Stablecoins need privacy baked in, not bolted on
Businesses accepting payments in stablecoins on a public blockchain are making vast amounts of data available to their competitors. For the technology to really take off, a privacy-preserving solution is needed.
Inside Municipal Credit Union’s plans for BNPL credit reporting
Affirm and FICO earlier this year took the first steps to incorporate buy now/pay later loans into consumer’s credit reports. But it will be some time before lenders start making credit decisions based on the short-term installments, even if holdouts like Afterpay and Klarna decide to report to the credit bureaus.
Circle reports increased revenue in first earnings after IPO
The stablecoin issuer said revenue and reserve income increased due to more stablecoins in circulation after its IPO and the passing of the GENIUS Act.
Canadian bank CIBC names new U.S. head amid CEO transition
The Toronto-based bank has promoted Kevin Li to take over as head of its American operations. He will succeed Shawn Beber, who is retiring.
July inflation shows modest rise, raising chance of rate cut
Core CPI, which excludes food and energy, rose to 3.1%, up from 2.9% in June.
Fed bans former First Horizon bank teller for embezzlement
The bank teller, Khalila Cooper, embezzled $34,000 over a six-month period. She has been banned from the banking industry for her “personal dishonesty,” the Fed said.
Bank fees for data access threaten the foundations of open banking
The CFPB must unequivocally state that consumers own their financial data and prohibit financial institutions from monetizing access to it. No one, not even the biggest bank in the country, should dictate with whom consumers can share their data.
Citizens names Barclays executive as its next finance chief
The Providence, Rhode Island-based bank has hired Aunoy Banerjee as its next CFO, a role that will be vacated by State Street hire John Woods. Banerjee is currently the CFO of Barclays Bank PLC.
Do Kwon pleads guilty in Terra/Luna stablecoin collapse case
The plea marks the beginning of the end of the case over the $50 billion collapse in May 2022 of stablecoin TerraUSD.
Fifth Third continues Southeast push with move into Alabama
The Ohio-based bank opened its first branch in Alabama, with plans to open 14 more over the next three years.