s plans for BNPL
The payment company’s CEO views Afterpay, a buy now/pay later lender it bought two years ago, as a way to drive usage of Cash App and broaden consumer experiences.
Fintechs balk at bill that would limit their new SBA lending authority
Critics complain a bill sponsored by the leaders of the Senate Small Business Committee would reinstate a moratorium on participation in the SBA’s flagship 7(a) program by nondepository lenders. Supporters of the bill argue that widening the program could invite more fraud.
First Citizens will hold off on buybacks as it integrates SVB
The acquisition of Silicon Valley Bank helped push the bank’s capital ratio to 13.4% in the second quarter, above its target range. But First Citizens said it would focus on absorbing SVB, and assess the impact of new capital rules, before restarting buybacks.