What last night’s Democratic sweep means for banks
Voters across the country swung hard to the left in yesterday’s off-cycle elections, showing an acute interest on affordability issues ahead of the 2026 midterms.
Upstart stock drops as AI model ‘overreacts’ to macro signals
Despite record loan applications, Upstart’s AI pulled back, causing a revenue miss and raising “incremental uncertainty” about its core underwriting model.
BofA projects financial gains, but investors want even more
At its first investor day in a decade and a half, the nation’s second-largest bank pegged its guidance for return on tangible common equity at a slightly higher level than what it reported last quarter. Not all investors were impressed.
U.S. Bank sees stablecoin opportunity in trade finance
The Minneapolis-based bank is still exploring stablecoin options outside of custody services, but sees opportunity in trade finance, CEO Gunjan Kedia said at The Clearing House Annual Conference in New York Wednesday.
JPMorgan says it’s facing federal probe over ‘debanking’
The megabank is cooperating with a government request for information related to how it decides which customers to bank. It is the second large U.S. bank — along with Bank of America — to disclose such a probe.
Cutting bank capital requirements opens the door to systemic risk
A proposal to reduce the enhanced supplementary leverage ratio, implemented in the wake of the global financial crisis, risks bringing back the same sort of risky behavior that cratered markets in 2008.
Banks buy back more stock as Fed weighs capital proposal
Large banks seem comfortable paring back their capital positions while they await an updated proposal on the so-called Basel III endgame. The rules are widely expected to be more lax than what was proposed during the Biden administration.
Bank trade group opposes Coinbase charter application
The ICBA opposed Coinbase’s filing for a trust charter in a public letter as Comptroller Jonathan Gould defended the fintech charter process on Tuesday.
Carver taps veteran OCC official to bolster leadership team
After more than a quarter-century as a regulator, Jason Sisack had planned to enjoy some time off before taking a new job. He reversed course once Carver, which is operating under an enforcement action, approached him.
Gould backs charters to bring nonbanks into regulatory fold
Comptroller of the Currency Jonathan Gould said Tuesday that chartering compliant fintechs is “the only way” to level the playing field between banks and nonbanks. His comments come as the Office of the Comptroller of the Currency weighs new trust charters and stablecoin rules.