Paxos fined $48.5M over AML and Binance oversight failures
New York’s bank regulator says Paxos ignored obvious money laundering red flags and lacked basic compliance controls, particularly in its dealings with Binance.
Atlanta Fed president: Tariffs will weigh down small firms
The regional Fed bank president said in a speech Thursday higher import taxes will result in price pressure for companies of all sizes, but that small businesses will have a harder time avoiding or eating those costs, leaving them no choice but to pass them on to the consumer.
Clarified crypto rules are about to usher in a new banking paradigm
Noelle Acheson highlights how last week’s White House crypto document and the SEC’s announced Project Crypto are not just about supporting digital assets — they’re also about an overhaul of traditional finance.
Citi CEO meets Trump on Fannie, Freddie public offerings
Citigroup Inc. Chief Executive Officer Jane Fraser met with President Donald Trump on Wednesday to pitch public stock offerings for mortgage giants Fannie Mae and Freddie Mac.
Washington bank hopes BaaS investments will pay off soon
Coastal Community Bank reported smaller profits in the second quarter as it prepared for a growth spurt. “We think we’re winning the right business,” said CEO Eric Sprink.
Upstart returns to profitability in second quarter
The online lender reached profitability ahead of schedule with a boost in loan volumes and increased its outlook for the year despite macroeconomic uncertainty.
TD Bank, despite asset cap, eyes growth in small biz banking
Industry veteran Chris Ward has been tapped to lead the Canadian bank’s new U.S. small-business banking department. “It’s absolutely a growth opportunity,” he said.
Fed’s Cook warns against assuming AI will counter inflation
Federal Reserve Board member Lisa Cook said artificial intelligence will be transformative, but cautioned government officials not to assume that gain in AI technology will offset inflationary pressure elsewhere arising in the economy.
Global Payments misses earnings estimates amid Worldpay deal
Global Payments executives touted the company’s Genius point of sale rollout and Worldpay acquisition during a second-quarter earnings call with analysts, but some are concerned the reinvention is coming too late.
Visa’s bank tech hits New Zealand, Tether’s Africa stablecoin push
The card brand’s Pismo platform will support banking services for the Auckland-based fintech Dosh; Tether collaborates with a blockchain firm to expand USDT. That and more in American Banker’s global payments and fintech roundup.