How a stablecoin boom could pressure bank loans
Stablecoin issuers often use Treasury bills as backing reserves. That could put pressure on other parts of the financial system if the industry continues at its current growth trajectory.
Banks gaining upper hand as fight over open banking heats up
Bank trade groups have asked a federal court to halt enforcement and extend compliance dates for the Consumer Financial Protection Bureau’s open banking rule that was enacted during the Biden administration. The move comes as the lobbying fight over how the rule will be rewritten intensifies.
How Citi and JPMorgan’s blockchain moves influence payments
Citigroup’s new treasury partnership with Payoneer and JPMorganChase‘s deposit token are pressuring banks to quickly come up with a “vision,” according to payment experts.
Connecticut credit union data breach affects 172,000
The timing of the breach at Connex aligns with data breaches by a threat actor ShinyHunters, which uses phone calls to socially engineer victim organizations.
FDIC needs to improve oversight of third parties: Watchdog
An Office of Inspector General audit says the agency’s existing program for overseeing banks’ technology providers lacks clear goals and metrics. It recommends the adoption of a new risk-ranking methodology by 2026.
The anti-CBDC bill is a fake answer to real privacy problems
Noelle Acheson pulls the bill that would ban the Federal Reserve from issuing a central bank digital currency into the spotlight and argues that it’s overreaching, unnecessary and distracts attention from more pressing privacy issues.
‘We have been a Boy Scout’: Evolve Bank’s new CEO defends it
The former head of resolutions at the FDIC has high hopes for a bank that’s been embroiled in the Synapse disaster.
Fed’s Goolsbee backs central bank autonomy, questions tariffs
Federal Reserve Bank of Chicago President Austan Goolsbee said the Fed is not tied to Wall Street or political interests and that independence is necessary to prevent inflation.
Stripe expands in Brazil, adds in-store BNPL
The payment company is collaborating with Brazil’s national real-time payment network to reach more e-commerce merchants, while adding Affirm as an option to its in-store point of sale system. That, and more in the American Banker global payments and fintech roundup.
Banks warn customers of advancing impersonation scams
The scams are becoming increasingly harder to detect, as fraudsters mimic authentic communications from banks.